Agency
In New Mexico, which of the following would NOT be considered a 'material fact' requiring agent disclosure?
AA foundation crack causing interior wall damage
BThe seller's neighbor's recreational loud music
CA known history of flooding in the basement
DThe buyer's subjective perception that the house has 'bad vibes'✓ Correct
Explanation
Subjective perceptions or personal opinions (like 'bad vibes') are not material facts. Material facts are objective conditions that could affect the property's value or a buyer's decision—like structural defects or flooding history.
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Key Terms to Know
Agency
A 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.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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