Property Management
In Hawaii, what is a 'damage deposit' used for when a tenant vacates?
AA. Only for unpaid rent, not property damage
BB. To cover unpaid rent and damages beyond normal wear and tear✓ Correct
CC. To cover any costs the landlord chooses to deduct
DD. To fund the next tenant's first month rent
Explanation
Security deposits can be used for unpaid rent and property damage beyond normal wear and tear. Landlords cannot deduct for normal aging and use of the property.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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