The Key To Passing The Hawaii Real Estate Exam Is Understanding The Topic Areas


Hawaii Exam Topics Pie Chart


Wednesday's Key Points
Key Point's are important bullet points that relate to Hawaii state exam topic areas.

Ascertaining And Disclosing Material Facts

A property owner needs to inform a buyer of electricity cost based on the most recent three-month period in which the property was occupied.

Types Of Ownership

A Condominium project is established by the filing of the Master Deed / Land Division, Declaration, Bylaws & the Condominium map.

Property Management

Property managers in Hawaii must hold a valid real estate license

Land Utilization

Land use can establish guidelines for development, such as setbacks, height limits, and parking requirements.

Title And Conveyances

Right of Redemption is one year from the date of the judicial foreclosure sale.

Contracts

Anything can be written into a contract with a contingency.

Financing

The fact sheet will detail who the lender is, who the owner is, what the penalties are on the house and what charges there are.

Escrow Process And Closing Statements

Hawaii is a Good Funds state. This means that the money and all documents have to be ready 2 days prior to the recording date.

Professional Practices And Conduct

Brokers are required to maintain complete and accurate records of their transactions for a minimum of 6 years.

Wednesday's Questions



When referencing the Grantor / Grantee Index, who is referred to as the "Grantee

A.) The seller or transferring party
B.) The buyer or receiving party
C.) The lender in a transaction
D.) The beneficiary of the mortgage

Topic:




When referencing the Grantor / Grantee Index, who is referred to as the "Grantee


Correct Answer:
The buyer or receiving party


Remember:
In the Grantor / Grantee Index, the "Grantee" is the buyer or receiving party in a real property transaction. Answers C & D are both the same party.



Next Question →

Under the Hawaii Uniform Probate Code, what is true of properties sold after July 1, 1997

A.) A spouse can sell their jointly owned property without the others signature
B.) Only a wife has a 1/3 dower interest in property owned by her husband at his death
C.) A husband or wife may claim an elective share of the others estate at the decedents death based on how long they were married
D.) Only a husband has a 1/3 curtsey right in his wifes property at her death

Topic:


Under the Hawaii Uniform Probate Code, what is true of properties sold after July 1, 1997


Correct Answer:
A husband or wife may claim an elective share of the others estate at the decedents death based on how long they were married


Remember:
The surviving spouse or reciprocal beneficiary of a decedent who dies domiciled in this State has a right of election. The elective-share amount will be equal to the value of the elective-share percentage of the augmented estate, determined by the length of time the spouse and the decedent were married to each other, or the reciprocal beneficiary and the decedent were in a reciprocal beneficiary relationship.



Next Question →

Steve, a resident of Washington State, wants to sell the Kailua property his mother left him. He has received an offer of $1,500,000. Assuming the property sells for this amount, how much would need to be held back at closing to comply with Hawaii state tax requirements

A.) $1,500
B.) $36,250
C.) $108,750
D.) $362,500

Topic:


Steve, a resident of Washington State, wants to sell the Kailua property his mother left him. He has received an offer of $1,500,000. Assuming the property sells for this amount, how much would need to be held back at closing to comply with Hawaii state tax requirements


Correct Answer:
$108,750


Remember:
HARPTA is a Hawaii state law which requires withholding of 7.25% from the proceeds of certain real estate transactions if the seller is NOT a resident of Hawaii. The HARPTA withholding is collected to insure a non-Hawaii resident seller of real estate pays any state taxes connected to the transaction to cover the capital gains tax resulting from the sale: $1,500,000 x .0725 (same as 7.25%) = $108,750



Next Question →

Great Job!!!

We Strongly Believe That Passing The Hawaii State Exam Involves Two Key Areas:
· Understanding The Topics On The State Exam
· Recognizing These Topics In The Questions

Our real estate exam system will reinforce topics by utilizing questions specific to the Hawaii real estate exam.

Crash Courses: Designed to help you understand the topics on the state exam.

Practice Exams: Reinforce topics and make it easier to recognize them in questions.

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