Questions and Answers
What is an Easement Appurtenant?
What is a Dominant Tenement?
Has the right to use your property (e.g., driveway)
What does Servient refer to?
Has to allow the dominant tenement passage of property (e.g., driveway)
What does UCC-1 stand for?
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What is a Mechanic Lien?
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What is the duration for Federal State Taxes?
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What is the duration for Federal Tax Liens?
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What does TRID combine?
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What does APR stand for?
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What is an ABA?
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What does GLBA stand for?
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What is the purpose of the Patriot Act?
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What is the SDN List?
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What requirement does FIRPTA have?
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What is FIRPTA?
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What is the duration for Maryland Tax Liens?
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What describes Tenancy in Common?
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What does RESPA protect from?
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What does RESPA stand for?
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How many jurisdictions are there in Maryland?
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CFPB is a creation of?
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What does CFPB stand for?
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What is the purpose of TILA?
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What does TILA stand for?
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What is a HELOC?
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What is a Chain of Title?
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What does Abstract of Title refer to?
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What is a Life Estate?
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Who is a Remainderman?
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What does Life Estate Pur Autre Vie mean?
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What is Joint Tenants with Right of Survivorship (JTWROS)?
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What is Tenancy in Entirety?
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What is a Revocable Trust?
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What is the duration for Judgment of the Federal Government?
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What is a Title Commitment?
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What are Deed of Trust Advantages?
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What is the duration for Judgment of the State of Maryland?
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What is the duration for Maryland Estate Tax Lien?
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What is the duration for Maryland Inheritance Tax Lien?
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What is the duration for Private Lien & Judgments/Money Judgments?
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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.
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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.