Maryland Title Insurance Pre-License Course Latest Update Graded A

Maryland Title Insurance Pre-License Course Latest Update Graded A Easement Appurtenant Only exists between properties Dominant Tenement Has right to use your property (ex. Driveway) Servient Has to allow the dominant tenement passage of property (ex. Driveway) UCC-1 United Commercial Code 5 years of date. Renew 6 months before expiration. Land Records. Termination. Mechanic Lien Must be enforced in 1 year FICE Circuit Court Bond with the Circuit Court Federal State Taxes 10 years from the date of death. Arises auto upon death recording is not required. IRS release/ Discharge tax letter Federal Tax Liens 10 years from the date of assessment + 30 days to refile. Circuit Court Has to be satisfied TRID TILA & RESPA Integrated disclosure as of August 2015 APR Annual Percentage Rate ABA Affiliated Business Arrangement. Also know Safe Harbor GLBA Gramm-Leach-Bliley Act. Also know Privacy Act Patriot Act Prevent, detect, prosecute international money, terrorism after 9/11 SDN List Specially Designated Nationals & Blocked Persons FIRPTA has what requirement? Has a withholding law of 15% AFIE 2/2016. 300,000 or more of sale price FIRPTA Foreign Investment Real Property Tax Act as of 1980 Maryland Tax Liens No expiration. Circuit Court. Release Lien Tenancy in Common Tenant holds an individual undivided ownership of property RESPA is to protect from...? To show the actual settlement costs. No kickback, freesplitting RESPA Real Estate Settlement Procedures Act How many Jurisdictions in Maryland? 24 Primary Jurisdictions 23 County 1 The ???? CFPB is creation of...? DODD Frank Act became law July 2010 CFPB Consumer Financial Protection Bureau What is the purpose of TILA? Disclosure of APR & Financial Charges Effective as of July 1969 TILA Truth in Lending Act HELOC Home Equity Line of Credit Chain of Title Tracks all of the individual owners of property Abstract of Title History of all titles of property Life Estate Will or trust created in interest of property to avoid probate or for tax benefits Remainderman A person with a remainder interest who is entitles to full ownership upon the death of life tenant Life Estate Pur Autre Vie The life estate measure of third party Joint tenants with right of survivorship (JTWROS) The ownership interest passes to remaining tenant when one passes Tenancy in Entirety Ownership that can only exist between husband and wife Revocable Trust An entity created to hold property for you. It does not die when you do. Judgment of Federal Government 20 years from the date of filing. Refiled for 20 more years. Circuit Court Has to be satisfied Title Commitment binder Deed of Trust Advantages Trustee holds the property until borrower pays off debt Indemnity Deed of Trust An entity related to the landowner borrows money Judgment of State of Maryland No expiration Circuit Court Satisfied Maryland Estate Tax Lien No expiration Circuit Court Release Maryland Inheritance Tax Lien 4 ears from date of distribution Circuit Court Release Private Lien & Judgments/ Money Judgments 12 Years from date of entry Can be renewed Maryland Courts Has to be satisfied Condo & HOA 12 years if filed before 10/1/2008 after 10/1/2011 Super Priority Lien Land Records of the County Can be converted to judgments Release Mortgages & Deed of Trust 12 years of last payment 40 years after date of no payment Land Records of the County Satisfied with mortgage or deed.