Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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What information should be included in an agreement of purchase and sale involving a property with an underground fuel storage tank?

No mention of the tank is necessary as it is covered by standard clauses.
The seller must assure compliance with applicable regulatory requirements.
The seller is required to remove the tank before closing per regulations.
The buyer can include a condition requiring a compliance check by a TSSA contractor.
The buyer can request the tank be sealed in place.
The seller must make necessary repairs before listing.

The correct answer is: The buyer can include a condition requiring a compliance check by a TSSA contractor.

In an agreement of purchase and sale involving a property with an underground fuel storage tank, it is crucial to include a condition that allows the buyer to conduct a compliance check by a Technical Standards and Safety Authority (TSSA) contractor. This condition provides the buyer with the opportunity to ensure that the tank meets all regulatory requirements and is safe for use. Options A, B, C, E, and F are incorrect because they do not address the necessity of having a condition that allows for a compliance check by a TSSA contractor. It is important to have this condition in the agreement to protect the buyer and ensure that the property complies with relevant regulations regarding underground fuel storage tanks.