Practice Quiz

FINRA Series 7

Category - Series 7

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Which of the following is not true about brokerage accounts?
  1. in a community property state a married woman must open a brokerage account with her husband
  2. stock purchased in a custodian account may not be purchased on margin or held in bearer form
  3. numbered accounts are permissible provided there is a record kept on file at the brokerage firm attesting to the actual ownership
  4. if a fiduciary intends to buy stocks in a margin account the trust agreement authorizing the margin transactions must be kept on file at the brokerage firm
Explanation
Answer: A - in a community property state a married woman must open a brokerage account with her husband. All of the other choices are true. Only choice A is “not” true.
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