Real estate: means and includes lands, the improvements thereon, leaseholds, and all other interests in real property. See Hawaii Revised Statutes 467-1
Real estate salesperson: means any individual who, for a compensation or valuable consideration, is employed either directly or indirectly by a real estate broker, or is an independent contractor in association with a real estate broker, to sell or offer to sell, buy or offer to buy, or list, or solicit for prospective purchasers, or who leases or offers to lease, or rents or offers to rent, or manages or offers to manage, any real estate, or the improvements thereon, for others as a whole or partial vocation; or who secures, receives, takes, or accepts, and sells or offers to sell, any option on real estate without the exercise by the individual of the option and for the purpose or as a means of evading the licensing requirements of this chapter. See Hawaii Revised Statutes 467-1
(b) The principal broker shall be responsible for:
(1) The client trust accounts, disbursements from those accounts, and the brokerage firm’s accounting practices;(2) The brokerage firm’s records, contracts, and documents;(3) All real estate contracts of the brokerage firm and its handling by the associated real estate salesperson;(4) The proper handling of any commission application, real estate license application, or renewal application that the principal broker or the brokerage firm expressly agrees to handle on behalf of the applicant, including without limitation, verifying for completeness and appropriate fees, and mailing or delivering the appropriate documents to the commission by the required deadline;(5) Developing policies and procedures for the brokerage firm concerning the handling of real estate transactions and the conduct of the associated real estate licensees and other staff, including education and enforcement of the policies and procedures;(6) Setting a policy on continuing education requirements for all associated real estate licensees in compliance with the statutory requirement;(7) Ensuring that the licenses of all associated real estate licensees and the brokerage firm license are current and active;(8) Establishing and maintaining a training program for all associated real estate licensees; and(9) Ensuring that all associated real estate licensees are provided information and training on the latest amendments to real estate licensing laws and rules as well as other related laws and rules.(c) The principal broker may delegate management and supervision duties to one or more brokers in charge subject to the principal broker’s written policies and procedures. The principal broker shall be responsible for the education, enforcement, and records required of such policies and procedures.
