Property Ownership
In Hawaii, adverse possession allows a person who occupies another's land openly, continuously, hostilely, and exclusively for a statutory period to claim legal title. The required period in Hawaii is:
A5 years
B10 years
C20 years✓ Correct
D30 years
Explanation
Hawaii's statute of limitations for adverse possession is 20 years of continuous, open, hostile, exclusive, and actual possession required before a claimant can acquire legal title.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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