Hawaii Real Estate State Practice Exam

The statement that all board members are elected annually is true in the context of condominium developments. This practice aligns with the typical structure of condominium associations, where board members, consisting of unit owners, are generally elected by their peers during annual meetings to represent the interests of the community. This regular election process helps ensure that the board reflects the current resident population and its needs.

In contrast, while individual insurance policies (as mentioned in another option) are advisable for owners to protect their personal property and liability, it is not a mandatory requirement established by law. The role of the developer often involves a transition of control to the homeowners' association after a certain period or upon the sale of most units; thus, the concept of maintaining control indefinitely does not align with typical condominium governance. Regarding common elements, these are generally owned collectively by all unit owners as tenants in common, rather than individually, fostering shared responsibility for maintenance and upkeep.