Hawaii Real Estate Salesperson Exam — All Questions

The principle of contribution states that the value of a component or improvement is measured by:

• a.The raw number of square feet of floor area or land area that the improvement happens to occupy
• b.The owner's personal emotional attachment to and sentimental feelings about that improvement
• c.Its original construction or installation cost in every case, dollar for dollar, with no exception
• d.How much it adds to the overall value of the property, not its cost✓

Under contribution, an improvement is worth the amount it adds to the whole property's market value, which may be more or less than its cost. This principle explains why some renovations do not fully return their expense, a key point in over-improvement analysis.

Under Internal Revenue Code Section 121, a qualifying homeowner may generally EXCLUDE from taxable capital gain:

• a.Up to $250,000 of gain if single, or $500,000 if married filing jointly✓
• b.Up to a full one million dollars of gain on any property at all, at any time and any frequency
• c.All gain on any and every investment or rental property the taxpayer happens to own and sell
• d.Absolutely nothing, because gain on the sale of a home is always fully and entirely taxable

Section 121 lets homeowners who owned and used the home as their principal residence for at least two of the prior five years exclude up to $250,000 of gain (single) or $500,000 (married filing jointly). It applies to a primary residence, not to investment property.

Depreciation recapture on the sale of investment real estate means that:

• a.All of the depreciation deductions previously claimed are simply refunded to the investor in cash
• b.The investor is legally required to physically restore and rebuild the depreciated building itself
• c.Gain from prior depreciation may be taxed, often at a special rate✓
• d.No income tax is ever owed at all on the sale of a property that has previously been depreciated

When depreciated property is sold at a gain, the portion of gain due to depreciation deductions is 'recaptured' and taxed under special rules, reflecting the earlier tax benefit. It is a tax concept, not a requirement to rebuild, and it increases, not eliminates, tax on sale.

Which appraisal approach is generally MOST reliable for a special-purpose property, such as a church or public school, that rarely sells and earns no market income?

• a.The sales comparison approach, which depends on recent sales of similar comparable properties
• b.The income approach, which converts a property's market rental income into an indicated value
• c.The gross rent multiplier method, which relies on typical market rents that these lack entirely
• d.The cost approach✓

Special-purpose properties have few or no comparable sales and generate no market rent, so the cost approach (replacement cost new, less depreciation, plus land) is typically most reliable. Sales comparison lacks comparables and the income/GRM methods need market income these properties do not produce.

The four characteristics an item must have to possess value in the market, often remembered as DUST, are:

• a.Debt, Utility, Supply, and Taxes, a mix of unrelated financing and cost terms rather than value
• b.Demand, Utility, Scarcity, and Transferability✓
• c.Depreciation, Use, Sale, and Title, which describe stages of ownership rather than value itself
• d.Demand, Ownership, Scarcity, and Time, which swaps in two terms that are not part of the concept

For something to have market value it must have Demand (buyers who want it), Utility (usefulness), Scarcity (limited supply), and Transferability (the ability to convey it). The DUST acronym captures these four essentials of value.

Real estate salespersons in Hawaii are licensed and regulated by:

• a.The Hawaii Housing Finance and Development Corporation
• b.The Hawaii Association of Realtors
• c.The Hawaii Land Court
• d.The Hawaii Real Estate Commission, within the Department of Commerce and Consumer Affairs✓

The Hawaii Real Estate Commission licenses and disciplines brokers and salespersons under HRS Chapter 467, operating within the Department of Commerce and Consumer Affairs (Professional and Vocational Licensing). A trade association is a private membership group and has no licensing authority.

In Hawaii, the licensee responsible for supervising the licensed activity conducted at a brokerage branch office is the:

• a.Designated agent
• b.Broker-in-charge✓
• c.Salesperson of record
• d.Commission investigator

Each Hawaii brokerage must have a principal broker responsible for the firm, and each branch office must have a broker-in-charge who supervises the licensed activity at that location. Salespersons work under and are supervised by a broker at the brokerage.

The Hawaii Real Estate Recovery Fund is used primarily to:

• a.Pay the Commission's operating budget
• b.Reimburse a consumer for an actual loss from certain fraudulent acts of a licensee when a judgment cannot be collected✓
• c.Provide down-payment assistance to buyers
• d.Insure the value of homes sold through licensed brokers

The Recovery Fund may reimburse a member of the public who obtains a final judgment against a licensee for an actual loss from fraud, misrepresentation, deceit, or conversion of trust funds and cannot otherwise collect, subject to statutory limits. When the fund pays, the licensee's license is suspended until the fund is repaid. It is not an insurance or assistance program.

