Which type of institutions may a broker open an escrow account in?

The correct choice highlights that a broker can open an escrow account specifically in a Florida bank, savings association, or credit union. These institutions are regulated and have the proper compliance structure to handle escrow accounts safely and effectively. In Florida, state-specific regulations ensure that these financial entities meet certain standards necessary for managing clients' funds in an escrow arrangement, which is crucial in real estate transactions to protect both buyers and sellers until the terms of the sale are fulfilled.

Other options, such as private banks or online-only banks, may not have the necessary regulatory framework in place or might not offer the same level of protection and oversight required for an escrow account in Florida. Additionally, investment firms typically do not provide services for holding escrow accounts, as their primary focus is on investments rather than real estate transactions or the safeguarding of earnest money deposits.