Series 63 practice questionhardExempt transactions
Which of the following is NOT an exempt transaction under the USA, potentially requiring agent registration in the state?
- AA transaction between underwriters
- BA sale to a retail client in a one-time, isolated transaction✓ Correct answer
- CA sale to an institutional investor
- DA transaction by a fiduciary such as a trustee
Explanation
Why B — A sale to a retail client in a one-time, isolated transaction
Isolated sales to retail clients are not exempt for the purposes of agent registration (USA 402(b)), while underwriter, institutional, and fiduciary transactions are typically exempt.
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