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Finra Series-7 Exam - Topic 1 Question 37 Discussion

Under Regulation T of the Federal Reserve, when may a broker overlook an amount due in a customer's account?
A) if it does not exceed $1,000
B) if the client makes a request in writing
C) if the value of a trade is less than $1,000
D) under no circumstances

Finra Series-7 Exam - Topic 1 Question 37 Discussion

Actual exam question for Finra's Series-7 exam
Question #: 37
Topic #: 1
[All Series-7 Questions]

Under Regulation T of the Federal Reserve, when may a broker overlook an amount due in a customer's account?

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Suggested Answer: A

if it does not exceed $1,000. If the net amount due is less than $1,000 no action is required under Reg T.


by Raina at May 08, 2022, 11:49 PM

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Bo
10 months ago
No way they can overlook it under any circumstances!
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Rebeca
10 months ago
I thought they could overlook more under certain conditions.
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Darci
11 months ago
Wait, is it really just $1,000? Seems low.
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Emily
11 months ago
Totally agree, it's a strict limit.
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Marget
11 months ago
It's $1,000 max for overlooking amounts!
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Herminia
11 months ago
I’m leaning towards saying they can’t overlook it at all, but I could be mixing it up with another regulation.
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Lavonne
11 months ago
I practiced a question similar to this, and I think it was about the broker's discretion with amounts under $1,000.
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Desiree
11 months ago
I’m not entirely sure, but I feel like it has to do with the amount due and whether it’s a specific request from the client.
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Man
11 months ago
I think I remember something about brokers being able to overlook small amounts, maybe around $1,000?
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Yuki
11 months ago
Hmm, I'm not sure about this one. Sales tax can get pretty complex, so I'm not sure a formula field would be robust enough. Maybe an app from the AppExchange would be a better solution.
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Bobbye
11 months ago
I'm a little confused by this question. Is it asking about the factors that determine the relevance of a cost, or the factors that determine the actual cost itself? I'll need to re-read the question carefully.
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Jade
11 months ago
I remember a similar question in practice where they mentioned minimum and maximum limits. I think if the minimum is 6, it can't go below that, so maybe 6 are left?
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