Florida Real Estate Practice Exam

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Drew the tenant pays the landlord rent in advance and a security deposit, the landlord puts the funds in his personal account

  1. The landlord must put the funds in an interest bearing account

  2. The landlord is allowed to put the funds in his personal account

  3. The landlord is not allowed to put the funds in his personal account; they must be put in a separate account

  4. The landlord is allowed to put the funds in his personal account as long as he does not spend them

The correct answer is: The landlord is not allowed to put the funds in his personal account; they must be put in a separate account

The landlord is not allowed to put the funds in his personal account; they must be put in a separate account in order to protect the tenant's money. By putting the funds in a separate account, the landlord cannot spend the money and it will be available to return to the tenant when needed. Option A is incorrect because interest is not the primary reason to put the funds in a separate account, it is for the protection of the tenant's money. Option B is incorrect because the landlord should not mix personal funds with tenant funds. Option D is incorrect because it does not address the issue of keeping the funds separate from the landlord's personal account.

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