Hawaii Real Estate Licensing Law & Rules Questions and Answers Already Passed

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Hawaii Real Estate Licensing Law & Rules Questions and Answers Already Passed The Real Estate Commission has nine members, all of whom must be licensed real estate brokers. ✔✔False caretaker ... or custodian who leases or offers to lease, or rents or offers to rent condominium units on behalf of an association of condominium owners is required to be licensed. ✔✔True. In a partnership engaged in real estate brokerage, every active partner must have a real estate salesperson's license. ✔✔False person who acts as a receiver, trustee in bankruptcy, or personal representative in handling real estate matters is required to be licensed. ✔✔False Four members of the Real Estate Commission shall reside on Oahu, and one shall reside in Maui County, one on Kauai and one on Hawaii. ✔✔True. Going to your broker's office and doing floor duty, which includes answering the phone and talking to prospects about the company's listings, after you have passed your licensing exam but before you have actually received your license, is a violation of the licensing law. ✔✔True. Complaints against members of regulated industries are investigated by the Regulated Industries Complaint Office (RICO). ✔✔True. Members of the Real Estate Commission are appointed for terms of five years. ✔✔False The entities that may be licensed are individuals, partnerships, corporations and LLCs. ✔✔True. The maximum amount in the education fund shall be $1,500,000. ✔✔False Failure to complete 20 hours of Continuing Education prior to license renewal will result in revocation of your license. ✔✔False To change your license from inactive to active, you must show proof that you have completed the required 20 hours of Continuing Education. ✔✔True. A real estate salesperson intending to take the broker's exam may prorate her part-time sales experience in applying for her experience certificate. ✔✔False A licensee can make false promises concerning a real estate transaction, even though they are misleading to a buyer or seller, provided they are only verbal and not put down in writing. ✔✔False Accepting a commission from both a buyer and a seller without prior written consent of both parties could result in revocation or suspension of one's license. ✔✔True. Dual agency is a conflict of interest and not permissible at any time. ✔✔False Licensees may pay referral fees to unlicensed friends who send them good and valuable business. ✔✔False An unlicensed receptionist at Black & Blue Realty may pre-qualify prospects over the phone to decide which sales agent they would get along with best. ✔✔False Failure to obtain in writing confirmation of whom the broker represents on any real estate contract could result in revocation or suspension of one's license. ✔✔True. A licensed broker may pay a referral fee to a licensed broker in another state provided the out of state broker did not conduct in Hawaii any of the negotiations in the deal. ✔✔True. A licensee bears no responsibility with regard to seller's mandatory disclosure. ✔✔False A buyer's agent has a responsibility to disclose any pertinent material information she may have regarding the property to her buyer client. ✔✔True. A corporation wishes to enter the real estate business. A broker's license will be issued to each officer of the corporation who will actively participate in the real estate business. ✔✔False You can work for more than one broker in Hawaii, provided you obtain permission from both in writing. ✔✔False A person who possesses a valid broker's license, but is employed by another broker and is, in effect, acting as a salesperson, is called a selling broker. ✔✔False The Real Estate Commission is the state agency empowered to grant licenses, issue rules and regulations, and generally monitor the licensing laws. ✔✔True. When an uncashed earnest money check is being held by a broker during a sales contract negotiation, this fact must be disclosed to the seller, and the check must be deposited to a client trust account or escrow by the next business day after acceptance. ✔✔True. A broker is required to set up a separate client trust account for each client. ✔✔False Broker Jackson is often too busy to go to the bank every day to make his deposits to his client trust account. He authorizes salesperson Machado in writing to take the deposits to the bank for him. Once in a while, with a special note, he also asks Machado to withdraw funds from the client account when a negotiation falls through and a buyer wants his deposit back. This is allowed. ✔✔False Broker Julian wrote a bad check for his daughter's Iolani School tuition, knowing he could cover it with a client's earnest money check. He deposited the earnest money check to his own personal account, and prayed that another sale would close soon so he could cover his tracks. This is an example of commingling. ✔✔True. The Real Estate Commission can compel you by law to appear before them either as a witness or to give testimony or to produce records. ✔✔True. The real estate activities of each firm shall be under the direct management and supervision of a principal broker who may, however, delegate management and supervision responsibilities to a broker in charge ✔✔True. A person who resides out of state may hold an active Hawaii real estate license as long as he practices according to Hawaii laws, rules and regulations. ✔✔True. The main reason for requiring licensees to have a reasonable knowledge of the principles and practices of real estate, and the relevant laws and rules, is to ensure the protection of the general public in its real estate transactions. ✔✔True. Any applicant who passes the salesperson or broker exam shall apply for his license within two years of the examination. ✔✔True. An inactive licensee may advertise his own home "For Sale By Owner." ✔✔False An inactive licensee is required to disclose her license status in any advertising or promotional material regarding her own property ✔✔True. A licensee must, in advertising his own or listed property for sale, identify the name of his brokerage as registered by the Commission. ✔✔True. In advertising a property for sale, mention of its leasehold status need only be included if the price is mentioned ✔✔False A licensee may include either the address of his official place or his home address in his advertising, or both. ✔✔False If a licensee thinks an ad will generate more phone calls if he omits the name of his brokerage, he need only include his home phone number and his name. ✔✔False If a licensee wishes to have a forfeited license restored after one year but less than four years from the date of forfeiture, he must pay all appropriate fees and penalties; and successfully complete an approved real estate course or pass a Commission approved exam. ✔✔True. A license may be forfeited by failure to renew. ✔✔True. If Morley's license was revoked, it means it was taken away indefinitely. If he wants to work as a real estate salesperson or broker again, he will have to apply for a new salesperson's license. ✔✔True. If a license is suspended, this means the person has lost her license forever. ✔✔False A principal broker may place an associating licensee in inactive status by informing the licensee in writing of his intention. ✔✔True. A broker or salesperson shall be placed on involuntary inactive status if the principal broker or broker in charge's license is forfeited, suspended, revoked or terminated. ✔✔True. If your broker decides to close his business office and operate out of his home, you can hang your license there and operate out of your own home, as long as you check in by phone once a day. ✔✔False It is considered commingling to deposit a small amount of your own money into your client trust account in order to keep the account open. ✔✔False A listing broker is automatically authorized to share his commission with the selling broker. ✔✔False [Show More]

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