A Hawaii salesperson may accept compensation for brokerage services from:

• a.The buyer directly at closing
• b.The Recovery Fund
• c.The broker with whom the salesperson is licensed✓
• d.Any cooperating salesperson

A Hawaii salesperson is paid only through the broker who holds the salesperson's license and supervises the licensed activity. A salesperson may not accept a fee or commission directly from a buyer, seller, or another licensee.

A Hawaii licensee may represent both the buyer and the seller in the same transaction only when:

• a.The broker-in-charge approves after closing
• b.The price is below a set threshold
• c.Both parties give informed written consent✓
• d.The Commission grants a waiver

Dual agency is permitted only with the informed written consent of both parties. A dual agent must remain neutral on price and terms and may not reveal one party's confidential negotiating information to the other, because dual agency limits the advocacy each client would otherwise receive.

When a Hawaii licensee represents a client, the licensee owes that client:

• a.No duty of confidentiality after an offer is made
• b.Fiduciary duties including loyalty, confidentiality, obedience, care, accounting, and disclosure✓
• c.A duty to obtain the highest possible commission
• d.Only a duty of honesty and fair dealing

A licensee representing a client owes fiduciary duties: loyalty, obedience to lawful instructions, confidentiality, reasonable care and diligence, accounting for funds, and full disclosure of material facts. A customer who is not a client is owed honesty, fair dealing, and disclosure of known material facts, but not the full fiduciary duties owed to a client.

Under Hawaii's Mandatory Seller Disclosure law (HRS Chapter 508D), a seller of residential property generally must:

• a.Guarantee the property is free of all defects
• b.Obtain a Commission appraisal before listing
• c.Disclose only defects the buyer specifically asks about
• d.Provide the buyer a written disclosure statement of material facts about the property within the statutory time frame✓

Hawaii's Mandatory Seller Disclosure in Real Estate Transactions Act requires a seller of residential real property to give the buyer a written disclosure statement of material facts within the seller's knowledge or control, delivered within the statutory time frame. A licensee must not help conceal known material defects.

A person who passes the Hawaii salesperson examination may begin practicing real estate when:

• a.The applicant pays into the Recovery Fund only
• b.The license is activated under and supervised by a licensed Hawaii broker✓
• c.The exam results are posted
• d.The applicant joins a trade association

Passing the exam is one step; a Hawaii salesperson may conduct licensed activity only after the license is activated under a licensed broker who supervises the salesperson and accepts responsibility for the licensed activity and trust funds. Without an employing broker, the license is not active.

The education requirement for the Hawaii salesperson licence examination is a real estate curriculum of at least:

• a.Forty-five class hours
• b.Sixty class hours✓
• c.Eighty class hours
• d.One hundred class hours

The salesperson examination education requirement is a minimum of sixty class hours conforming to the commission-approved curriculum; the broker examination requires a minimum of eighty class hours. A class hour means sixty minutes of classroom instruction. Cite: Haw. Admin. R. Sec. 16-99-36.

To sit for the Hawaii real estate broker examination, a candidate must have practical experience as a full-time Hawaii-licensed salesperson of at least:

• a.One year within the previous two-year period
• b.Two years within the previous three-year period
• c.Two years within the previous five-year period
• d.Three years of the five-year period before applying✓

The broker candidate must have experience as a full-time Hawaii-licensed real estate salesperson associated with a Hawaii-licensed broker for at least three years of the five-year period immediately prior to submitting the experience certification application, certified by the principal broker or broker in charge. Cite: Haw. Rev. Stat. Sec. 467-9.5(a)(4)(B)(iii).

Besides being of the age of majority and authorised to work in the United States, an applicant for a Hawaii real estate licensing examination must have:

• a.A high school diploma or its equivalent✓
• b.Two years of postsecondary coursework
• c.A bachelor's degree from an accredited college
• d.Five years of continuous Hawaii residency

No individual is eligible for the licensing examination unless the individual is a United States citizen, national, or alien authorised to work in the United States, is of the age of majority, has earned a high school diploma or its equivalent, and has completed the applicable prelicensing course. Cite: Haw. Rev. Stat. Sec. 467-9.5(a).

