Property Management
Under Pennsylvania's Landlord-Tenant Act, if a landlord fails to return a security deposit within 30 days, what penalty may the tenant recover?
AThe security deposit plus one month's rent
BDouble the amount of the security deposit wrongfully withheld✓ Correct
CThree times the amount of the security deposit plus attorney fees
DThe security deposit plus interest at the prime rate
Explanation
Under the Pennsylvania Landlord-Tenant Act (68 P.S.
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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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