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← Series 63: Regulation of Broker-Dealers & Agents
Series 63 practice questionhardAgent Definition — Scenario

For a mock NASAA exam, assume the administrator is testing this exact point. Read it as a Uniform Securities Act issue rather than a federal-law issue. Sarah works as a receptionist at a broker-dealer firm. She answers phones, greets visitors, and occasionally tells walk-in customers about the types of mutual funds the firm offers, encouraging them to open accounts. Under the USA, Sarah is:

  1. ANot an agent because she is a clerical employee
  2. BNot an agent because she does not execute trades
  3. CAn agent only if she receives commissions on sales
  4. DAn agent because she is attempting to effect sales of securities by soliciting potential customers✓ Correct answer
Explanation

Why D — An agent because she is attempting to effect sales of securities by soliciting potential customers

Under USA Section 401(b), any individual who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities is an agent. By actively encouraging customers to open accounts and discussing specific products, Sarah is attempting to effect sales. The clerical exception applies only to individuals who do not engage in solicitation activities. This version tests the same concept with a different fact pattern wrapper.

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