A lease agreement specifies that a tenant's security deposit held in escrow will earn interest for the tenant's benefit. Under RELA and the Pennsylvania Landlord and Tenant Act, how must the broker handle that interest?
Correct Answer
B) The broker must pay the interest to the tenant, less any administrative fee permitted by statute
Under the Pennsylvania Landlord and Tenant Act (68 P.S. §250.511a), when a security deposit is held in an interest-bearing account, the tenant is entitled to the interest earned, less any administrative fee permitted by law. The broker must comply with both the lease terms and the statute by remitting the net interest to the tenant.
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More Pa Rela Brokerage Rules Questions
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Previous Question
Under RELA, a Pennsylvania salesperson receives a $2,000 earnest money check from a buyer at a property showing. Can the salesperson deposit the check directly into the escrow account?
Next Question
A licensed salesperson receives a buyer's $1,500 earnest money check on Monday morning. By Friday of the same week, the salesperson has not delivered the check to the broker. Under RELA, which statement best describes the salesperson's obligation regarding client funds?