Property Management
What is a 'resident manager' requirement under Hawaii condominium law?
AA. All condominiums over 100 units must have a resident manager living on-site
BB. Hawaii's Condominium Property Act (HRS Chapter 514B) requires condominiums with 5 or more units to have a managing agent or resident manager responsible for the property's operations✓ Correct
CC. Resident managers must be licensed real estate agents in Hawaii
DD. Resident managers are only required for condominium hotels in Hawaii
Explanation
Hawaii's Condominium Property Act requires condominiums with 5 or more dwelling units to have either a managing agent (a licensed real estate broker) or a resident manager to handle day-to-day operations. This ensures professional oversight of the common elements and protects owners' investments.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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