A Hawaii real estate broker's licence may not be issued to an individual who:

• a.Has not completed a post-licence education course
• b.Has been licensed in another state for less than two years
• c.Does not hold a current Hawaii real estate salesperson's licence✓
• d.Has not maintained a definite place of business in the State

No licence shall be issued to an individual applying for a real estate broker's licence who does not have a current Hawaii real estate salesperson's licence. Cite: Haw. Rev. Stat. Sec. 467-8(a)(6).

Under Hawaii law, a trade name may not be approved or issued with:

• a.A real estate broker's licence
• b.A real estate salesperson's licence✓
• c.A condominium hotel operator registration
• d.A registered real estate school certificate

No licence may be issued to a person with a trade name, partnership, limited liability company, or corporation that is not currently registered with the business registration division, and no real estate salesperson's licence shall be approved or issued with a trade name. Cite: Haw. Rev. Stat. Sec. 467-8(a)(7).

If a Hawaii candidate sits for the licensing examination without having satisfied the statutory prerequisites before the examination date, the result is that:

• a.The score stands, subject to the commission's later review
• b.The candidate may retake the examination in thirty days
• c.A fine is imposed
• d.The examination score is voided✓

Each individual must certify that the prerequisites have been or will be satisfied prior to the examination date, and the examination score of any individual who took the examination without having satisfied them shall be voided. Cite: Haw. Rev. Stat. Sec. 467-9.5(b).

Before renewing a Hawaii real estate licence, the licensee must show continuing education completed during the preceding two-year period of at least:

• a.Ten hours
• b.Fifteen hours
• c.Twenty hours✓
• d.Thirty hours

Prior to renewal, a real estate broker or salesperson must provide the commission with proof of having attended at least twenty hours of continuing education, or its equivalent as determined by the commission, during the two-year period preceding the application for renewal. Cite: Haw. Rev. Stat. Sec. 467-11.5(a).

A Hawaii licensee who has not satisfied the continuing education requirement by the licence expiration date will find that the renewed licence is:

• a.Automatically placed on inactive status✓
• b.Forfeited, requiring a new original application
• c.Suspended until the commission holds a hearing
• d.Issued on probation for the balance of the biennium

Failure to satisfy the continuing education requirement by the licence expiration date results in the renewed licence being automatically placed on inactive status; to reactivate it the licensee submits proof of the continuing education, a complete application, and the proper fee. Cite: Haw. Rev. Stat. Sec. 467-11.5(a), (b).

The Hawaii real estate recovery fund may pay an aggrieved person, per transaction, damages of not more than:

• a.Fifteen thousand dollars
• b.Twenty-five thousand dollars✓
• c.Fifty thousand dollars
• d.One hundred thousand dollars

A person aggrieved by fraud, misrepresentation or deceit of a licensee may recover from the fund an amount of not more than $25,000 per transaction for damages sustained, including court costs and fees set by law and reasonable attorney fees as determined by the court. Cite: Haw. Rev. Stat. Sec. 467-16(a).

Regardless of the number of claims, the total liability of the Hawaii real estate recovery fund for any one licensee is limited to:

• a.Twenty-five thousand dollars
• b.Thirty-five thousand dollars
• c.Fifty thousand dollars✓
• d.Seventy-five thousand dollars

Notwithstanding any other provision, the liability of the real estate recovery fund shall not exceed $50,000 for any one licensee. Cite: Haw. Rev. Stat. Sec. 467-24.

If a Hawaii licensee fails to pay a special assessment to the real estate recovery fund within sixty days of assessment, the consequence is:

• a.A fine of one thousand dollars per month of delay
• b.Referral of the debt to the attorney general for collection
• c.A ninety-day suspension
• d.Forfeiture of the licence✓

If the fund balance is less than $350,000 the department assesses every licensee an additional payment, and failure to pay the assessment within sixty days from the date of assessment constitutes a forfeiture of the licence. Cite: Haw. Rev. Stat. Sec. 467-17.

An action for a judgment that may later result in collection from the Hawaii real estate recovery fund must be started no later than:

• a.Two years from the accrual of the cause of action✓
• b.Three years from the accrual of the cause of action
• c.Six years from the accrual of the cause of action
• d.One year from the date the licence was revoked

No action for a judgment that subsequently results in an order for collection from the real estate recovery fund shall be started later than two years from the accrual of the cause of action, and the aggrieved person must notify the commission in writing when the action is commenced. Cite: Haw. Rev. Stat. Sec. 467-18(a).

