Uniform Securities Act
An agent wishes to open a joint account with a family member who is not in the same household. Which of the following is required?
Agent joint accounts need: written party authorization + written BD approval.
Complete Analysis & Legal Rationale
Opening a joint account with any person requires both written authorization from the other party and prior written approval from the employing broker-dealer. This applies even to family members not in the same household.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
State administrator approval is not specifically required for joint accounts.
Written BD approval is also required, not just family authorization.
Approval must be written, not verbal.
Matches the verified teaching point in the explanation.
Official Standard: Outline-level citation: item maps to Series 7 topic coverage. Prefer a specific FINRA/SEC/MSRB rule citation in a later author pass.