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FINRA Series_63 Exam Overview:

FINRA Series_63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect
& Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in
Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated
with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the
Administrator of Massachusetts for registration as an agent. Can Trevor execute purchases and sales for
clients while his registration is still pending?

A) It depends. Trevor can execute some purchases and sales, but only for clients that he already had who
may have recently relocated to Massachusetts and only for sixty days while his registration is pending.
B) No. Until he is informed by the Administrator of Massachusetts that his application has been accepted,
Trevor may not effect any securities transactions in Massachusetts.
C) Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is
registered in the state of Massachusetts, he is not restricted from executing trades.
D) Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration
is pending.

2. Nancy's Aunt Ethel died, making Nancy executrix of her estate. In going through Aunt Ethel's belongings,
Nancy discovered some stock certificates that she learned had been issued by a small New Jersey firm
that was still in business. The problem lay in the fact that Nancy's Aunt Ethel had moved from New Jersey
to Florida years ago, and the stock is registered only in the state of New Jersey. Nancy herself is a
resident of Massachusetts. What does Nancy have to do in order to sell this stock?

A) Nancy will need to contact a securities law firm in Florida to help her register the stock in the state of
Florida.
B) Nancy can sell the stock without a problem as executrix of her aunt's estate.
C) Nancy will need to contact a broker-dealer licensed in the state of New Jersey to help her with the sale
of this stock.
D) Nancy will have to establish a mailing address in New Jersey before she can legally sell this stock.

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

4. Which of the following statements about agents is (are) false?

A) An agent must demonstrate a specific minimum level of financial stability for his registration application
to be accepted.
B) If an agent files for bankruptcy, the Administrator may elect to terminate that agent's registration if the
Administrator believes it is "in the public interest" to do so.
C) All of the above are false statements.
D) When an agent has a change of address, both he and his broker-dealer affiliate must inform the
Administrator.

5. Ms. Muffet is employed by Spyder Broker-Dealers. Her job duties include providing price quotes and
executing purchases and sales for the firm's clients. She is paid a salary plus commission. Ms. Muffet is

A) an agent.
B) a broker-dealer.
C) an investment adviser representative.
D) an investment adviser.

Solutions: