Hawaii Condominium Law (CPR) Pt-3

62 Questions | By Dpilgrim01 | Last updated: Jan 21, 2013 | Total Attempts: 44

Questions

Settings

Hawaii Condominium Law continued.

Questions and Answers

1.

Completion of construction means the earliest of:• The issuance of a certificate of occupancy for the unit;• The date of completion for the project, or the phase of the project that includes the unit;• The recordation of the "as built" amendment to the declaration that includes the unit;• The issuance of the architect's certificate of substantial completion for the project, or the phase of the project that includes the unit; or• The date the unit is completed so as to __________________.
- A.
  
  Allow for the safe connection of power and utilities.
- B.
  
  Allow bank/lender approval of financing.
- C.
  
  permit normal occupancy.
- D.
  
  Clear all outstanding liens if any.
2.

Completion of construction means the earliest of:• The issuance of a ________________ for the unit;• The date of completion for the project, or the phase of the project that includes the unit;• The recordation of the "as built" amendment to the declaration that includes the unit;• The issuance of the architect's certificate of substantial completion for the project, or the phase of the project that includes the unit; or• The date the unit is completed so as to permit normal occupancy.
- A.
  
  Certificate of occupancy
- B.
  
  Certificate of completion
- C.
  
  Current updated bank appraisal
- D.
  
  FHA or VA approval for financing
3.

Completion of construction means the earliest of:• The issuance of a certificate of occupancy for the unit;• The ______________________, or the phase of the project that includes the unit;• The recordation of the "as built" amendment to the declaration that includes the unit;• The issuance of the architect's certificate of substantial completion for the project, or the phase of the project that includes the unit; or• The date the unit is completed so as to permit normal occupancy.
- A.
  
  Date of completion of all inspections
- B.
  
  Date of contingent approval for financing
- C.
  
  Date of completion for the project
- D.
  
  Effective date of phase completion
4.

Completion of construction means the earliest of:• The issuance of a certificate of occupancy for the unit;• The date of completion for the project, or the phase of the project that includes the unit;• The _________________ amendment to the declaration that includes the unit;• The issuance of the architect's certificate of substantial completion for the project, or the phase of the project that includes the unit; or• The date the unit is completed so as to permit normal occupancy.
- A.
  
  Recordation of the "as built"
- B.
  
  Recordation of the certificate of occupancy
- C.
  
  Recordation of the "inspection approval"
- D.
  
  Recordation of the "FHA/VA" disclosure
5.

Completion of construction means the earliest of:• The issuance of a certificate of occupancy for the unit;• The date of completion for the project, or the phase of the project that includes the unit;• The recordation of the "as built" amendment to the declaration that includes the unit;• The issuance of the _____________________ for the project, or the phase of the project that includes the unit; or• The date the unit is completed so as to permit normal occupancy.
- A.
  
  Architect's certificate of plan approval
- B.
  
  Architect's certificate of substantial phase completion
- C.
  
  Architect's certificate of completion
- D.
  
  Architect's certificate of substantial completion
6.

Condominium map means a map or plan of the condominium property regime with all required information;
- A.
  
  True
- B.
  
  False
7.

Condominium map means a map or plan of the ______________________ with all required information;
- A.
  
  Architect's drawings and blueprints
- B.
  
  Condominium property regime
- C.
  
  Developer's blueprints
- D.
  
  Developer's proposal
8.

Converted or conversion means the submission of a structure to a condominium property regime more than twelve months after the completion of construction;
- A.
  
  True
- B.
  
  False
9.

Converted or conversion means the submission of a structure to a condominium property regime more than __________________ after the completion of construction;
- A.
  
  Six months
- B.
  
  Twelve months
- C.
  
  Nine months
- D.
  
  Eighteen months
10.

Converted or conversion means the submission of a structure to a condominium property regime more than twelve months after the completion of construction; provided that structures used as sales offices or models for a project and later submitted to a condominium property regime shall not be ______________________.
- A.
  
