Series 7 practice questioneasyOptions — Options Account Opening
Within how many days of account approval must a customer return the signed options agreement?
- A5 days
- B10 days
- C15 days✓ Correct answer
- D30 days
Explanation
Why C — 15 days
The customer must return the signed options agreement within 15 days of account approval. If the agreement is not returned, the account is restricted to closing transactions only — the customer cannot open new positions. However, the customer can begin trading options immediately upon approval, before the signed agreement is returned.
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