1) What form does Series 7 license have? I mean is it a paper document or just a record in NASD computer? 2) I'm going to take an exam in a couple of months with one of the prop firms as a sponsor. After passing the exam what is the the procedure of switching from prop firm A to prop firm B with my license? (I suppose the prop firm A will register my license with them)
The license is not a paper thing. If you leave a firm they will U-5 you, meaning they will release your license from their firm. When you go to the next firm you will give them a copy of your U-4 which will get your license transferred to that firm. You can call the NASD if you have any further questions.