Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

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A “market not held” order is
  1. an order in which the client tells the broker to use his own discretion in timing a purchase or sale in an attempt to get a better price.
  2. a prohibited activity in which an agent engages in the purchase or sale of securities that are not offered by his broker-dealer.
  3. an order to buy or sell a stock at a specified price, which differs from the current market price.
  4. an order to sell securities that the investor owns if the stock decreases by a certain amount from the current price.
Explanation
Answer: A - A “market not held” order is one in which the client tells the broker to use his own discretion in timing a purchase or sale in an attempt to get a better price than the current market price. An order to buy or sell stock at a specified price is a limit order. An order to sell securities that the investor owns if the stock decreases by a certain amount is known as a stop sell order or a stop loss sell order.
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