Maria rents an apartment in Richmond, Virginia for $1,500 per month. Her landlord, Mr. Nguyen, asks her to pay a security deposit of $3,500 before moving in. Under the Virginia Residential Landlord and Tenant Act, which of the following best describes this situation?
Correct Answer
A) The deposit is impermissible because it exceeds the two-month statutory maximum of $3,000.
Under Va. Code § 55.1-1226, the maximum security deposit a Virginia landlord may collect is two months' periodic rent. For Maria's $1,500/month tenancy, the cap is $3,000. A deposit of $3,500 exceeds this statutory maximum and is therefore impermissible, regardless of any written agreement between the parties.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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.
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