A Florida property manager holds security deposits totaling $45,000 in a non-interest bearing account. If Florida law requires maintaining these funds in an interest-bearing account paying at least 1.5% annually, how much additional interest should have been earned for the property owners in one year?
Correct Answer
B) $675
Correct: $45,000 × 1.5% = $45,000 × 0.015 = $675 in annual interest that should be earned for the benefit of tenants/owners. Why not A: Used 1% instead of 1.5% interest rate. Why not C: Incorrectly calculated using different percentage. Why not D: Used 2% interest rate instead of the required 1.5%.
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A property manager discovers that a tenant has been operating an unauthorized business from their residential rental unit in violation of the lease terms. The property manager wants to terminate the tenancy. What type of notice must be served?
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