Which of the following is NOT held in a client's trust account?

The correct answer identifies a scenario where interest earnings on fees are not typically held in a client's trust account. In property management, a trust account is specifically used to maintain the funds that belong to clients, such as property owners and tenants. This includes funds received by the property manager on behalf of the owner, security deposits, and rental payments from tenants, which are all considered client funds that must be secured and identified separately.

Interest earnings, however, are generally not classified as client funds. They are the result of the funds being held in the trust account and can be allocated according to the property's management agreement or state regulations, often benefiting the property manager or owner rather than being held on behalf of the clients. Understanding this distinction helps in compliance with legal and ethical obligations in property management, ensuring that client funds are appropriately segregated from other financial activities.