Dee is the owner of 12% of the shares of common stock of D&M Corporation that she acquired in Year 1. She is the treasurer and a director of D&M. The corporation registered its securities in Year 2 and made a public offering pursuant to the Securities Act of 1933. If Dee decides to sell part of her holdings in Year 9, the shares

A. Would be exempt from registration because the corporation previously registered them within 3 years.
B. Must be registered regardless of the amount sold or manner in which they are sold.
C. Would be exempt from registration because she is not an issuer.
D. Must be registered if Dee sells 50% of her shares through her broker to the public.

Answer: D. Must be registered if Dee sells 50% of her shares through her broker to the public.