HI Real Estate flashcards
HI Real Estate · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- HRS Chapter 467
- The Hawaii statute that governs the licensing, regulation, and discipline of real estate brokers and salespersons in the state.
- Hawaii Real Estate Commission
- The body within Hawaii's Department of Commerce and Consumer Affairs that licenses real estate professionals and adjudicates complaints filed against them.
- Continuing education requirement
- Hawaii licensees must complete 20 hours of approved continuing education during each two-year license period in order to renew.
- Principal broker
- The licensed broker responsible for supervising a Hawaii brokerage's affiliated licensees and for the firm's records and trust accounts.
- Biennial renewal
- Hawaii real estate licenses expire every two years and are renewed by submitting continuing education completion and paying the required fees.
- Unlicensed compensation ban
- A Hawaii licensee may not share commissions or pay fees to an unlicensed person for activities that require a real estate license.
- HRS Chapter 466K
- The Hawaii statute that separately regulates real estate appraisers, apart from the broker and salesperson licensing program.
- Statute of frauds
- HRS section 656-1 requires contracts for land sales, and leases longer than one year, to be written and signed to be enforceable.
- Exclusive right to sell
- A listing under which the broker is paid no matter who procures the buyer, including a sale the owner makes personally.
- Exclusive agency listing
- A listing that pays the broker unless the owner personally finds the buyer; sales procured by other brokers still earn the commission.
- Open listing
- A non-exclusive listing in which only the broker who procures the ready, willing, and able buyer earns a commission.
- Dual agency
- One licensee representing both buyer and seller; in Hawaii it requires the informed written consent of both parties.
- Ready, willing, and able buyer
- A buyer who accepts the seller's price and terms and has the financial ability to close, generally entitling the broker to a commission.
- Agency disclosure
- The written notice a Hawaii licensee gives identifying which party the licensee represents, provided before the client signs a brokerage agreement.
- Fee simple vs leasehold
- Hawaii's two main tenure forms: fee simple is perpetual ownership of land and improvements, while leasehold is a long-term lease of the land.
- Land Court registration
- Hawaii's Torrens system under HRS Chapter 501, which issues a certificate of title that is conclusive as to ownership.
- State Land Use districts
- The four statewide districts set by the Land Use Commission: Urban, Rural, Agricultural, and Conservation, which precede county zoning.
- Shoreline setback area
- A zone measured from the certified shoreline that is at least 20 feet deep, extendable to 40 feet by county ordinance, limiting construction.
- Hawaiian Home Lands
- Trust lands under the Hawaiian Homes Commission Act, leased for up to 99 years to beneficiaries with at least 50 percent Hawaiian ancestry.
- Tenancy in common
- Co-ownership without right of survivorship; each tenant may hold a different fractional share and may sell or bequeath that share.
- Loan-to-value ratio
- The loan amount divided by the property's value, expressed as a percentage; it drives mortgage insurance requirements and loan pricing.
- HARPTA withholding
- Hawaii law requiring 7.25 percent of the gross sales price to be withheld when a nonresident seller disposes of Hawaii real property.
- Conveyance tax
- A Hawaii tax on real property transfers, computed per $100 of consideration at graduated rates and customarily paid by the seller.
- Hula Mae program
- A Hawaii Housing Finance and Development Corporation bond program that provides below-market mortgage financing to eligible Hawaii homebuyers.
- Closing Disclosure
- The federally required statement of final loan terms and closing costs that a borrower must receive three business days before consummation.
- Escrow depository
- A neutral third party licensed under HRS Chapter 449 that holds funds and documents and disburses them when closing conditions are satisfied.
- HRS Chapter 514B
- Hawaii's condominium statute, governing creation, governance, and sale of condominium property regimes and units in the state.
- Condominium public report
- A disclosure document approved by the Hawaii Real Estate Commission that a developer must deliver before selling new condominium units.
- AOAO
- Association of Apartment Owners, the Hawaii condominium association that governs common elements and collects maintenance fees and assessments.
- Security deposit return
- Hawaii landlords must refund a residential security deposit, with an itemized statement of any deductions, within 14 days after the tenant vacates.
- HRS Chapter 515
- Hawaii's fair housing law, which bars discrimination in housing based on protected classes such as race, sex, sexual orientation, and disability.
- Regulated Industries Complaints Office
- DCCA's unit that investigates and prosecutes consumer complaints against licensed professionals, including real estate brokers and salespersons.