Don't forget to register the quad copter. You don't want to be one of the first to be fined.
It is well under the minimum weight limit for needing to be registered.
From https://www.faa.gov/uas/registration/faqs/ The PDF at the end has a great reference on what will need to be registered.
Q13. Which unmanned aircraft may register under the new registration requirements?
A. Unmanned aircraft weighing less than 55 pounds and more than 0.55 pounds (250 grams) on takeoff, including everything that is on board or otherwise attached to the aircraft and operated outdoors in the national airspace system must register. These aircraft may register under the new web-based registration system.
Q14. Is there a weight limit on what requires registration?
A. All owners of small UAS weighing more than 250 grams (0.55 lbs.) and less than 55 lbs. must register using this new system
Q15. Do children's toys need to be registered?
A. Not if they weigh below 250 gm/0.55 lb. or less. Most "toys" the FAA has identified at a purchase price of $100 or less have been determined to weigh less than 250g. You can find more information in this Recreational UAS Weights document (PDF).