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
B) $1,875.00
Florida deposit interest is generally calculated at the stated annual rate over the full holding period; $25,000 × 5% × 1.5 years = $1,875 for the 18 months the deposits were held.
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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?