Property Management
Under Wisconsin DATCP rules, a landlord who charges a nonrefundable fee must:
ADeposit it in the same account as the security deposit
BDisclose in writing that the fee is nonrefundable before accepting it✓ Correct
CObtain DSPS approval for the fee amount
DRefund it within 21 days if the tenant vacates
Explanation
Wisconsin DATCP rules require that landlords disclose in writing, prior to acceptance, that any fee collected is nonrefundable. Without this disclosure, the fee may be treated as a refundable deposit.
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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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