When is a broker NOT required to maintain a trust account?

The correct answer indicates that a broker is not required to maintain a trust account when they do not hold money in trust. In real estate transactions, a trust account is specifically used to hold clients' or customers' funds, such as deposits or earnest money, which must be kept separate from the broker's own funds to ensure proper management and compliance with regulations.

If a broker does not hold any money in trust—meaning they do not manage or handle funds that belong to clients or customers—then there is no need to establish and maintain a trust account. The requirement for a trust account arises specifically from the need to safeguard clients’ funds, and if there are no funds to hold, the obligation to maintain a trust account does not apply.

In contrast, the other options suggest circumstances that do not inherently negate the requirement for a trust account. For example, holding funds in multiple states or dealing only with commercial properties does not eliminate the necessity for a trust account if the broker is still managing client funds in any capacity. Similarly, the duration of time a broker has been in business does not exempt them from this requirement either; it is the handling of client funds that primarily determines the need for a trust account.