FINRA Series_63 : Uniform Securities Agent State Law Examination

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FINRA Series_63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question 1

As an agent, which of the following statements about the Securities Investor Protection Corporation (SIPC)
can you legitimately make to your client?

A. "The SIPC is a government agency that was created by an Act of Congress to protect investors against
losses in the stock and bond market."
B. "The SIPC was established to restore funds to investors when the brokerage firm they have been using
is bankrupt or in financial distress."
C. The SIPC is the FDIC of the stock and bond markets."
D. "The SIPC is a government agency created by an Act of Congress to combat fraud."

Question 2

Which of the following documents must a broker-dealer deliver on or prior to the confirmation due date to
a client who is purchasing a security?

A. a final prospectus
B. a hypothecation agreement
C. a margin agreement if the purchase is being made on margin
D. a preliminary prospectus

Question 3

Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the
state has been revoked. What legitimate options does Sam have available to him now?

A. Sam can register with the SEC as an investment adviser, which will exempt him from state registration
requirements.
B. Sam has 60 days to file an appeal of the decision in a court of law.
C. Sam has 45 days in which to file an appeal with the attorney general.
D. Sam can move to another state and apply for registration as an investment adviser there.

Question 4

Constance is an investment adviser representative. She told one of her clients that he should put at least
1 5% of his investment monies in a U.S. government bond mutual fund.
She explained that she believed that he required this percentage to meet his liquidity needs, and U.S.
government bond funds are risk-free. A few months later, the client needed to sell some of his fund shares
in order to pay some medical bills and was surprised to discover that he lost money on the sale because
the net asset value of the fund had dropped. Was Constance guilty of any securities violations?

A. It depends. If Constance realized that the client could lose money in a U.S. government bond fund,
then she is guilty of fraud, but if she did not herself realize that, then she is merely misinformed.
B. No. U.S. government bonds are often referred to as risk-free investments, so Constance made no
misstatement of fact in telling her client this.
C. Yes. Constance is guilty of fraud. She misled the client into thinking he couldn't lose any money if he
invested the money in a U.S. government bond mutual fund.
D. Yes. Constance should never recommend that a client invest such a high percentage of his investment
monies in a U.S. government bond mutual fund.

Question 5

While on vacation in Colorado, Mr. Moneybags became interested in the stock of a company called
SafeAway, which designs and installs customized high-tech security systems in the multimillion dollar
mansions located in Colorado's pricier ski resort areas, such as Vail and Aspen. Upon returning to his
home in Boston, he calls his broker-dealer with an order to purchase 10,000 shares of the stock, which he
learned trades in the over-the-counter market. Fast Eddie, a registered agent with his broker-dealer,
discovers that SafeAway's stock is registered only in the states of Colorado and Wyoming. Neither Fast
Eddie nor his broker-dealer are registered to do business in either of those states. Under these
circumstances,

A. Fast Eddie should contact a broker-dealer that is registered in either Colorado or Wyoming and
negotiate a finder's fee for referring Mr. Moneybags to them.
B. Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt
transaction because it is an unsolicited transaction.
C. Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt
transaction because it is a private placement.
D. Fast Eddie cannot effect Mr. Moneybags purchase of SafeAway stock since neither he nor his broker
are registered to do business in Colorado or Wyoming, and SafeAway stock is not registered for sale in
the state of Massachusetts.

Solutions: