Legal Dept.
Under RESPA, these payments in exchange for referrals are a no no.
What are kickbacks?
A means by which a property is sold and capital gains taxes are deferred.
What is 1031?
In Maryland, the fiscal year for real estate taxes runs between these two dates.
What is July 1 through June 30?
POA
What is power of attorney?
A simple survey that shows the footprint of a property.
Who is a location drawing?
In Maryland, this party has the right to choose the settlement company.
Who is the buyer?
A Federal Tax Lien is effective for this many years.
What is 20?
An out of state seller who wants to file for an exemption from withholding tax must do so at least this may days before closing.
What is 21?
DAILY DOUBLE!
RESPA
What is Real Estate Settlements Procedures Act?
Sometimes called a "stake survey", this kind of drawing is more extensive and more expensive.
What is a boundary survey?
In this type of illegal transaction, a seller will enter into a contract to sell a property to which they have not yet obtained title.
What is a flip?
The liability of an owners title insurance policy is based on this number.
What is purchase price?
First time Maryland homebuyers are exempt from paying this type of tax.
What is state transfer tax?
FHA
What is Federal Housing Authority?
A fence that is over a property line is called this.
What is an encroachment?
Names for the two legislators who proposed it, it's the law that established the Consumer Financial Protection Bureau.
What is Dodd-Frank?
A CD must be acknowledged by a buyer at least this many days in advance of closing.
What is 3?
This law authorizes the United States to tax foreign persons on dispositions of U.S. real property interests...and it has a funny sounding name.
Who is FIRPTA?
BRL, another name for a setback.
What is building restriction line?
Most survey issues will not be covered under this.
What is an owners title insurance policy?
When a divorce is finalized, a tenancy by the entireties coverts to this type of tenancy.
What is tenancy in common?
*Daily Double*
If the holder of a ground lease is not known, a title company must hold this many years worth of ground rent in escrow from the seller's side.
What is 3?
This type of supplemental partial year tax bill may be assessed after the deed for a newly constructed home gets on record.
What is an improvement levy?
CFPB
What is Consumer Financial Protection Bureau?
DAILY DOUBLE!!!
Often mistaken for a survey, this type of drawing depicts an entire subdivision.
What is a plat?