Property Management
Under Rhode Island law, a landlord who fails to return a security deposit or provide an itemized deduction list within 20 days may:
AHave no consequence if the lease is expired
BBe required to pay the tenant double the amount wrongfully withheld✓ Correct
CLose their real estate license
DBe required to pay triple damages
Explanation
Rhode Island's landlord-tenant law provides that a landlord who fails to return the security deposit or an itemized statement within 20 days may be required to pay the tenant double the amount wrongfully withheld as a penalty.
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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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