Agency
In Washington, a 'material fact' that a broker must disclose is one that:
AIs listed on Form 17
BWould affect the buyer's decision to purchase or the price they would pay✓ Correct
CCosts more than $10,000 to remediate
DIs visible during a visual inspection
Explanation
A material fact under RCW 18.86 is any fact that would significantly affect the desirability or value of the property to a reasonable buyer, or would affect a buyer's decision to purchase at the agreed price.
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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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