Practice Quiz

FINRA Series 63 (NASAA)

Category - Series 63

Start a Study Session Sign up for Question of the Day
Nancy’s Aunt Ethel died, making Nancy executrix of her estate. In going through Aunt Ethel’s belongings, Nancy discovered some stock certificates that she learned had been issued by a small New Jersey firm that was still in business. The problem lay in the fact that Nancy’s Aunt Ethel had moved from New Jersey to Florida years ago, and the stock is registered only in the state of New Jersey. Nancy herself is a resident of Massachusetts. What does Nancy have to do in order to sell this stock?
  1. Nancy can sell the stock without a problem as executrix of her aunt’s estate.
  2. Nancy will need to contact a securities law firm in Florida to help her register the stock in the state of Florida.
  3. Nancy will need to contact a broker-dealer licensed in the state of New Jersey to help her with the sale of this stock.
  4. Nancy will have to establish a mailing address in New Jersey before she can legally sell this stock.
Explanation
Answer: A - Nancy can sell the stock without a problem as executrix of her aunt’s estate. This is considered to be a fiduciary transaction and, as such, it is an exempt transaction.
Was this helpful? Upvote!
Login to contribute your own answer or details
Start a Study Session Sign up for Question of the Day

Top questions

Related questions

Most popular on PracticeQuiz