When a sales representative wishes to sell an exempt security to an out of state customer, which statement is TRUE?

A. Both the broker-dealer and the registered representative must be registered in the state where the sale of the exempt security is going to be made

Explanation:

When a sales representative wishes to sell an exempt security to an out of state customer, it should be noted that both the broker-dealer and the registered representative must be registered in the state where the sale of the exempt security is going to be made.

It should be noted that when though the exempt securities aren't typically registered under the Federal law and the State law, the broker-dealers along with the sales employees must be registered unde the state law where the security is being offered.

you have to put the parentheses like this:

in fact, you have to perform the operation inside parentheses first, and then proceed in order:

answer; risk transference;