Practice Quiz

FINRA Series 7

Category - Series 7

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In regard to discretionary accounts, which of the following statements is correct?
  1. the customer must approve each transaction in writing before the order is entered
  2. the customer must grant written authorization to the member firm to exercise discretion in the account
  3. the account must be accepted in writing by an officer of the member firm
  4. both B and C
Explanation
Answer: D - both B and C. Choice A is the opposite of a discretionary account. Both B and C are standard procedures for a discretionary account.
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