A property manager holds security deposits totaling $25,000 in a non-interest bearing account for a 50-unit apartment complex in Tampa. If Florida requires 5% annual interest on deposits held longer than one year, and all deposits have been held for 18 months, what is the total interest owed to tenants?
Correct Answer
A) $1,562.50
Correct: $25,000 × 5% × 1.25 years (15 months) = $1,562.50. Interest is calculated only on the time exceeding 12 months. Why not B: This calculates interest for the full 18 months rather than just the 6 months over one year. Why not C: This uses an incorrect time calculation. Why not D: This calculates a full year of interest incorrectly.
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A tenant in Orlando has not paid rent for two months. The property manager wants to begin eviction proceedings. What is the first step required under Florida law?
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A property manager discovers that a tenant is operating an unlicensed daycare business from their apartment in violation of the lease terms. The lease prohibits commercial activities. What notice period must the landlord provide before terminating the tenancy for this lease violation?