A person whose Hawaii real estate broker's licence was revoked and who later becomes eligible to be licensed again must apply:

• a.As a real estate broker, after repaying the recovery fund
• b.As a real estate salesperson✓
• c.Only after a rehearing
• d.For a conditional broker's licence limited by the commission

A person whose licence has been revoked or automatically terminated may apply as a new applicant after the revocation or termination period and any required repayment to the recovery fund. Any person previously licensed as a real estate broker shall apply as a real estate salesperson. Cite: Haw. Rev. Stat. Sec. 467-15.5.

The fine for a person who violates Hawaii's real estate licensing chapter is not more than:

• a.One thousand dollars for each violation
• b.Two thousand five hundred dollars for each violation
• c.Five thousand dollars for each violation✓
• d.Ten thousand dollars for each violation

Any person violating chapter 467 shall be fined not more than $5,000 for each violation. Cite: Haw. Rev. Stat. Sec. 467-26.

Which duty does Hawaii law place squarely on the principal broker of a brokerage firm?

• a.Personally signing every listing the firm accepts
• b.Attending each closing conducted by the firm
• c.Reviewing every advertisement the firm publishes before it appears
• d.Maintaining a training programme for all associated licensees✓

The principal broker has direct management and supervision of the firm and is responsible for the client trust accounts and accounting practices, the firm's records and contracts, written policies and procedures, ensuring licences are current and active, and establishing and maintaining a training programme for all associated licensees. Cite: Haw. Rev. Stat. Sec. 467-1.6(a), (b).

A Hawaii principal broker may delegate management and supervision duties to one or more brokers in charge, provided that:

• a.The delegation is subject to the principal broker's written policies and procedures✓
• b.The commission approves each delegation in advance and in writing on its form
• c.The brokers in charge each hold a separate brokerage firm licence
• d.No more than one broker in charge serves at any one location

The principal broker may delegate management and supervision duties to one or more brokers in charge subject to the principal broker's written policies and procedures, and remains responsible for the education, enforcement and records required of those policies. Cite: Haw. Rev. Stat. Sec. 467-1.6(c).

Which activity is expressly excepted from Hawaii's real estate broker and salesperson licensing requirement?

• a.Selling time share interests for a developer
• b.Managing, renting, or operating a hotel✓
• c.Negotiating a commercial lease for a fee
• d.Selling a neighbour's home for a flat fee

The licensing requirement does not apply to an owner or a person acting under a power of attorney within limits, a receiver, trustee or personal representative, a custodian or caretaker who leases or rents the property, any person who manages, rents or operates a hotel, or a provider agency operating a homeless facility. Cite: Haw. Rev. Stat. Sec. 467-2(4).

A corporation may conduct real estate brokerage in Hawaii only if its brokerage business is under the direct management of a principal broker who:

• a.Owns a controlling interest in the corporation's outstanding voting shares
• b.Holds an inactive broker licence in good standing
• c.Is an officer or employee and holds a current active broker's licence✓
• d.Has been licensed in Hawaii for at least ten years

No licence shall be issued to a corporation unless its real estate brokerage business is under the direct management of a principal broker who is an officer or employee of the corporation and holds a current active real estate broker's licence; a partnership requires a general partner or employee in that role. Cite: Haw. Rev. Stat. Sec. 467-8(a)(4), (5).

A Hawaii real estate broker must maintain a definite place of business in the State and must:

• a.Display the broker's licence there✓
• b.Post the commission's roster of licensees there
• c.Keep the office open during normal business hours
• d.File a floor plan of the office with the commission

A licensed broker must have and maintain a definite place of business in the State, display the broker's licence there, and on request make available any associating salesperson's licence. No branch office may operate without a registration previously obtained. Cite: Haw. Rev. Stat. Sec. 467-12.

Under Hawaii's statewide licence rule, a salesperson who resides on an island different from the firm's principal place of business:

• a.May open a satellite office on that island with the principal broker's written consent
• b.Shall not maintain or advertise a place of business other than the principal office✓
• c.Must register that island office as a branch office with the commission
• d.Must transfer to a brokerage firm located on the same island

A firm may associate a salesperson or broker-salesperson who lives on a different island provided the principal broker maintains supervision, the licensee does not maintain or advertise a place of business other than the principal place of business, and advertisements on the other island disclose the firm name and the address and phone number of the principal place of business. Cite: Haw. Admin. R. Sec. 16-99-5.2.

A leasehold property advertised for sale in Hawaii in any medium must be identified by:

• a.The remaining term of the lease
• b.The fee owner
• c.The annual lease rent amount
• d.The word leasehold✓

A leasehold property advertised for sale in any medium shall be identified by the word leasehold. Cite: Haw. Admin. R. Sec. 16-99-11(d).

