A broker managing a residential property holds a tenant's $4,500 security deposit in trust. The tenant vacates, and the landlord claims the full deposit is needed for cleaning and repairs. Under California Civil Code §1950.5, which action is the broker required to take?
Correct Answer
B) Provide the tenant with an itemized statement of deductions, with supporting documentation, within 21 days of move-out, and return any remaining balance
Cal. Civil Code §1950.5 requires that within 21 days of a tenant vacating, the landlord — or a broker acting as property manager — must deliver an itemized written statement of any deductions from the security deposit, accompanied by copies of receipts or invoices for the claimed costs. Any portion of the deposit not legitimately deducted must be returned to the tenant. The broker cannot simply follow the landlord's instructions to retain the full amount without satisfying this statutory process.
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Related Topics & Key Terms
Key Terms:
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- → A California salesperson's personal real estate blog states, 'I closed 50 transactions last year!' The actual number was 32. A competing agent reports this to the DRE. What is the most likely regulatory outcome?
- → A seller is selling a condominium in a California common interest development (CID). In addition to the TDS, which disclosure package is the seller required to provide under California Civil Code §4525?
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- → A property in a California Mello-Roos district has a base Proposition 13 property tax of 1% on its assessed value of $600,000, plus a Mello-Roos special tax of $3,200 per year. What is the total annual property tax bill for this property?
- → A California buyer's agent conducts a visual inspection of a property and observes extensive, recently applied caulking around all window frames and along the base of the exterior walls. What is the buyer's agent's most appropriate next step?
- → A California buyer's agent conducts a visual inspection and notices that the property's water heater is not strapped to the wall as required by California law for seismic safety. Under California Health and Safety Code §19211, water heaters must be braced. What should the buyer's agent do?
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