Property Management
A Colorado property manager who fails to return a security deposit within the required time period without a valid written deduction statement may be liable for:
AOnly the deposit amount
BTriple the wrongfully withheld amount plus attorney's fees✓ Correct
CA fine payable to the state
DCriminal charges only
Explanation
Under C.R.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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