FINRA Series63 : Uniform Securities Agent State Law Examination

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FINRA Uniform Securities Agent State Law Examination Sample Questions:

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

A) 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.
B) 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.
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) 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.

2. A margin transaction refers to a transaction

A) that is illegal under the guidelines of the Uniform Securities Act.
B) Both A and C are true statements.
C) in which the client borrows some of the money that he is investing.
D) in which a registered agent makes trades on a customer's account without that customer's knowledge.

3. BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of

A) overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.
B) nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.
C) fraud.
D) both B and C.

4. Which of the following persons is required to maintain its records in accordance with state dictates and meet the minimum net capital requirement imposed by the state?
I. federal covered adviser
II. state-registered investment adviser III. investment adviser representative

A) II and III only
B) I and II only
C) II only
D) I, II, and III

5. Layered Corporation wants to issue a bond that will have warrants attached. Each warrant gives the holder the right to buy 5 shares of Layered's common stock at a price stipulated on the warrant.
In this instance, Layered must file to register which of the following securities with the state?
I. the bonds
II. the warrants
III. the common stock

A) I and III only
B) I and II only
C) I, II, and III
D) I only

Solutions: