Humber/Ontario Real Estate Course 3 Exam Practice

What action should a seller take if they have an underground storage tank on their property?

1. Contact the Technical Standards and Safety Authority (TSSA) to ensure that it meets current standards.

2. List the property without making any changes.

3. Remove the tank before selling the property.

4. Wait for the buyer or their agent to express concern before taking action.

The correct answer is: Contact the Technical Standards and Safety Authority (TSSA) to ensure that it meets current standards.

The correct action for a seller to take if they have an underground storage tank on their property is to contact the Technical Standards and Safety Authority (TSSA) to ensure that it meets current standards. This is crucial because underground storage tanks can pose environmental hazards and compliance issues if they are not properly maintained or if they do not meet regulatory requirements. By reaching out to TSSA, the seller can verify that the tank is in good condition and complies with safety standards, which can positively influence the sale of the property and protect both the seller and any potential buyers from future liability. The other options may not adequately address the seller's responsibilities or the legal implications related to the underground storage tank. For instance, listing the property without making any changes could lead to complications during the sale process if the tank has issues that should have been addressed beforehand. Removing the tank prior to selling may seem proactive but can be costly and might not guarantee compliance unless handled properly. Lastly, waiting for a buyer or their agent to express concern could lead to liability or delays in the sale if issues are later discovered.