On a $60,000 residential contract, what initial payment brings s. 489.126(2)(a) into play?
Correct Answer
B) More than $6,000, being more than 10 percent of the contract price
Section 489.126(2)(a) is triggered by "money totaling more than 10 percent of the contract price", and 10 percent of $60,000 is $6,000. Note that the section governs what the contractor must then do — apply for permits within 30 days, start within 90 days of permits — rather than capping the deposit. Florida sets no ceiling on a residential deposit the way California does in B&P 7159.
Why This Is the Correct Answer
Section 489.126(2)(a) is triggered by "money totaling more than 10 percent of the contract price", and 10 percent of $60,000 is $6,000. Note that the section governs what the contractor must then do — apply for permits within 30 days, start within 90 days of permits — rather than capping the deposit. Florida sets no ceiling on a residential deposit the way California does in B&P 7159.
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