Hawaii's advertising rule expressly forbids a licensee from advertising property using the phrase:

• a.Priced to sell
• b.Motivated seller
• c.For Sale by Owner✓
• d.Below appraised value

No licensee shall advertise For Sale by Owner, For Rent by Owner, For Lease by Owner, or For Exchange by Owner. Cite: Haw. Admin. R. Sec. 16-99-11(b).

A Hawaii real estate licensee selling his or her own home must disclose licensee status in all advertising:

• a.Whether the licence is active or inactive✓
• b.Only while the licence is on active status
• c.Only if the property is listed with a brokerage firm
• d.Only where the advertisement names a brokerage firm

Current individual real estate licensees, whether active or inactive, shall disclose the licensee's status as a real estate licensee in all advertising and promotional material. Cite: Haw. Admin. R. Sec. 16-99-11(c).

Hawaii's required agency disclosure must be confirmed in the contract between buyer and seller in a separate paragraph that is titled AGENCY DISCLOSURE and printed in:

• a.Capital letters of any size
• b.No less than ten-point bold print✓
• c.Italic type of at least twelve points
• d.Underlined type of at least fourteen points

Disclosures required of the licensee must be confirmed in writing in a separate paragraph titled AGENCY DISCLOSURE in the contract between the buyer and the seller, and the title shall be in no less than ten-point bold print. No particular disclosure language is required. Cite: Haw. Admin. R. Sec. 16-99-3.1(e).

At the time a Hawaii listing brokerage firm obtains a listing, it must disclose in a writing dated and signed by the seller and the firm:

• a.The commission rate the firm charges other sellers
• b.The names of every licensee who may show the property
• c.The firm's policy on accepting escalation clauses
• d.Whether the seller authorises subagents and the sharing of commissions✓

At the time a listing brokerage firm obtains a listing, it must disclose whether the seller authorises the firm to appoint the seller's subagents through a multiple listing service or otherwise, and whether the seller authorises sharing commissions with the seller's subagents or buyer's agents. The disclosure must be in writing, dated, and signed by the seller and the firm. Cite: Haw. Admin. R. Sec. 16-99-3.1(b).

A Hawaii licensee must disclose to the buyer whom the licensee represents, in writing or orally, at least once:

• a.Prior to preparing any contract between the buyer and the seller✓
• b.Within twenty-four hours of the first showing of a property
• c.Before the buyer applies for mortgage financing
• d.At the time the buyer's earnest money is deposited

Prior to preparing any contract between the buyer and the seller, the disclosure of whom the licensee represents must be made at least once to the buyer, in writing or orally; a corresponding disclosure must be made to the seller prior to presenting a contract to the seller. Cite: Haw. Admin. R. Sec. 16-99-3.1(c), (d).

For purposes of Hawaii's agency disclosure rule, transaction excludes:

• a.Sales of time share interests
• b.Exchanges of commercial property
• c.Leases for one year or less✓
• d.Options involving cooperative housing interests

Transaction means any sale, lease, rent, or exchange of residential, time share, industrial or commercial real estate, or a sale, exchange or option involving an interest in a residential cooperative housing corporation, but excluding leases for one year or less. Cite: Haw. Admin. R. Sec. 16-99-3.1(a).

A Hawaii licensee who acts for both parties to a real estate transaction without first obtaining the written consent of both is subject to:

• a.A civil penalty imposed by the attorney general
• b.Revocation, suspension, or a fine by the commission✓
• c.Automatic termination of the brokerage firm's licence
• d.A private right of action only, brought by either party

Acting for both parties in a transaction, or collecting compensation from both, without first having obtained the written consent of both parties involved, is a ground on which the commission may revoke a licence, suspend the right to use it, or fine the licensee. Cite: Haw. Rev. Stat. Sec. 467-14(4).

Failing to obtain, on the contract between the parties, confirmation of whom the real estate broker represents is under Hawaii law:

• a.A technical defect curable at closing
• b.A matter left to the brokerage firm's own policy
• c.Grounds for rescission by either party only
• d.A ground for revocation, suspension, or a fine✓

The commission may revoke a licence, suspend the right to use it, or fine a licensee when the licensee fails to obtain on the contract between the parties to the real estate transaction confirmation of who the real estate broker represents. Cite: Haw. Rev. Stat. Sec. 467-14(12).

