Humber/Ontario Real Estate Course 1 Exam Practice

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What steps should be taken if an underground storage tank is discovered on a property?

  1. The seller should contact the Technical Standards and Safety Authority (TSSA) to ensure that it meets current standards.

  2. The property cannot be sold until the tank is removed.

  3. The tank, if unused, does not need to be disclosed to the buyer.

  4. The listing salesperson should not list the property.

  5. The buyer must sign a waiver assuming all responsibilities.

  6. The tank should be inspected by a third-party contractor.

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

The correct choice emphasizes the importance of ensuring that any underground storage tank complies with the current safety and operational standards established by the Technical Standards and Safety Authority (TSSA). This step is crucial as it protects public safety and ensures the property adheres to regulatory requirements. It is essential for the seller to verify compliance, as the presence of an underground tank can have significant implications for property value, potential environmental hazards, and liability. While the other options may address concerns or misconceptions regarding the presence of a tank, ensuring compliance with TSSA standards is a proactive step that prioritizes safety and legal adherence. The potential impacts on the property’s title and marketability often hinge on meeting these regulatory requirements, making this step foundational in dealing with an underground storage tank discovery.

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