FINRA Series63 : Uniform Securities Agent State Law Examination

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FINRA Series63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question 1

Which of the following statements regarding an investment adviser representative who has an office in the state is true?

A. If an investment adviser representative is registered with the SEC, he or she need not obtain state registration, regardless of whether the investment adviser representative has an office in the state.
B. Regardless of whether the investment adviser is registered with the SEC or is registered with the state, all investment adviser representatives of the firm must be registered with the state if they have offices in the state.
C. If the investment adviser that the investment adviser representative is affiliated with is itself registered with the state, then the investment adviser representative does not need to apply for a separate registration, regardless of whether the investment adviser representative has an office in the state.
D. If the investment adviser is registered with the SEC, then neither the investment adviser nor any of its affiliated investment adviser representative needs to be registered with the state.

Question 2

In which of the following scenarios will the investment adviser be subject to criminal fraud charges?

A. all of the above. It is considered criminal fraud for an investment adviser to make any recommendations on a security in which it has or plans to have a position.
B. An adviser sells its shares of TweedleDee Corporation after issuing a report recommending the stock as a "buy."
C. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy," disclosing the fact that it owns the stock
D. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy" without disclosing the fact that it owns the stock.

Question 3

o: 52
Which of the following statements regarding "registration by qualification" is true?

A. Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA rating, are exempt from registration with the state.
B. Registration by qualification refers to the fact that certain categories of securities are exempt from state registration requirements.
C. In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of information about both the firm and its directors, officers, and major shareholders.
D. Registration by qualification is the preferred method used by issuers since it requires the least amount of paperwork.

Question 4

Under the Uniform Securities Act (USA), which of the following statements would be disallowed?

A. Neither the statements in Selections B or C would be allowed under the guidelines of the Uniform Securities Act.
B. An insurance company guarantees a fixed payment of $300 a month for life on an annuity it is selling.
C. A sales representative of GetErDone Broker-Dealers guarantees that a client can expect an average annual rate of return of 2% on a mutual fund investment the sales representative is selling, pointing to the fact that the fund has returned an average annual rate of return of 6% over the past ten years.
D. The government of the U.S. guarantees a 3% interest rate, to be paid semiannually, on a new 5-year Treasury note.

Question 5

Nat Smart was employed as an investment adviser representative and sold many of his clients on a municipal bond fund of which he was fond, telling his clients that the returns earned on it were completely free from federal taxation. Unfortunately, he had some unhappy clients when, at the end of the year, they discovered that they had to pay federal tax on the capital gains earned by the fund when it sold some of the bonds it held. Nat was as surprised as they were.
Based on these facts, which of the following statements is necessarily true?
I. Because Nat was as surprised as they were, he is guiltless.
II. Nat is subject to civil liability payments.
III. Nat will be subject to the criminal penalties for fraud and may spend time in prison.

A. III only
B. II and III only
C. II only
D. I only

Solutions: