Years/days

Question 1

Escheat

Answer 1

15 years

Question 2

Adverse possession

Answer 2

20 years

Question 3

Initial earnest money deposit

Answer 3

Deposit with escrow next business day after the acceptance

Question 4

J1 inspection

Answer 4

Within 15 days after initial offer accepted

Question 5

Cancel contract

Answer 5

Cooling off period. 3 days

Question 6

HARPTA

Answer 6

7.25%

Question 7

FIRPTA

Answer 7

15%

Question 8

HRS508D

Answer 8

SRPDS
Seller has 10 days
Buyer then has 15 days from then to rescind

Question 9

Closing costs

Answer 9

Escrow 50/50
Title insurance 60/40 seller/buyer
Conveyance tax - seller

Question 10

Real Property Taxes not paid

Answer 10

3 years foreclose
Auction - if you get it, 1 year to redeem property

Question 11

FHA discrimination
Complaints

Answer 11

Federal To HUD - within 1 year
- file suit within 2 years

State - to Civil Rights Commission
- 180 days

Question 12

Usury

Answer 12

No cap in Hawaii unless friends/private loans?
Then, 12% per year

Question 13

Mechanics lien

Answer 13

(If notice in paper)
45 days after completion to file claim
90 days to start collection process

If no notice
1 year plus 45 days

Question 14

Who gets paid first

Answer 14

1. Real property tax & assessments
2. Mortgage
3. IRS
4. Others

Question 15

RICO

Answer 15

14 days to respond to complaint

Question 16

Disclosure for dual agency

Answer 16

1. Listing
2. Buyers contract
3. Make offer

Question 17

Legal standards

Answer 17

HRS467

Question 18

Legal standards clarified

Answer 18

HAR16-99

Question 19

All licenses

Answer 19

HRS436B

Question 20

Landlord tenant code

Answer 20

HRS521

Question 21

Condo law

Answer 21

HRS514B

Question 22

Discrimination law

Answer 22

HRS515

Question 23

Disclosure (SRPDS)

Answer 23

HRS508D

Question 24

Condo conversion

Answer 24

120 days notice

Question 25

Recovery fund

Answer 25

Suit must start within 2 years
Not more than $25000
Limited to $50000 for one licensee

Question 26

Good funds act

Answer 26

Escrow can’t close until checks have cleared
$ must be given to escrow 2 days before closing

Question 27

Leasehold disclosure act

Answer 27

10 days after acceptance must give copy of lease
Buyer has 10 days to cancel