Agency
A Tennessee seller who learns during a listing that the property has an underground oil tank (previously unknown) should be advised by their agent to:
AConceal it to avoid a price reduction
BDisclose it immediately and amend the property condition disclosure form✓ Correct
COnly disclose if a buyer specifically asks about oil tanks
DWait until after closing to disclose
Explanation
The discovery of an underground oil tank is a material defect requiring immediate disclosure. The seller should update the property condition disclosure, and the agent has a duty to advise this course of action. Concealing a known material defect exposes both the seller and agent to fraud liability.
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