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Maryland Title Insurance Flashcards
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Maryland Title Insurance Flashcards

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Questions and Answers

What is an Easement Appurtenant?

  • Applies to only one property
  • Is a type of lease agreement
  • Only exists between properties (correct)
  • Exists independently from properties

    • 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?

    <p>United Commercial Code</p> Signup and view all the answers

    What is a Mechanic Lien?

    <p>Must be enforced in 1 year FICE, Circuit Court, Bond with the Circuit Court</p> Signup and view all the answers

    What is the duration for Federal State Taxes?

    <p>10 years from the date of death</p> Signup and view all the answers

    What is the duration for Federal Tax Liens?

    <p>10 years from the date of assessment + 30 days to refile</p> Signup and view all the answers

    What does TRID combine?

    <p>TILA &amp; RESPA Integrated disclosure as of August 2015</p> Signup and view all the answers

    What does APR stand for?

    <p>Annual Percentage Rate</p> Signup and view all the answers

    What is an ABA?

    <p>Affiliated Business Arrangement, also known as Safe Harbor</p> Signup and view all the answers

    What does GLBA stand for?

    <p>Gramm-Leach-Bliley Act, also known as the Privacy Act</p> Signup and view all the answers

    What is the purpose of the Patriot Act?

    <p>Prevent, detect, prosecute international money, terrorism after 9/11</p> Signup and view all the answers

    What is the SDN List?

    <p>Specially Designated Nationals &amp; Blocked Persons</p> Signup and view all the answers

    What requirement does FIRPTA have?

    <p>Has a withholding law of 15% for sale price of $300,000 or more</p> Signup and view all the answers

    What is FIRPTA?

    <p>Foreign Investment Real Property Tax Act as of 1980</p> Signup and view all the answers

    What is the duration for Maryland Tax Liens?

    <p>No expiration</p> Signup and view all the answers

    What describes Tenancy in Common?

    <p>Tenant holds an individual undivided ownership of property</p> Signup and view all the answers

    What does RESPA protect from?

    <p>To show the actual settlement costs, no kickback, free splitting</p> Signup and view all the answers

    What does RESPA stand for?

    <p>Real Estate Settlement Procedures Act</p> Signup and view all the answers

    How many jurisdictions are there in Maryland?

    <p>24 primary jurisdictions, 23 counties and 1 city</p> Signup and view all the answers

    CFPB is a creation of?

    <p>Dodd-Frank Act became law July 2010</p> Signup and view all the answers

    What does CFPB stand for?

    <p>Consumer Financial Protection Bureau</p> Signup and view all the answers

    What is the purpose of TILA?

    <p>Disclosure of APR &amp; financial charges effective as of July 1969</p> Signup and view all the answers

    What does TILA stand for?

    <p>Truth in Lending Act</p> Signup and view all the answers

    What is a HELOC?

    <p>Home Equity Line of Credit</p> Signup and view all the answers

    What is a Chain of Title?

    <p>Tracks all of the individual owners of property</p> Signup and view all the answers

    What does Abstract of Title refer to?

    <p>History of all titles of property</p> Signup and view all the answers

    What is a Life Estate?

    <p>Will or trust created in interest of property to avoid probate or for tax benefits</p> Signup and view all the answers

    Who is a Remainderman?

    <p>A person with a remainder interest who is entitled to full ownership upon the death of the life tenant</p> Signup and view all the answers

    What does Life Estate Pur Autre Vie mean?

    <p>The life estate measures the life of a third party</p> Signup and view all the answers

    What is Joint Tenants with Right of Survivorship (JTWROS)?

    <p>The ownership interest passes to remaining tenants when one passes</p> Signup and view all the answers

    What is Tenancy in Entirety?

    <p>Ownership that can only exist between husband and wife</p> Signup and view all the answers

    What is a Revocable Trust?

    <p>An entity created to hold property for you. It does not die when you do.</p> Signup and view all the answers

    What is the duration for Judgment of the Federal Government?

    <p>20 years from the date of filing, refiled for 20 more years</p> Signup and view all the answers

    What is a Title Commitment?

    <p>Binder</p> Signup and view all the answers

    What are Deed of Trust Advantages?

    <p>Trustee holds the property until the borrower pays off debt</p> Signup and view all the answers

    What is the duration for Judgment of the State of Maryland?

    <p>No expiration</p> Signup and view all the answers

    What is the duration for Maryland Estate Tax Lien?

    <p>No expiration</p> Signup and view all the answers

    What is the duration for Maryland Inheritance Tax Lien?

    <p>4 years from date of distribution</p> Signup and view all the answers

    What is the duration for Private Lien & Judgments/Money Judgments?

    <p>12 years from date of entry, can be renewed</p> Signup and view all the answers

    What is the duration for Condo & HOA Liens?

    <p>12 years if filed before 10/1/2008, after 10/1/2011 Super Priority Lien</p> Signup and view all the answers

    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.
    • 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.
    • 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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    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.

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