A tenant in Victoria has paid a bond of $2,000. Where must this bond be lodged and within what timeframe?
Correct Answer
B) With the Residential Tenancies Bond Authority within 10 business days
In Victoria, all residential tenancy bonds must be lodged with the Residential Tenancies Bond Authority (RTBA) within 10 business days of receipt. This government authority holds the bond securely and facilitates its return or distribution at the end of the tenancy.
Why This Is the Correct Answer
In Victoria, a bond must be lodged with the Residential Tenancies Bond Authority within 10 business days of receiving it. The authority holds the bond until it is released by agreement or VCAT order.
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