Humber/Ontario Real Estate Course 3 Exam Practice

Which of the following must a seller declare when listing a property for sale?

1. Any known zoning violations on the property.

2. Names of previous property owners in the last 10 years.

3. Planned future development in the neighborhood.

4. Presence of an underground oil tank if applicable.

5. Recent renovations done without permits.

6. Amount and frequency of pests observed on the property.

The correct answer is: Presence of an underground oil tank if applicable.

The requirement for sellers to declare the presence of an underground oil tank is rooted in safety concerns and potential environmental liabilities. Underground oil tanks can pose significant risks, including leakage that can lead to soil contamination and affect groundwater. Therefore, disclosing such information is critical to inform potential buyers about any hazards associated with the property, enabling them to make informed purchasing decisions. While the other options may involve important aspects of property disclosure, they are not universally mandated by law in the same way. For instance, zoning violations may be relevant but are not always required to be disclosed unless they directly affect the sale; previous ownership names and planned developments can vary in disclosure laws; renovations without permits typically fall under buyer diligence; and pest frequency is often subject to inspection rather than outright seller disclosure. Thus, the necessity of declaring the presence of an underground oil tank is distinctive due to its implications for health and safety.