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Instant Download FINRA : Series63 Questions & Answers as PDF & Test Engine
- Exam Code: Series63
- Exam Name: Uniform Securities Agent State Law Examination
- Updated: Sep 15, 2026
- No. of Questions: 251 Questions and Answers
- Download Limit: Unlimited
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FINRA Series63 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Regulation of Broker-Dealers | 12% | - Federal and state registration standards - Broker-dealer regulatory requirements |
| Communication with Customers and Prospects | 20% | - Disclosure requirements - Advertising and correspondence rules |
| Ethical Practices and Obligations | 25% | - Fraudulent and unethical conduct - Conflicts of interest and fiduciary duties |
| Regulations of Securities and Issuers | 9% | - Securities registration and exemptions - Issuer regulation principles |
| Regulation of Broker-Dealer Agents | 13% | - Associated person regulations - Agent registration requirements |
| Remedies and Administrative Provisions | 9% | - Enforcement and penalties - State Administrator authority |
| Regulation of Investment Advisers | 5% | - Investment adviser registration rules - Federal vs state adviser regulation |
| Regulation of Investment Adviser Representatives | 5% | - Recordkeeping and contract standards - IAR registration and obligations |
FINRA Uniform Securities Agent State Law Examination Sample Questions:
Which of the following scenarios does not meet the definition of "custody" under NASAA Model Rules?
- A. An investment adviser has general power of attorney for a client and is authorized to withdraw client funds or securities that are on deposit with a registered broker-dealer upon the investment adviser's request.
- B. An investment adviser receives a check from a client that is written to a mutual fund and forwards the check to the mutual fund within three business days of receipt.
- C. An investment adviser keeps a client's securities in its safety deposit box.
- D. An investment adviser is mistakenly sent a client's securities, but returns them to the sender within three business days of receipt.
Correct Answer: D 🗳️
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Shady Corporation's executives are concerned over the firm's steadily declining stock price and decide to do something about it. They each decide to make significantly large purchases of their firm's stock in order to stabilize and hopefully even to drive up its price, reasoning that they can sell the stock for the higher price down the road and profit from the transaction. You are a broker-dealer for the firm's executives.
Are Shady's executives planning to do anything illegal?
- A. Yes. To purchase shares of their own company is considered to be illegal insider trading.
- B. No. As long as they follow the rules and report their purchases to the SEC, it is not illegal for them to purchase shares of their firm's stock.
- C. Yes. Although it is not illegal for them to purchase shares of their firm's stock, they cannot do so in order to try to manipulate the price of the stock.
- D. No. It's a win-win. They are using their own money to buy stock of their firm, and this can help drive the stock price up and put profits in their pockets.
Correct Answer: C 🗳️
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If an issuer registers securities with the state, how long can the documentation supplied in the registration statement for those securities be incorporated by reference only into a registration statement for future securities the issuer wants to offer for sale?
- A. one year
- B. five years
- C. two years
- D. seven years
Correct Answer: B 🗳️
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Treadwater Bank and Trust is selling a portfolio of municipal bonds it owns to the SafeRisk Insurance Corporation. Under the Uniform Securities Act (USA), in this transaction Treadwater is defined as a
- A. issuer.
- B. none of the above.
- C. broker-dealer.
- D. agent.
Correct Answer: B 🗳️
Explanation: Only visible for Lead2Passed members. You can sign-up / login (it's free).
Broker-dealer Small & Associates has received a complaint about one of its agents, Mr. Ari Gaunt. Small & Associates is required to
- A. call the client who complained and inform him of the disciplinary action that will be taken against Mr.
Gaunt. - B. provide the client with a written response to the complaint.
- C. keep the complaint in Mr. Gaunt's employee file as long as Mr. Gaunt remains employed with the firm.
- D. immediately forward the complaint to the Administrator of any state in which Mr. Gaunt is a registered agent.
Correct Answer: B 🗳️
Explanation: Only visible for Lead2Passed members. You can sign-up / login (it's free).
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