Which of the following is an essential element in a real estate transaction?

In a real estate transaction, a written agreement is a critical element due to the legal implications associated with the transfer of property rights. A written contract serves to clearly outline the terms and conditions of the agreement between the buyer and seller, which helps to avoid misunderstandings and disputes in the future. Written agreements are required by law in most jurisdictions, including Nevada, to enforce the terms of the transaction legally.

While property location and property size are certainly important factors in real estate and can affect value and desirability, they do not represent the foundational framework necessary for the transaction itself. Verbal agreements might seem convenient, but they lack the legal enforceability that written agreements provide, making them unreliable for the complexities of real estate dealings. Thus, the requirement for a written agreement ensures that all parties have a tangible record of the transaction that they can reference, reinforcing its essential role in real estate transactions.