Property Management
Under Rhode Island landlord-tenant law, what is the maximum security deposit a landlord may collect from a residential tenant?
AOne month's rent
BTwo months' rent✓ Correct
CThree months' rent
DThere is no statutory limit
Explanation
Rhode Island law limits residential security deposits to one month's rent. The landlord must return the deposit within 20 days after the tenant vacates, with an itemized list of any deductions.
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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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