Florida Broker Practice Exam

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What must a landlord provide to a tenant regarding their security deposit?

Quarterly funding statements
An annual tax report
Notification of deposit location
Access to the deposit funds

The correct answer is: Notification of deposit location

A landlord is required to notify a tenant of the location where their security deposit is held. This requirement is in place to ensure transparency and protect the rights of the tenant. The security deposit is typically held in a separate account, and the landlord must provide this information to the tenant to clarify how and where their funds are being secured. This notification allows tenants to understand their rights concerning their deposit, including conditions on its return and any potential interest that might accrue. It's important to note that while certain financial documents or reports may be necessary for various reasons, such as tax obligations or personal records, they do not have the same legal requirement as providing information about the security deposit's location. Therefore, while landlords must maintain good practices regarding financial reporting, tenant notification regarding the security deposit is specifically mandated by Florida law, ensuring tenants know that their deposit is protected and correctly accounted for.