Property Management
Under New Mexico's UORRA, what is the maximum security deposit a landlord may charge for an unfurnished residential unit?
AOne month's rent
BOne month's rent (with the possibility of additional deposit for certain situations like pets)✓ Correct
CThree months' rent
DThere is no statutory maximum
Explanation
UORRA limits security deposits to one month's rent for most unfurnished residential tenancies. This protects tenants from excessive upfront costs while allowing landlords to secure the tenancy.
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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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