Series 63 practice questioneasyExempt Transaction Criteria
Which of the following best describes an exempt transaction under the Uniform Securities Act?
- AThe issuer's sale of stock to the general public
- BA sale by a sheriff conducting a court-ordered sale✓ Correct answer
- CA sale of shares on a national exchange
- DAn agent's sale of securities to friends
Explanation
Why B — A sale by a sheriff conducting a court-ordered sale
Court-ordered sales, such as those by sheriffs, are exempt under USA Section 402(b)(4). The other options either describe non-exempt sales or are not relevant to exemptions.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 1,051+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Spot an error in this question or explanation? Tell us — we fix these fast.
Related Regulation of Securities & Issuers questions
- A sale made in compliance with federal Regulation D Rule 506 is:
- Preorganization subscriptions are exempt from registration under the USA if they meet which of the following conditions?
- Under the Uniform Securities Act, which of the following would cause a private placement transaction to lose its…
- Which of the following is an example of an exempt transaction under the Uniform Securities Act?
- Which of the following fiduciaries is NOT included in the exemption for fiduciary transactions under the USA?
- A trustee is selling shares from a trust's portfolio to settle the estate of a deceased client. Under the Uniform…
- Before issuing a stop order against a registration statement, the state Administrator must:
- Under the Uniform Securities Act, which of the following transactions would MOST likely be considered an exempt private…