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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