  Subject to another bank appraisal.
- B.
  
  Subject to any additional modifications.
- C.
  
  Considered to be converted structures.
- D.
  
  Subject to lender required repairs upon conversion.
11.

Converted or conversion means the submission of an application for reclassification to apartment status to a condominium property regime more than twelve months after the completion of construction; provided that structures used as sales offices or models for a project and later submitted to a condominium property regime shall not be considered to be converted structures.
- A.
  
  True
- B.
  
  False
12.

Declaration means any instrument, however denominated, that creates an owner's association, including any amendments to the said declaration.
- A.
  
  True
- B.
  
  False
13.

Declaration means any legal instrument, however derived, that creates a condominium, including any amendments to the instrument.
- A.
  
  True
- B.
  
  False
14.

Development rights means any right or combination of rights reserved by a developer in the declaration to:• Add ____________ to a condominium;• Create units, common elements, or limited common elements within a condominium;• Subdivide units, combine units, or convert units into common elements;• Withdraw real estate from a condominium;• Merge projects or increments of a project; or• Otherwise alter the condominium.
- A.
  
  Real estate
- B.
  
  Features and amenities
- C.
  
  Features and modifications
- D.
  
  Deed restrictions
15.

Development rights means any right or combination of rights reserved by a developer in the declaration to:• Add real estate to a condominium;• Create units, common elements, or ________________ within a condominium;• Subdivide units, combine units, or convert units into common elements;• Withdraw real estate from a condominium;• Merge projects or increments of a project; or• Otherwise alter the condominium.
- A.
  
  Limited common elements
- B.
  
  Unlimited common elements
- C.
  
  Additional common elements
- D.
  
  Equally divided common elements
16.

Development rights means any right or combination of rights reserved by a developer in the declaration to:• Add real estate to a condominium;• Create units, common elements, or limited common elements within a condominium;• Subdivide units, _______________, or convert units into common elements;• Withdraw real estate from a condominium;• Merge projects or increments of a project; or• Otherwise alter the condominium.
- A.
  
  Expand units
- B.
  
  Modify units
- C.
  
  Combine units
- D.
  
  Reserve units
17.

Managing agent means any person retained, as a real estate professional, for the purpose of managing the sales and operation of the property.
- A.
  
  True
- B.
  
  False
18.

Managing agent means any person retained, as an independent contractor, for the purpose of managing the operation of the property.
- A.
  
  True
- B.
  
  False
19.

Master deed or master lease means any legal instrument or certificate showing the extent of the interest of the person submitting the property to the condominium property regime.
- A.
  
  True
- B.
  
  False
20.

Material change means any change that directly, substantially, and adversely affects the use or value of a purchaser's unit or appurtenant limited common elements, or those amenities of the project available for the purchaser's use.
- A.
  
  True
- B.
  
  False
21.

Operation of the property means the administration, fiscal management, and physical operation of the property, and includes the maintenance, repair, and replacement of, and the making of any additions and improvements to, the common elements.
- A.
  
  True
- B.
  
  False
22.

Pertinent change means, as determined by the commission, a change not previously disclosed in the most recent _______________ that renders the information contained in the public report or in any disclosure statement inaccurate, including, but not limited to:• The size, construction materials, location, or permitted use of a unit or its appurtenant limitedcommon element;• The size, use, location, or construction materials of the common elements of the project; or• The common interest appurtenant to the unit.
- A.
  
  Construction phase inspection
- B.
  
  Project evaluation and report
- C.
  
  Updated project report
- D.
  
  Public report
23.

A pertinent change constitutes a material change.
- A.
  
  True
- B.
  
  False
24.

A pertinent change does not necessarily constitute a physical change.
- A.
  
  True
- B.
  
  False
25.

A pertinent change does not necessarily constitute a __________________.
- A.
  
  Physical change
- B.
  
  Measurable change
- C.
  
  Material change
- D.
  
  None of the above