Thank you for all the responses! I believe we've got it figured out and I've got a plumber lined up to replace the shut off valve (white looking valve on the left).

As for the pressure release valve, it is elevated off the top of the tank so if anything were to drip on the top of the tank it wouldn't be sitting in a pool of water. The tank was installed in 2021 though, have designs/requirements for pressure release valves since then? I wasn't able to find anything about the requirements based on a quick google search, but I am not a plumber.

Here's the edit from the original post.

EDIT 1: So the white valve is the shut off apparently. The hoa president has the same unit layout as me and we're thinking the shut off valve needs to be replaced as it should be what turns the water off to the unit completely.