Lesson 5 - Section 5: Hawaii Property Dynamics & Licensing Laws

Fraud

______________ is a deceptive act or trick used to cheat the public or a client. A licensee is legally required to protect the public against fraud or misrepresentation.

Material Fact

______________ is any important piece of information about a property that could change a person's decision to buy or sell.

Broker Price Opinion (BPO)

______________ is a real estate professional's estimate of a property's value and must explicitly state that it is an opinion and not a professional appraisal.

Comparative Market Analysis (CMA)

______________ is a tool used by agents to show a range of property values based on similar homes that have recently sold or are currently listed and must explicitly state that it is an opinion and not a professional appraisal.

Independent Contractor

______________ is a real estate agent who is paid based on results rather than hours worked and is responsible for their own taxes, expenses, and General Excise Tax (GET).

Commingling

______________ occurs when a broker mixes a client's money with the brokerage's own business or personal bank accounts.

Conversion

______________ is the illegal act of an agent spending or using a client's funds for a purpose other than what the client intended.

Aiding and Abetting

______________ occurs when a licensed agent helps an unlicensed person perform real estate activities that legally require a license.

Real Estate Recovery Fund

______________ is a state-managed account that pays up to $25,000 per transaction to members of the public harmed by an agent's fraud or deceit, with a maximum of $50,000 per licensee.

Dual Agency

______________ occurs when one agent or two agents from the same firm represent both the buyer and seller in the same transaction and requires written consent from both parties.

Hawaii Civil Rights Commission (HCRC)

______________ is the state department responsible for handling and investigating housing discrimination complaints.

Protected Class

______________ is a group protected by law from discrimination; Hawaii law adds marital status and age and expands protections for ancestry, gender identity or expression, sexual orientation, and persons with HIV/AIDS.

Fair Housing Law Exemptions

______________ include certain owner-occupied rentals, housing for older persons, and some religious organization housing preferences.

Puffing

______________ refers to exaggeration and is a prohibited activity.

Retaliation

______________ is illegal when someone threatens or discriminates against a person for exercising rights protected by fair housing laws or participating in investigations or hearings.

Assistance Animal

______________ is an animal that provides work, tasks, or emotional support for a person with a disability and must be allowed in housing as a reasonable accommodation.

Agency Disclosure

______________ is a required statement made before an offer is signed that tells all parties which person or firm represents the buyer and seller.