Agency
A 'material fact' in North Carolina real estate is best described as:
AAny fact the buyer asks about
BAny fact that might reasonably be expected to affect a person's decision to buy, sell, or lease property✓ Correct
COnly structural defects visible to the naked eye
DFacts disclosed in the MLS listing
Explanation
NC defines a material fact as any fact that a reasonable person would consider important in deciding whether to buy, sell, or lease property.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
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