Final answer:
A security deposit is a sum of money paid by a tenant to a landlord as a form of protection. If the tenant defaults on rent payments, the landlord may use the security deposit to cover the outstanding rent.
Step-by-step explanation:
A security deposit is a sum of money paid by a tenant to a landlord before moving into a rental property. It serves as a form of protection for the landlord in case the tenant causes damage to the property, defaults on rent payments, or fails to fulfill any other obligations outlined in the lease agreement. If the tenant defaults on rent payments, the landlord may use the security deposit to cover any outstanding rent owed.
For example, if a tenant fails to pay rent for several months and eventually leaves the property, the landlord can deduct the unpaid rent from the security deposit. However, the landlord is generally required to provide an itemized list of deductions and return any remaining portion of the deposit to the tenant within a specific timeframe, as dictated by local laws.
Therefore, in answer to your question, a) True is the correct option. A security deposit is indeed available to the landlord if the tenant defaults on rent payments.