Hawaii Real Estate State Practice Exam

How long does the condominium association have to accept or reject an offer to purchase fee simple interest?

1. 60 days

2. 90 days

3. 120 days

4. 180 days

The correct answer is: 120 days

The correct answer is based on the specific guidelines set forth in Hawaii’s condominium laws. When a condominium association receives an offer to purchase a fee simple interest in a unit, it has 120 days to either accept or reject that offer. This period allows the association adequate time to review the terms of the offer, assess any implications for the community, and make an informed decision regarding the sale. This 120-day timeframe is important in providing a structured process for both sellers and prospective buyers. It ensures that the condominium association can adhere to its governing documents and any applicable legal obligations while also considering the interests of the community as a whole. The other options, although they might seem reasonable, do not align with the legal framework established for condominium associations in Hawaii. It’s essential for those involved in real estate transactions in this state to be aware of these specific timelines to navigate offers effectively.