For the Hawaii salesperson state portion, interest accrues on a trust-account deposit. Which statement is correct?
Correct Answer
D) Interest is disbursed under the written disbursement agreement, and absent a written agreement it is paid to the owner of the funds
HAR 16-99-4 requires interest on a trust account deposit to follow the written disbursement agreement, or absent one, to be paid to the owner of the funds. Source basis: Hawaii DCCA PSI state outline hi.VIII Escrow Process and Closing Statements plus official HAR 16-99-4 and HRS chapters 247, 449, 502, and 667; checked 2026-04-30.
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Related Topics & Key Terms
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Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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