Property Management
Under Oregon ORLTA, a landlord who fails to return the security deposit or provide an itemized accounting within the required 31-day period:
AOwes the tenant the amount wrongfully withheld plus twice the amount as penalty✓ Correct
BLoses only the right to make deductions but keeps the deposit
CMust pay a $500 fine to the state
DIs subject to immediate license suspension
Explanation
Oregon ORS 90.300 provides that a landlord who wrongfully withholds a security deposit (or fails to provide the required accounting within 31 days) is liable for the amount wrongfully withheld plus an amount equal to twice the withheld amount — a total of up to twice damages.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
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