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FINRA Series63 Exam Overview:

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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Elizabeth is the owner of Lizbeth Investment Advisers, a small, state-registered investment advisory firm. She has decided that her firm needs a niche and has learned that a consulting group is coming to the area and offering a 3-day seminar on asset allocation for senior citizens offered by Advantage for Retirement Persons (ARP). The seminar will cost $1,000 per individual, but after attending the seminar, each attendee will receive a certificate verifying their involvement in the program. Elizabeth decides this is the niche she has been looking for and signs up herself and her three investment adviser representatives for the program. After attending the seminar and receiving their certificates, Elizabeth and her team can

A) indicate that they are certified by the ARP program since money was paid for their attendance.
B) do none of the above.
C) have the words "Senior-Citizen Investment Specialists" printed on their business cards.
D) represent themselves as certified senior citizen investment advisers.

2. If a person has had its license revoked by the Administrator of the state and has appealed the decision to a court of law, that person

A) can continue business as usual pending the resolution of the appeal.
B) is considered to have a revoked license until the courts rule otherwise.
C) Both B and C are true statements.
D) must notify the Administrator of the state that it has appealed the decision.

3. An agent working for a broker-dealer mistakenly sends an investment adviser some bonds that the adviser purchased on behalf of his client instead of directing the bonds to the financial institution that is serving as the qualified custodian of the client's funds.
If the investment adviser wants to avoid being considered custodian of this client's account, what must the adviser do?

A) Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to his client.
B) Record what securities were sent, when he received them, and when he forwarded them--which
C) Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to the qualified custodian of the client's funds.
D) Record what securities were sent, when he received them, and when he forwarded them--which must be within three business days-to his client.

4. A client calls CanDo Broker-Dealers with a market-not-held order to buy 5,000 shares of China Security and Surveillance Technology, Inc. (CSR), which sells on the NYSE, "at a good price today." The stock had opened at $5.13, traded as high as $5.36 during the day, and closed at $5.10. CanDo executed the purchase at a price of $5.31, so at market close, the client had lost $1,050. The client can

A) refuse to pay for the stock on the settlement date.
B) sue CanDo for not getting him the best price of the day-or anything close to it.
C) refuse to pay CanDo commissions for the purchase.
D) do nothing about it.

5. While on vacation in Colorado, Massachusetts resident Ms. Jetset meets Mr. Snow, a registered representative with a Colorado broker-dealer, on a ski lift and accepts a dinner engagement with him later that evening, during which he obtains her cell phone number. A week later, while she is lounging around in her Florida beach condo, he calls and interests her in a local software company that is selling its preferred stock to investors and encourages her to buy it. Ms. Jetset tells Mr. Snow she'll think about it and calls him after she returns to her home in Massachusetts to tell him to buy the stock for her and sends him a check via express mail. Later, Ms. Jetset learns that the preferred stock certificate that she received is-and always was-a worthless piece of paper, and that, in fact, no such company ever existed.
Which state Administrator has jurisdiction in this instance?
I. the Administrator of the state of Colorado
II. the Administrator of the state of Florida
III. the Administrator of the state of Massachusetts

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

Solutions: