Financing
The smallest area on the Hawaii state portion, two items, and the bulletin names both: seller financing such as the agreement of sale and the purchase money mortgage, and Hawaii-specific institutional financing.
The agreement of sale
HRS 501-101.5(c) defines an agreement of sale as 'an executory contract for the sale and purchase of real estate which binds one party to sell and the other party to buy... and in which the seller retains legal title to the real estate', including subagreements of sale. The buyer takes possession and equitable ownership while the seller stays on title until the price is paid, which is the opposite of a purchase money mortgage. Recording protects the buyer: for Land Court property, 501-101.5(a) gives a duly filed agreement of sale priority over a later conveyance by the seller and over judgments not filed earlier. Conveyance tax is paid on the agreement of sale itself, and HRS 247-3(6) then exempts the deed later given pursuant to it where that tax was fully paid.
Units financed and sold by the State
Units developed and sold under HRS chapter 201H by the Hawaii Housing Finance and Development Corporation carry restrictions that survive the closing. For ten years after purchase the corporation has a first option to purchase at a price capped at original cost, the purchaser's improvements, one per cent simple interest and any appreciation share already paid, and that interest is a statutory lien superior to most other liens (201H-47(a)(1), (2)). Refinancing is allowed but capped: within the first ten years the new loan may not exceed that restricted price, and the corporation's written consent is required while any transfer restriction remains applicable (201H-47(a)(3)). After the tenth year the property may be sold free of price restrictions, subject to repaying the corporation the balance owed, any subsidy or deferred sales price with interest, and its share of appreciation (201H-47(a)(4)).
Why this matters at the listing appointment
Both instruments change what a seller can lawfully agree to. An agreement of sale leaves legal title with a seller who may have their own encumbrances, so the buyer's filed position and the priority rules in 501-101.5 are the protection. A restricted 201H unit cannot be listed at an unrestricted market price inside the ten-year window without the corporation's involvement, and a broker who prices it as though it were an ordinary resale is offering terms the seller is not free to accept.
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State-specific details
State exam facts
- State regulator
- Hawaii Real Estate Commission (DCCA)
- Exam vendor
- PSI
- Scored questions
- 125
- Time limit
- 240 minutes
Who regulates real estate brokers in Hawaii?
The Hawaii Real Estate Commission, within the Department of Commerce and Consumer Affairs (DCCA), licenses brokers and salespersons. The Commission contracts with PSI to deliver the exams.
What experience do I need before the Hawaii broker exam?
Broker applicants must have been a Hawaii-licensed salesperson associated with a Hawaii-licensed broker for at least three of the five years immediately before applying, and must obtain an approved Broker Experience Certificate before registering for the exam — otherwise the exam score is invalidated.
How is the Hawaii broker exam structured?
The Hawaii broker exam has about 125 questions in a uniform (general) portion and a Hawaii-specific portion, delivered by PSI over 4 hours. Confirm the current passing score for the broker exam with the Commission.
Sources: https://cca.hawaii.gov/reb/real_ed/real_ed-exam_lic/, https://cca.hawaii.gov/reb/16-99-19-2-experience-certificate-application/
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