Hawaii Real Estate Exam Questions And Answers 100% Pass

For how long must a real estate brokerage firm retain trust account records? a.)Five years b.)One year c.)Three years d.)Two years {Ans: c.)Three years (HIREC requires that firms retain trust account records for at least three years. The records must be available for inspection by the commission.)}Halia just purchased a condo in Hawaii. She didn't receive a seller's property disclosure form. What's the likely reason? a.)Condo sales aren't subject to disclosure rules. b.)Her purchase was a short sale transaction. c.)She purchased a bank-owned property. d.)She waived her right to receive the form from the seller. {Ans: c.)She purchased a bank-owned property.}Laura has agreed to purchase Derrick's Oahu property using an agreement of sale. Who holds legal title to the property during the term of the loan? a.)Both Laura and Derrick b.)Derrick c.)Laura d.)The state {Ans: b.)Derrick}Upon reviewing the Hawaii seller's property disclosure, Rhianna decided to cancel her purchase contract with the seller. She notifies the seller in writing within 15 days of receiving the disclosure. Which of the following statements describes Rhianna's earnest money deposit? a.)Rhianna gets the entire deposit back. b.)The seller and Rhianna split the deposit. c.)The seller and seller's agent split the deposit. d.)The