Which of the following may exempt an agent from state registration?

The correct choice indicates that an agent may be exempt from state registration if they engage exclusively in the sale of exempt securities. According to the Uniform Securities Act, certain categories of securities are classified as exempt from registration, including U.S. government securities, municipal securities, and securities issued by nonprofit organizations.

When agents deal exclusively with these kinds of securities, they may not need to register as a securities agent in that specific state. This is based on the recognition that sales of exempt securities generally involve less risk to investors, which is a consideration in regulatory frameworks.

In contrast, other options, while potentially relevant in certain contexts, do not apply as exemptions under state law. Tenure does not confer automatic exemption; legal reviews, though important for compliance, would not affect registration requirements; and previous registration in another state does not guarantee exemption from registration in another. Each state’s financial regulatory framework needs to be understood independently to grasp registration requirements fully.