Final answer:
Monies received in a trust account on behalf of clients are not the broker's personal property.
Step-by-step explanation:
Monies received in a trust account on behalf of clients or customers are not the personal property of the broker.
When clients or customers deposit money into a trust account, the funds belong to them and are held in trust by the broker. The broker has a fiduciary duty to manage and protect the funds for the benefit of the clients or customers.
This ensures that the funds are separate from the broker's own assets and are not used for personal or business expenses. The trust account provides transparency, accountability, and protection for the clients or customers.