Identify which of the following involves a securities transaction and explain why or why not.

1. Ursula, Steve, and Carla buy a house as tenants in common and hire Trojan Management Company to manage the house and rent it out.
2. Steve buys voting common shares of Trojan, Inc., a publicly traded company that owns horse farms throughout the United States.
3. Ursula has a part-time job at Trojan Bookstore. She is paid $10 per hour plus five percent of all profits of the bookstore during her shifts.
4. Carla invests with four other people in a limited liability company, where each of the members has equal rights.
5. Steve buys a condominium and obtains a mortgage from a bank and gives the bank a promissory note in which he promises to repay the loan over 30 years and the note is secured by the condominium.