Property Management
A Washington residential property manager who fails to return a security deposit or provide an itemized written statement within 21 days faces:
AOnly a $100 penalty
BPossible liability for the full deposit amount plus damages and attorney fees✓ Correct
CA DOL fine of $500
DCriminal charges for theft
Explanation
Under RCW 59.18.
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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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