Types of Ownership
Three items, across five printed subtopics: condominiums, cooperatives, time sharing plans, land trusts and planned unit developments. Hawaii has its own statute for each of the first three.
Condominiums under chapter 514B
HRS 514B-3 defines the vocabulary the exam uses. Common elements are 'all portions of a condominium other than the units'; a unit's common interest is 'the percentage of undivided interest in the common elements appurtenant to each unit, as expressed in the declaration'; common expenses are the association's expenditures and liabilities including reserve allocations. A limited common element is reserved by the declaration for one or more units but fewer than all. Chapter 514B also carries the developer sale rules, including the thirty-day cancellation right in 514B-86, and the association records a broker needs for a resale in 514B-154.5.
Cooperatives and limited-equity cooperatives
HRS 421I-1 defines a cooperative housing corporation as one with one and only one class of stock outstanding, which 'allows each tenant shareholder to occupy a dwelling unit for dwelling purposes solely by reason of the tenant shareholder's ownership of stock in the corporation', with no distributions except on liquidation and at least eighty per cent of gross income from tenant shareholders. HRS 508D-1 repeats the construction so that a residential cooperative apartment is residential real property for disclosure purposes. Chapter 421H governs limited-equity housing cooperatives separately. A co-op transfer moves shares and an occupancy right; the corporation holds title to the building.
Time share plans
HRS chapter 514E governs time sharing. Its most-tested provision is 514E-8, a mutual right to cancel: within seven calendar days after execution of the purchase contract, or within seven calendar days after the purchaser's receipt of the required disclosure statement, whichever is later, either party may cancel without penalty, and the notice is effective on mailing or delivery to the address specified in the contract. Time share interests are excluded from the chapter 508D seller disclosure regime by 508D-3(8), and chapter 667 Part IV supplies a separate foreclosure route for time share interests.
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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/
In the Hawaii Real Estate Broker guide: A 60-question national practice exam, with a key that explains all four options and not just the right one. Practice here stays free.