The correct answer is d).
A sales representative may not make trades
in a state unless both the sales representative and
the broker-dealer are registered in the state. In
addition, they may not solicit trades for non-exempt
unregistered securities, (although it is permitted
exempt securities such as municipal bonds).
representative is permitted to provide investment
advisory services, as long as no separate fee is
received and the services are incidental to the brokerage