Hawaii real estate final - Study guides, Class notes & Summaries

Which of the following is true with regard to timeshare sales? - Within seven calendar days after the execution of the contract to purchase an interest in a timeshare plan or receipt of a disclosure statement, whichever occurs later, either party may cancel the contract without penalty. If 40% or more of a condominium project has been sold and recorded, the first meeting of a condominium unit owners' association must be held within how many days after the recordation of the first unit sal...

Upon payment of the final installment due under the contract. An agreement of sale involves seller financing in which the vendor (seller) promises to give the vendee (purchaser) legal title to the property upon receipt of the final payment. If a purchase money mortgage were used, the seller would give the buyer a deed at closing, even though he has not received full payment for the property. - ANSWhen does a purchaser of property under an agreement of sale receive legal title to the property? ...

Personal Property - >>Movable objects (chattels) that do not fit into the definition of real property; conveyed by bill of sale. Fixture - >>An item of personal property that has been converted to real property by being permanently affixed to the land or building. Can be either attached or annexed. Metes and Bounds - >>To locate a property boundary requires two permanent reference markers; The boundary is measured from a specific point of beginning and proceeds around th...

1. How many times may a licensing candidate take the NMLS national examination before having to wait six months to retake it? - ANSWER-Answer: b) Candidates who fail the exam must wait 30 days between each subsequent attempt. After failing the exam a third time, the waiting period increases to six months. 2. Which of the following loan originator license applications would automatically be declined? - ANSWER-Answer: b) The SAFE Act prohibits an individual from obtaining a mortgage loan origin...