Question 1 & Explain Answer Please

A property was sold using owner financing. The original property was used as a service station and has an art deco esthetic. The buyer has turned the property into a drive through coffee shop. The fire department chief ordered the removal of storage tanks because they violated fire safety codes. Who is responsible for the removal of underground fuel tanks?

A - the seller's agent B - the buyer's agent C - the purchaser D - the seller

Question 2

A couple is interested in selling their investment property and buying a new one. They can defer paying any capital gains taxes on the sale by

A - claiming their $500,000 capital gains tax exclusion for the current 2-year period. B - using a 1031 like-kind exchange to obtain a more expensive investment property,. C - selling to the buyer under installment terms. D - claiming the once-in-a-lifetime $125,000 exemption offered to those over 55.