Nevada License Law

What is the Nevada requirement for an agent to disclose a material fact about a property?

AOnly defects visible from the street need to be disclosed

BNevada agents must disclose all known material facts that could affect the value or desirability of the property, regardless of whether the buyer asks✓ Correct

CDisclosure is required only upon the buyer's written request

DMaterial facts only need to be disclosed if they affect the purchase price by more than 5%

Explanation

Under NRS 645, Nevada licensees have an affirmative duty to disclose all known material facts that could affect the property's value or desirability to buyers, even without being asked. Failure to disclose is grounds for disciplinary action and civil liability.

People Also Study

Key Terms to Know

Option Contract

A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.

Loan-to-Value Ratio (LTV)

The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.

Comparable Sales (Comps)

Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.

Encumbrance

Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.

State-Specific Concepts

License Law

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