A Florida property manager receives a security deposit of $2,500 from a new tenant. The manager must provide written notice to the tenant within how many days regarding how the deposit will be held?
Correct Answer
B) 30 days
Correct: Florida law requires landlords/property managers to notify tenants within 30 days of how security deposits will be held (interest-bearing account, non-interest bearing account, or surety bond). Why not A: 15 days is too short under Florida statute. Why not C: 45 days exceeds the required timeframe. Why not D: 60 days is far beyond the statutory requirement.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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Previous Question
A property management company in Florida collects $50,000 in rental income monthly for various property owners. The company keeps these funds in their business operating account mixed with their own funds. What violation has occurred?
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A property manager in Florida collects $8,500 monthly rent from a tenant and charges a 10% management fee. If the property manager also collects a $75 monthly maintenance fee, what is the total amount remitted to the property owner each month?