Pearson Maryland-Real-Estate-Salesperson New Attempt

The course teaches that the title insurance policy itself specifies coverage and exclusions. Coverage basics appear on Schedule A, while Schedule B—Exceptions clearly lists matters excluded from coverage (e.g., specific recorded easements or restrictions, taxes, and other encumbrances identified in the title search). Therefore, to determine what is not covered, parties must review the policy’s schedule of exceptions.

Appreciation refers to the increase in a property's value over time due to factors such as market demand, improvements, inflation, or location desirability.

It is the opposite of depreciation, which is a decline in value. Appreciation may result from physical improvements (e.g., renovations) or external factors (e.g., neighborhood development).

This concept is emphasized in the Maryland 60-Hour Course within the “Real Estate Appraisal and Valuation” module as a key element of market analysis and investment potential.

A life tenant holds possession for the duration of a measured life but must maintain the property and preserve its value for the remainderman or reversionary owner.

When the life tenant damages, neglects, or depletes the property, that conduct is termed an act of waste.

The future interest holder may take legal action to stop such waste.

The concept appears under “Interests in Real Estate” when describing life estates and their limitations.

Reference (Maryland Source):

– Maryland 60-Hour Principles and Practices of Real Estate Pre-Licensing Course, Estates in Land chapter.

– Maryland Real Property Article §14-101 et seq.

A package loan (package mortgage) finances both real property and personal property (chattels) together in a single loan—common with new homes that include appliances or furnishings. A blanket loan covers multiple parcels; a wrap-around is junior financing that “wraps” an existing loan; “security” is not a loan type but a general concept.