Series 63 practice questionmediumFiduciary Transaction—Executor
An executor of an estate sells shares of a company as part of the estate settlement process. Under the USA, this transaction is:
- AAn exempt transaction by a fiduciary✓ Correct answer
- BA non-exempt transaction because the shares are not registered
- CExempt only if the executor is a registered agent
- DExempt only for government securities
Explanation
Why A — An exempt transaction by a fiduciary
Executor sales are exempt because they are fiduciary transactions under USA 402(b)(3). Registration status and security type do not affect the exemption.
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