Recent

  • Show all results for ""
Maryland Title Insurance Flashcards
41 Questions
100 Views

Maryland Title Insurance Flashcards

Created by
@WieldyJadeite4115

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.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    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.

    More Quizzes Like This

    TITLE Boxing Club FAQ Quiz
    43 questions

    TITLE Boxing Club FAQ Quiz

    GladLepidolite6058 avatar
    GladLepidolite6058
    Insurance Law Title 4 - Concealment Flashcards
    36 questions

    Insurance Law Title 4 Quiz & Flashcards on Concealment

    WellReceivedSquirrel7948 avatar
    WellReceivedSquirrel7948
    Real Estate Title Insurance Quiz
    10 questions

    Real Estate Title Insurance Quiz

    MarvellousFeynman avatar
    MarvellousFeynman
    Escrow and Title Insurance Process Overview
    10 questions

    Escrow and Title Insurance Process Overview

    MarvellousFeynman avatar
    MarvellousFeynman
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser