Business / Real Estate / Material Fact: Any fact that is relevant to a person making a decision. Agents must also disclose to buyers material facts about the condition of the property, such as known structural defects, building code violations and hidden dangerous conditions. Brokers are often placed in a no-win situation of trying to evaluate whether a certain fact is material enough that it needs to be disclosed to a prospective buyer, such as the fact that a murder occurred on the property 10 years ago or the fact that the neighbors throw loud parties. It is sometimes difficult to distinguish between fact and opinion. The statement real property taxes are low is different from real property taxes are $500 per year. Even though brokers act in good faith, they may still be liable for failure to exercise reasonable care or competence in ascertaining and communicating pertinent facts that the broker knew or should have known. Many state laws provide that the fact that an occupant of property has AIDS is not deemed to be a material fact. A broker who fails to disclose this fact is not liable for concealment of a material fact.
Material Noun Synonyms: constituents, elements, components
Material Verb Synonyms: substance, matter, stuff, fabric
Science / Biology / Petrifaction: Mode of fossilization where f organic matter is replaced with silica. MORE
Business / Finance / Pool Factor: The outstanding principal balance divided by the original principal balance with the result expressed as a decimal. Pool factors are published monthly by the Bond Buyer newspaper for Ginnie Mae, Fanni MORE
Technology / Computers / Original Equipment Manufacturer (OEM): Any manufacturer that sells its product to a reseller. Most often refers to the original manufacturer of a device or component, but certain products licensed as OEM, like Windows operating systems, ex MORE