Property Management
Under Massachusetts law, a landlord must return a residential security deposit within how many days after the tenancy ends?
A14 days
B21 days
C30 days✓ Correct
D45 days
Explanation
Massachusetts law (MGL Chapter 186, §15B) requires landlords to return security deposits within 30 days after the tenancy ends, along with an itemized statement of any deductions.
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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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