Q:

Under the Uniform Securities Act, which of the following are defined as securities?
I. Variable annuities
II. Fixed annuities
III. Oil & gas program fractional interests
IV. Real estate limited partnerships
a) I, III & IV
b) III & IV
c) I & II
d) I, II, III & IV

A:

The correct answer is a.
Fixed annuities are not considered securities, since the purchaser bears no investment risk. However, variable annuities, real estate limited partnerships and fractional interests in oil & gas programs are all defined as securities.


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