Texas Real Estate Sales Agent ExamProperty DisclosuresEasy
Which of the following is NOT typically considered a 'material fact' that a seller must disclose on the Texas Seller's Disclosure Notice?
- AThe seller's personal reason for selling the property.
- BKnown termite damage that was treated.
- CA major foundation repair completed five years ago.
- DPrevious flooding in the living room.
Show answer & explanationAnswer & explanation
Correct answer: A. The seller's personal reason for selling the property.
A material fact is something that would likely influence a reasonable person's decision to purchase the property. The seller's personal reasons for selling are generally not material facts related to the property's condition or value.
Why the other options are wrong
- B. Termite damage, even if treated, is a known property defect and a material fact.
- C. Major structural repairs are critical information for a buyer and a material fact.
- D. Previous flooding is a significant property condition issue and a material fact.
Material Fact
Any fact about a property that could reasonably be expected to influence a buyer's decision to purchase or the price they would offer.
- Relates to the physical condition of the property.
- Can include legal or financial issues affecting the property.
- Must be disclosed if known by the seller or agent.
- Seller's personal motivations are generally not material facts.
Memory trick: If it changes their mind or money, it's material.