Which of the following does not need to be kept in a trust account?

In property management, a trust account is used to hold certain funds on behalf of clients or tenants, ensuring that these funds are managed separately and legally. Among the options provided, manager commissions are not required to be kept in a trust account because they represent the property manager's earnings, which the management company or individual is entitled to receive after service provision.

In contrast, security deposits, owners’ reserves, and rent received are funds that must be held in trust accounts to safeguard the interests of tenants and property owners. Security deposits are held to cover potential damages or unpaid rent and must be kept separate to ensure transparency and compliance with legal regulations. Rent received acts as income on behalf of the property owner but also needs to be accounted for transparently until distributed to the owner. Owners’ reserves, which could be funds set aside for maintenance or unexpected expenses, must also be kept in a trust for appropriate management according to the owner's instructions.

Thus, the distinction lies in the nature of the funds: commissions are part of the compensation structure for property managers and are no longer client funds, making it unnecessary to keep them in trust.