Final answer:
The requirement that is not mandatory under the NASAA policy to open a margin account for a trust is having specific text in the trust agreement authorizing margin accounts. Key requirements include completing a margin suitability form, having a supervisory person's approval, and signing a margin agreement.
Step-by-step explanation:
In the context of the NASAA Statement of Policy on Dishonest or Unethical Business Practices of Broker-Dealers and Agents, the option that is NOT required to open a margin account for a trust is specific text in the trust agreement authorizing a margin account.
While it is good practice to have the trust's powers clearly defined, the absence of specific text related to margin accounts in the trust agreement is not an explicit requirement under this policy. What is required includes a completed margin suitability form, approval of the account by the designated supervisory person, and a margin agreement signed by the trustee to ensure that all parties understand the risks and responsibilities associated with trading on margin.