Property Management
A New Mexico landlord must return a tenant's security deposit within how many days of lease termination?
A14 days
B21 days
C30 days✓ Correct
D45 days
Explanation
Under the UORRA, New Mexico landlords must return the security deposit (minus allowable deductions) within 30 days of the tenancy termination and tenant vacating.
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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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