Under North Dakota law (NDCC 47-16-07.1), what is the maximum security deposit a landlord may charge for a standard unfurnished residential unit (no pets and no other statutory exception applies)?
Correct Answer
B) One month's rent
Under NDCC 47-16-07.1, the security deposit for a standard unfurnished residential unit may not exceed one month's rent. Higher caps apply only to special situations (such as pets or certain felony histories), not to the general rule.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
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