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FINRA Series 7

Category - Series 7

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Bubba and his wife, Bubbette, maintain a joint account with a brokerage firm as “joint tenants in common”. Bubbette calls a registered representative at the brokerage and places an order to sell 100 shares of XYZ, which is long in the account. Which of the following statements is correct about this order?

it may be entered
it may be entered only after confirming with Bubba
it must be approved by an officer of the brokerage prior to entry
the order may not be accepted

Explanation

Answer: A - it may be entered. In a joint account any tenant is empowered to enter orders, which is specified in the account agreement.

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FINRA Series 7

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FINRA Series 7

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