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Finra Exam Series-7 Topic 7 Question 73 Discussion

Actual exam question for Finra's Series-7 exam
Question #: 73
Topic #: 7
[All Series-7 Questions]

The Bubba Insurance Company is not incorporated. It consists of Bubba and his two brothers as general partners, who maintain an active securities account in the name of the company. If one of the partners should suddenly die, what course of actions should be undertaken by the registered representative at the brokerage?

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Suggested Answer: D

predictions of recession in the economy. All of the other choices are technical market indicators. An economic forecast is ''fundamental'' market data.


by Deeanna at Aug 05, 2023, 02:36 PM

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Aleisha
2 months ago
Well, well, well, looks like Bubba's got himself in a real pickle this time. Time to call in the big guns!
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Rosenda
2 months ago
Alright, let's see if we can't untangle this Bubba-sized mess. Time to put on our thinking caps!
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Brianne
23 days ago
C) distribute the assets in the account to the surviving partners
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Chanel
1 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Pearlene
1 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Gilberto
3 months ago
Hold on to your hats, folks! This one's gonna be a real Bubba-licious challenge!
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Page
1 months ago
C) distribute the assets in the account to the surviving partners
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Margurite
2 months ago
C) distribute the assets in the account to the surviving partners
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Kathryn
2 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Argelia
2 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Melinda
2 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Mitsue
2 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Loreta
3 months ago
Hmm, seems like a tricky situation. I hope the registered rep doesn't get caught in a 'web' of legal issues!
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Rosio
28 days ago
D) execute sell orders but do not accept buy orders or distribute assets from the account until a new partnership agreement is provided to the brokerage
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Alaine
1 months ago
C) distribute the assets in the account to the surviving partners
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Douglass
1 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Ronnie
2 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Rochell
2 months ago
I agree, it's definitely a complex situation that needs to be handled carefully.
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Lore
2 months ago
C) distribute the assets in the account to the surviving partners
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Tequila
2 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Orville
2 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Mammie
3 months ago
I'm not sure, but I think the best course of action would be to execute sell orders but not accept buy orders until a new partnership agreement is provided.
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Lindsay
3 months ago
This question is like a box of chocolates - you never know what you're gonna get!
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Honey
2 months ago
D) execute sell orders but do not accept buy orders or distribute assets from the account until a new partnership agreement is provided to the brokerage
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Paris
2 months ago
C) distribute the assets in the account to the surviving partners
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Thomasena
2 months ago
B) no special action is required because the death of a single partner does not terminate the partnership agreement
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Aimee
3 months ago
A) freeze the account from further activity until a death certificate and new partnership agreement are furnished to the brokerage
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Tatum
3 months ago
I disagree, I believe the correct answer is C. The assets should be distributed to the surviving partners.
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Francoise
4 months ago
I think the answer is A. The account should be frozen until a death certificate and new partnership agreement are provided.
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