A registered representative $($RR$)$ owns real estate from which she

receives rental income. If the income received by the RR is classified as

passive income:

A

It's not considered an outside business activity, but the RR is required to update her form U$4$

It's considered an outside business activity, but the RR is not required to update her form U$4$

It's not considered an outside business activity, and the RR is not required to update her Form $4$

It's considered an outside business activity and the RR is required to update her Form U$4$