Virginia State Real Estate Exam Practice Question
An apartment rents for $500 a month. What is the MAXIMUM security deposit that the landlord may charge for this apartment?
Correct Answer: C
Rationale: In many jurisdictions, the maximum security deposit a landlord can charge is typically equal to one month's rent. Since the apartment rents for $500 a month, this means the maximum allowable security deposit is $500.
Option A ($100) is incorrect as it is significantly below the one-month rent limit. Option B ($250) is also incorrect for the same reason; it does not meet the maximum standard. Option D ($1000) exceeds the legal limit, as it is double the monthly rent, which is not permissible. Thus, the maximum security deposit aligns with one month's rent, making $500 the appropriate amount.
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