Property Management
A NH property manager must handle a tenant's security deposit interest by:
ARetaining the interest as a management fee
BPaying the interest to the tenant annually if the account is interest-bearing, as required by RSA 540-A✓ Correct
CDonating the interest to charity
DApplying the interest to maintenance costs
Explanation
RSA 540-A requires that if the security deposit is held in an interest-bearing account, the interest belongs to the tenant and must be paid annually or credited toward the deposit balance.
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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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