FINRA Series_63 : Uniform Securities Agent State Law Examination

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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Which of the following is an example of a non-issuer transaction?

A) IBM sells a new issue of bonds to an insurance company.
B) Google offers more shares of its stock for sale to the public.
C) NewCorp, which has been a privately held company, is engaging in an initial public offering (IPO) of its
stock.
D) Jose purchases a 10-year bond issued by Progress Energy when it has 6 years remaining to maturity.

2. 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 must
be within three business days-to his client.
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

3. An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a
reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in
bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds
and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over
the past three years. Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop
in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%. Does
Arnold have any remedies available to him?

A) No. The investment adviser had no way of knowing that the market was going to fall when he provided
the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
B) Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the
court for "pain and suffering."
C) Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.
D) No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich,
but pigs get led to slaughter."

4. Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial
reports more frequently than:

A) twice a year.
B) once a year.
C) four times a year.
D) twelve times a year.

5. In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?

A) No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
agreement with YourMoney.
B) Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio.
C) Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act.
D) Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
it manages loses money.

Solutions: