Agency
What does 'material fact' mean in Nevada real estate disclosure law?
AAny fact related to the physical materials used in construction
BAny fact that would significantly affect a reasonable person's decision to buy, sell, or lease a property or affect the property's value✓ Correct
CFacts that must be in writing to be enforceable
DAny fact the buyer asks about directly
Explanation
A material fact in Nevada real estate is any fact that would significantly influence a reasonable person's decision about the property — including physical defects, legal encumbrances, neighborhood conditions, or other factors affecting value or desirability. All known material facts must be disclosed.
People Also Study
Related Nevada Questions
- What is 'material fact' that must be disclosed by Nevada agents?Agency
- Mold in a Nevada property is considered a material fact that must be:Environmental
- A Nevada seller accepts a buyer's offer and both sign the contract. Two days later the buyer discovers a material defect not disclosed by the seller. The buyer may:Contracts
- What is the Nevada requirement for an agent to disclose a material fact about a property?Nevada License Law
- What is the 'reasonable person' standard in evaluating Nevada agent conduct?Agency
- In Nevada, what is a 'material relationship' that must be disclosed under NRS 645?Agency
- What is the consequence for a Nevada licensee who fails to disclose a material fact to a buyer?Nevada License Law
- What does 'reasonable accommodation' mean under fair housing disability protections in Nevada?Fair Housing
Key Terms to Know
Encumbrance
Any claim, lien, charge, or liability attached to real property that affects its value or limits its use.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
State-Specific Concepts
Disclosure Requirements
Study This Topic
Practice More Nevada Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Nevada Quiz →