Series 66 Quiz
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LAWS, REGULATIONS, AND GUIDELINES
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An entrepreneur sells payphones to investors for $7,000 each. Under the purchase agreement, the entrepreneur installs each payphone at a location the entrepreneur selects, services the equipment, and collects the coins. The investor receives a fixed payment of $125 per month for 60 months, regardless of the payphone's actual usage. The entrepreneur retains all revenue above the fixed monthly payments.
Under the Uniform Securities Act, is this arrangement a security?
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