Arkansas Real Estate Practice Exam

Under what condition may a broker maintain a specific minimum balance in an account in their own name?

1. If the bank requires a service charge for the account

2. If the bank designates a specific minimum balance to keep the account open

3. To cover annual fees

4. None of the above

The correct answer is: If the bank designates a specific minimum balance to keep the account open

Brokers may maintain a specific minimum balance in an account in their own name if the bank designates it as a requirement to keep the account open. Option A is incorrect because a bank service charge is a separate fee and may not necessarily be related to a specific minimum balance requirement. Option C is also incorrect because annual fees are separate from a minimum balance requirement. Option D is incorrect because there is a specific condition (bank designation) under which a broker may maintain a minimum balance.