SIE Exam Dumps - FINRA General Securities Representative Questions and Answers

In a joint tenants-in-common account, each owner has a divisible ownership interest. Upon the death of one tenant-in-common, that owner’s portion does not automatically pass to the surviving co-owner. Instead, the deceased owner’s share becomes part of the deceased owner’s estate and is distributed according to the will or applicable estate law. Choice B is correct. Choice A would be true of a joint tenants with right of survivorship account, where the surviving joint owner receives the deceased owner’s interest automatically. Choice C is not the best answer because the question identifies the account registration as tenants in common, and transfer-on-death instructions do not override the basic rule stated in the answer choice without additional facts. Choice D is incorrect because the wife’s ownership portion is already determined by the account registration; the deceased husband’s portion goes to his estate. The SIE outline includes customer account registrations, including individual, joint, trust, custodial, partnership, corporate, and retirement accounts. This question tests the legal effect of the joint account registration. Reference: Section 3.2.2 Customer Account Registrations.

Form U4 must be updated when a registered representative files a petition for personal bankruptcy. Form U4 is the Uniform Application for Securities Industry Registration or Transfer and is the primary registration disclosure document for associated persons. It must reflect required updates involving criminal, regulatory, disciplinary, employment, and financial disclosure events. A bankruptcy filing is a reportable financial event because it may indicate financial compromise or circumstances relevant to regulatory review and firm supervision. Choice A is correct. Form U5 is used when an associated person’s registration is terminated and is not the form used to update an active representative’s bankruptcy filing. Form BD is the broker-dealer registration form filed by firms, not individual representatives. Form W-9 is a tax certification form used to provide taxpayer identification information and is unrelated to securities registration disclosure. The SIE outline specifically lists Form U4 and Form U5 under employee conduct and identifies bankruptcy under reportable events. It also references the consequences of filing misleading information or omitting required information. Reference: Section 4.2.1 Employee Conduct; Section 4.2.2 Reportable Events.