Florida Real Estate Broker ExaminationReal Estate Brokerage ManagementMedium
A Florida real estate broker is managing a residential rental property. The tenant moved out 10 days ago, and the broker, on behalf of the landlord, inspected the property and found no damages beyond normal wear and tear. The tenant had paid a security deposit of $1,500. What is the broker's next required action regarding the security deposit?
- AReturn the full $1,500 security deposit to the tenant within 15 days.
- BSend a written notice to the tenant within 30 days stating the intent to impose a claim on the deposit.
- CTransfer the security deposit to the Florida Department of Financial Services (DFS) for safekeeping.
- DHold the security deposit until the landlord provides written authorization for its return.
Show answer & explanationAnswer & explanation
Correct answer: A. Return the full $1,500 security deposit to the tenant within 15 days.
Under Florida Statute 83.49, if a landlord (or their agent, the broker) does not intend to make a claim on the security deposit, they must return the full amount to the tenant within 15 days after the tenant vacates the premises.
Why the other options are wrong
- B. This action (sending a written notice of claim) is required if the landlord *does* intend to make a claim on the deposit, which is not the case here.
- C. Security deposits are held in an escrow account, not transferred to the DFS, unless there's an unresolved dispute leading to a court action or interpleader.
- D. The broker has a legal obligation to return the deposit within the statutory timeframe, not merely hold it indefinitely for the landlord's authorization.
Security Deposit Return (No Claim)
If a landlord (or their broker) does not intend to make a claim on a security deposit, the full amount must be returned to the tenant within 15 days of the tenant vacating the premises, according to Florida Statute 83.49.
- No claim on deposit.
- Full amount returned.
- Within 15 days.
- From tenant vacating date.
Memory trick: No claim, no fuss, 15 days and it's back to us.