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Registered representatives are licensed to act on investors' orders to buy and sell and to provide advice relevant to portfolio transactions.
They may be paid a salary, a commission, usually a percentage of the market price of the investments their clients buy and sell, or by annual fee figured as a percentage of the value of a client's account.
Registered reps work for a broker-dealer that belongs to the exchange or operates in the market where the trades are handled. The reps must pass a series of exams administered by NASD to qualify for their licenses and are subject to NASD oversight.