Podcast
Questions and Answers
What is an Easement Appurtenant?
What is an Easement Appurtenant?
What is a Dominant Tenement?
What is a Dominant Tenement?
Has the right to use your property (e.g., driveway)
What does Servient refer to?
What does Servient refer to?
Has to allow the dominant tenement passage of property (e.g., driveway)
What does UCC-1 stand for?
What does UCC-1 stand for?
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What is a Mechanic Lien?
What is a Mechanic Lien?
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What is the duration for Federal State Taxes?
What is the duration for Federal State Taxes?
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What is the duration for Federal Tax Liens?
What is the duration for Federal Tax Liens?
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What does TRID combine?
What does TRID combine?
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What does APR stand for?
What does APR stand for?
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What is an ABA?
What is an ABA?
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What does GLBA stand for?
What does GLBA stand for?
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What is the purpose of the Patriot Act?
What is the purpose of the Patriot Act?
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What is the SDN List?
What is the SDN List?
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What requirement does FIRPTA have?
What requirement does FIRPTA have?
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What is FIRPTA?
What is FIRPTA?
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What is the duration for Maryland Tax Liens?
What is the duration for Maryland Tax Liens?
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What describes Tenancy in Common?
What describes Tenancy in Common?
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What does RESPA protect from?
What does RESPA protect from?
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What does RESPA stand for?
What does RESPA stand for?
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How many jurisdictions are there in Maryland?
How many jurisdictions are there in Maryland?
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CFPB is a creation of?
CFPB is a creation of?
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What does CFPB stand for?
What does CFPB stand for?
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What is the purpose of TILA?
What is the purpose of TILA?
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What does TILA stand for?
What does TILA stand for?
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What is a HELOC?
What is a HELOC?
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What is a Chain of Title?
What is a Chain of Title?
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What does Abstract of Title refer to?
What does Abstract of Title refer to?
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What is a Life Estate?
What is a Life Estate?
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Who is a Remainderman?
Who is a Remainderman?
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What does Life Estate Pur Autre Vie mean?
What does Life Estate Pur Autre Vie mean?
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What is Joint Tenants with Right of Survivorship (JTWROS)?
What is Joint Tenants with Right of Survivorship (JTWROS)?
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What is Tenancy in Entirety?
What is Tenancy in Entirety?
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What is a Revocable Trust?
What is a Revocable Trust?
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What is the duration for Judgment of the Federal Government?
What is the duration for Judgment of the Federal Government?
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What is a Title Commitment?
What is a Title Commitment?
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What are Deed of Trust Advantages?
What are Deed of Trust Advantages?
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What is the duration for Judgment of the State of Maryland?
What is the duration for Judgment of the State of Maryland?
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What is the duration for Maryland Estate Tax Lien?
What is the duration for Maryland Estate Tax Lien?
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What is the duration for Maryland Inheritance Tax Lien?
What is the duration for Maryland Inheritance Tax Lien?
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What is the duration for Private Lien & Judgments/Money Judgments?
What is the duration for Private Lien & Judgments/Money Judgments?
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What is the duration for Condo & HOA Liens?
What is the duration for Condo & HOA Liens?
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Study Notes
Easements and Property Rights
- Easement Appurtenant: Exists between properties; grants rights that run with the land.
- Dominant Tenement: Holds rights to use another property (e.g., driveway access).
- Servient Tenement: Must allow passage or use of property by the dominant tenement.
Legal and Tax Codes
- UCC-1 (Uniform Commercial Code): Valid for 5 years; requires renewal 6 months before expiration; governs termination in land records.
- Mechanic Lien: Must be enforced within 1 year through the Circuit Court; requires bonding with the Court.
- Federal State Taxes: Last for 10 years from death; arises automatically upon death; requires IRS discharge letter.
- Federal Tax Liens: Active for 10 years from assessment plus 30 days to refile; must be satisfied through Circuit Court.
Regulatory Framework
- TRID (TILA-RESPA Integrated Disclosure): Implemented in August 2015 to streamline loan disclosures.
- APR (Annual Percentage Rate): Represents the yearly cost of borrowing, including interest and fees.
- ABA (Affiliated Business Arrangement): Recognized as a "Safe Harbor" arrangement to avoid conflicts of interest.
- GLBA (Gramm-Leach-Bliley Act): Also known as the Privacy Act; mandates financial institutions protect consumer data.
- Patriot Act: Established post-9/11 to combat money laundering and terrorism.
- SDN List: Contains names of Specially Designated Nationals and Blocked Persons.
FIRPTA Regulations
- FIRPTA (Foreign Investment in Real Property Tax Act): Enforces a 15% withholding requirement if sale price is $300,000 or more.
Maryland Specific Laws
- Maryland Tax Liens: Do not expire; handled through Circuit Court for release.
- Tenancy in Common: Provides individual undivided ownership among co-tenants.
- RESPA (Real Estate Settlement Procedures Act): Aims to disclose settlement costs; prohibits kickbacks and fee-splitting.
- Maryland Jurisdictions: Composed of 24 jurisdictions (23 counties and Baltimore City).
Consumer Financial Protection
- CFPB (Consumer Financial Protection Bureau): Established by the Dodd-Frank Act in July 2010.
Lending Laws
- TILA (Truth in Lending Act): Mandates disclosure of APR and financial charges; effective since July 1969.
- HELOC (Home Equity Line of Credit): A credit line secured by the borrower’s home equity.
Title and Estate Considerations
- Chain of Title: Comprehensive tracking of all property ownership changes.
- Abstract of Title: Summarizes the history of all titles to a property.
- Life Estate: Property interest held through a will or trust to avoid probate or for tax purposes.
- Remainderman: Person entitled to property ownership after the death of a life tenant.
- Life Estate Pur Autre Vie: Measures a life estate based on third-party life.
Ownership Structures
- JTWROS (Joint Tenants with Right of Survivorship): Ownership interest passes to surviving tenant(s) upon death.
- Tenancy by Entirety: Exclusively exists between married couples with rights of survivorship.
- Revocable Trust: Entity that holds property for someone; does not automatically dissolve upon death.
Legal Judgments
- Judgment of Federal Government: Lasts for 20 years; must be refiled to extend; satisfied through Circuit Court.
- Judgment of the State of Maryland: No expiration; requires satisfaction through Circuit Court.
- Maryland Estate Tax Lien: No expiration; needs to be released in Circuit Court.
- Maryland Inheritance Tax Lien: Valid for 4 years from distribution; handled in Circuit Court.
- Private Liens & Judgments: Last for 12 years from entry; can be renewed; require satisfaction through Maryland Courts.
Lien Regulations
- Condo & HOA Liens: Valid for 12 years if filed before October 1, 2008; post-October 1, 2011, they are considered Super Priority Liens.
Studying That Suits You
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Description
Prepare for your Maryland Title Insurance pre-license exam with these flashcards. Each card presents a key term and its definition, focusing on concepts vital for understanding property rights and responsibilities. Enhance your knowledge of easements, tenements, and relevant legal codes.