Under the New Mexico Uniform Owner-Resident Relations Act, what is the maximum security deposit a landlord may charge for a month-to-month residential tenancy?
Correct Answer
B) One month's rent
Under NMSA 47-8-18, the New Mexico Uniform Owner-Resident Relations Act limits security deposits to one month's rent for month-to-month (and week-to-week) residential tenancies. For fixed-term leases, landlords may charge up to one month's rent per year of the lease term, not to exceed the equivalent of one month's rent for shorter agreements. Landlords must return the deposit within 30 days of the tenant vacating, along with an itemized written statement of any deductions.
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Related Topics & Key Terms
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A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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