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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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?