A California broker's trust account has the following balances: Client A's earnest money deposit of $25,000, Client B's security deposit of $3,500, and Client C's advance rent payment of $2,800. The broker also has $200 of personal funds in the account per the $200 allowance. What should be the total trust account balance?
Correct Answer
C) $31,500
Total: Client A ($25,000) + Client B ($3,500) + Client C ($2,800) + Broker's personal allowance ($200) = $31,500. The $200 personal funds are the maximum allowed under Commissioner's Regulation 2832.1 to cover bank service charges.
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