hard · National Real Estate Exam disclosures
A seller tells his listing agent that the underground oil tank was removed ten years ago, but he cannot find the paperwork. The agent sees a vent pipe still sticking out of the ground in the backyard.
What is the agent's duty regarding disclosure?
- The agent should simply accept the seller's word as final and say nothing about the vent pipe to the buyer.
- The agent must demand that the seller hire a contractor to excavate the entire backyard immediately.
- The agent must disclose the presence of the vent pipe and the possible existence of an underground tank.
- The agent should quietly remove the vent pipe so the property matches the seller's account of the tank.
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