"A registered representative who has passed the Series 63 examination wishes to sell managed accounts to customers in differing states. Which statement is TRUE?"

The remaining part of the question is:

Which statement is TRUE?

A. The registered representative needs no further licenses to sell managed accounts

B. The registered representative must pass either the Series 65 or Series 66 examination to sell managed accounts

C. The registered representative must post a surety bond prior to selling managed accounts

D. The registered representative is prohibited from selling managed accounts

Correct

B. The registered representative must pass either the Series 65 or Series 66 examination to sell managed accounts .

Explanation:

Managed or wrap accounts are defined as "investment advisers" in most states. As such, the firm selling managed accounts must register as an investment adviser; and the individuals selling managed accounts for these firms must register as "investment adviser representatives" and pass either the Series 65 or Series 66 examination.