Property Management
Under the Chicago RLTO, a landlord who wrongfully withholds a security deposit is liable to the tenant for:
AThe deposit amount only
BTwice the deposit amount plus interest plus court costs and attorney fees✓ Correct
CThe deposit amount plus one month's rent as a penalty
DA maximum of $500 regardless of deposit size
Explanation
Under the Chicago RLTO, if a landlord fails to return the security deposit (or itemized statement with remaining deposit) within 30 days or wrongfully withholds any portion, the tenant is entitled to recover twice the deposit amount withheld, plus interest, plus court costs and reasonable attorney fees. This strong penalty provision is designed to deter landlords from improperly holding security deposits.
Related Illinois Property Management Questions
- Under the Illinois Forcible Entry and Detainer Act, the court process for evicting a non-paying tenant in Illinois is known as:
- A property management agreement is a contract between the property owner and the property manager that typically specifies:
- An Illinois property manager who uses a standardized lease form must still ensure that:
- A lease that automatically renews unless notice is given is called a:
- A triple net (NNN) lease requires the tenant to pay:
- A property manager who is licensed as a real estate broker must place all trust funds in:
- An Illinois property manager is holding tenant security deposits. Where must these funds be kept?
- Which of the following is typically NOT included in a property management agreement?
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