When a Hawaii licensee secures a party's signature on a contract pertaining to the licensee's services, a copy must be delivered to the signer:

• a.Within three business days after the signature
• b.Before the end of the next business day
• c.At the time the signature is obtained✓
• d.At the time the transaction closes

The licensee shall deliver a copy of the agreement or contract to the party or parties signing it at the time the signature is obtained, provided that only one copy need be delivered to parties signing as cotenants. Cite: Haw. Rev. Stat. Sec. 467-13.

A Hawaii brokerage firm that does not immediately place entrusted funds with a neutral escrow depository must deposit them into a trust fund account:

• a.By the next business day following their receipt✓
• b.Within three days following their receipt
• c.Within five banking days following their receipt
• d.By the end of the calendar week of their receipt

Every brokerage firm shall deposit or place trust funds into a neutral escrow depository or into a federally insured trust fund account by the next business day following their receipt, and the neutral escrow depository shall be located in the same state where the property is located. Cite: Haw. Admin. R. Sec. 16-99-4(d).

A Hawaii client trust fund account must be maintained in the State at a federally insured depository, must be payable on demand, and must designate as trustee:

• a.The firm itself
• b.The broker-in-charge of the office
• c.The owner of the deposited funds
• d.The principal broker✓

A brokerage firm that does not immediately use a neutral escrow depository must maintain a trust fund account in this State with a federally insured bank or recognised depository; the account shall designate the principal broker as trustee and all such accounts shall provide for payment of the funds upon demand. Cite: Haw. Admin. R. Sec. 16-99-4(a).

Where a Hawaii trust account is interest bearing but the parties made no written agreement about the interest, the accrued interest is:

• a.Retained by the brokerage firm as a service fee
• b.Paid to the owner of the funds✓
• c.Split equally between the buyer and the seller
• d.Remitted to the commission for the education fund

All agreements relating to disbursement of accrued interest from the client trust account must be in writing and signed by the owner of the funds, the principal broker or broker-in-charge, and the other parties to the agreement. In the absence of a written agreement, any interest accrued shall be paid to the owner of the funds. Cite: Haw. Admin. R. Sec. 16-99-4(c).

Records of all trust funds a Hawaii brokerage firm receives must be retained for at least three years and kept:

• a.At the office of the firm's certified public accountant
• b.At the neutral escrow depository holding the funds
• c.In Hawaii, in accordance with standard accounting principles✓
• d.In any form the principal broker considers convenient

Every brokerage firm must retain for at least three years records of all trust funds received; the records must be kept in Hawaii in accordance with standard accounting principles, must show the names, dates, amounts and purposes prescribed by the rule, and are subject to inspection by the commission. Cite: Haw. Admin. R. Sec. 16-99-4(b).

A Hawaii salesperson who receives a buyer's earnest money check must deliver it to the principal broker or broker-in-charge:

• a.By the next business day after receipt✓
• b.Within three calendar days after receipt
• c.Only after the seller accepts the offer
• d.At the next scheduled office sales meeting

Property of others coming initially into the possession of a salesperson or broker-salesperson is received on behalf of the principal broker or broker-in-charge and must be delivered immediately by the next business day after receipt, unless the depositor instructs otherwise in writing. Cite: Haw. Admin. R. Sec. 16-99-4(g).

Hawaii's mandatory seller disclosure statement must be signed and dated by the seller:

• a.At least thirty days before the property is listed
• b.On the same day the purchase contract is accepted
• c.Any time before the recorded sale of the property
• d.Within six months before or ten calendar days after acceptance✓

No seller may sell residential real property unless, prior to the sale, a disclosure statement is signed and dated by the seller within six months before or ten calendar days after the acceptance of a real estate purchase contract by the buyer, and delivered to the buyer as provided in section 508D-5. Cite: Haw. Rev. Stat. Sec. 508D-4(1)(A).

No later than ten calendar days from acceptance of a Hawaii real estate purchase contract the seller must provide the disclosure statement, and the buyer then has:

• a.Ten calendar days to examine it and decide whether to rescind
• b.Fifteen calendar days to examine it and decide whether to rescind✓
• c.Twenty calendar days to examine it and decide whether to rescind
• d.Thirty calendar days to examine it and decide whether to rescind

The seller, directly or through the seller's agent, must provide the disclosure statement no later than ten calendar days from acceptance of the purchase contract, and on receipt the buyer has fifteen calendar days to examine it and decide whether to rescind. The parties may agree in writing to shorten or extend these periods. Cite: Haw. Rev. Stat. Sec. 508D-5(a), (b), (c).