Contracts
In Hawaii, what is a 'standard purchase contract' (DROA) and what does DROA stand for?
AA. 'Deed of Real-estate Ownership Agreement'; a deed form used at closing
BB. 'Deposit Receipt Offer and Acceptance'; a standard residential purchase contract form used in Hawaii✓ Correct
CC. 'Disclosure, Review, Offer, and Acceptance'; a required disclosure form
DD. 'Document Recording Office Authorization'; a form for recording deeds
Explanation
The DROA (Deposit Receipt, Offer and Acceptance) is a standard residential purchase contract form used extensively in Hawaii real estate transactions. It covers offer terms, earnest money deposit, property description, contingencies, and acceptance provisions.
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