Which of the following statements is NOT true?
A broker/dealer must be a firm or corporation (legal person) as opposed to a natural person (human being).
An investment adviser must be a firm or a corporation as opposed to a natural person.
An investment adviser representative (IAR) cannot, under any circumstances, be employed by a registered broker/dealer.
A) I and II.
B) I and III.
C) II and III.
D) I, II and III.
Answer: D) I, II and III.