Florida Broker Practice Exam

Which of the following is NOT a requirement for handling security deposits?

1. Maintaining deposits in a personal account

2. Paying tenant 5% interest on certain accounts

3. Posting a surety bond

4. Keeping deposits in an escrow account

The correct answer is: Maintaining deposits in a personal account

Maintaining security deposits in a personal account is not a requirement when handling them. In fact, it is generally mandated that security deposits must be kept in a separate escrow account or a trust account, away from personal funds. This ensures that the funds are appropriately protected and utilized solely for their intended purpose, which is to cover potential damages or unpaid rent once the tenant vacates the property. This practice helps in maintaining transparency and accountability, as it clearly differentiates the landlord's personal money from the deposits held for tenants. Other options, such as paying interest on certain types of security deposits, posting a surety bond, and keeping deposits in an escrow account, are indeed required or recommended practices to ensure proper handling of security deposits per Florida law.