Hawaii Real Estate Salesperson Exam — All Questions
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Real estate salespersons in Hawaii are licensed and regulated by:
- a.The Hawaii Association of Realtors
- b.The Hawaii Real Estate Commission, within the Department of Commerce and Consumer Affairs✓
- c.The Hawaii Housing Finance and Development Corporation
- d.The Hawaii Land Court
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.Salesperson of record
- b.Designated agent
- c.Broker-in-charge✓
- 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.Reimburse a consumer for an actual loss from certain fraudulent acts of a licensee when a judgment cannot be collected✓
- b.Insure the value of homes sold through licensed brokers
- c.Provide down-payment assistance to buyers
- d.Pay the Commission's operating budget
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.Any cooperating salesperson
- c.The Recovery Fund
- d.The broker with whom the salesperson is licensed✓
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.