FINRA Series63 Exam Questions : Uniform Securities Agent State Law Examination

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FINRA Series63 Exam Syllabus Topics:

FINRA Uniform Securities Agent State Law Examination Sample Questions:

Question 1

Mr. L. Ranger is an agent for a broker-dealer and has overheard "talk" that a merger between two well-known high-tech companies is about to take place. Mr. Ranger knows that, on average, in these instances the target firm's price spikes. He calls his client and good friend, Mr. Tonto, and tells him of the rumor, suggesting that Tonto might want to buy shares in the target firm. He tells Mr. Tonto that if the rumor isn't true, the target firm's price may not spike at all and may, in fact, decline, and suggests that Mr. Tonto not invest any money he isn't willing to lose. Mr. Ranger knows that his friend likes to gamble, and decided he wouldn't be much of a friend if he didn't inform Tonto of this potential opportunity.
Has Mr. L. Ranger violated any laws or engaged in any prohibited practices?

A. No. Mr. Ranger and Mr. Tonto are friends, so there can be no violations of any laws or practices because of their non-business relationship.
B. No. Mr. Ranger has informed Mr. Tonto that the merger is just a rumor and has informed him of the risk involved. Mr. Ranger is knowledgeable about his friend's risk tolerance level as well and recognizes this investment as one his good friend might want to take.
C. Yes. Mr. Ranger has engaged in fraud in telling Mr. Tonto about the rumor, given that the merger hasn't been officially announced by the two companies.
D. Yes. Mr. Ranger is privy to knowledge that is not available to the general public and both he and Mr.Tonto will be guilty of illegal insider trading if Mr. Tonto trades on Mr. Ranger's information.

Question 2

You execute a stock transaction for a client on Thursday, September 23rd. The settlement date on the order ticket will be

A. Friday, September 24th.
B. Thursday, September 23rd.
C. Monday, September 27th.
D. Tuesday, September 28th.

Question 3

Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can't attend all the games themselves, so Kevin has created "packages" of eight games each that he is listing for sale on Craig's List.
Do these "packages" meet the definition of securities, and, if so, does Kevin need to register them with the state before offering them for sale?

A. Only if Kevin will be selling the packages at or below cost are the packages not considered to be securities, in which case Kevin will not have to register them with the state.
B. The packages are not considered to be securities since each package is merely a purchase and sale agreement between Kevin and another person. There is no third party involved. Because they do not meet the definition of securities, Kevin does not need to register them with the state.
C. If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but since he's selling the packages to only a few people, he will not have to register them with the state.
(Kevin may, however, be guilty of violating ticket scalping laws.)
D. Statements A and B are both true statements.

Question 4

Cassie Clueless has recommended that a client purchase shares of a mutual fund prior to its ex-dividend date, so that the client will receive the dividends when they are distributed.
In which of the following situations might this recommendation be justifiable and not in violation of NASAA rules?
I. The investor has refused to provide Cassie any information regarding his investment goals.
II. The investor is a young professional with an investment goal of long-term capital appreciation.
III. The investor is a retiree in a low tax bracket and needs current income to augment her social security check.

A. It is always in violation of NASAA rules to recommend that a client purchase shares of a mutual fund prior to its ex-dividend date.
B. III only
C. I only
D. I and II only

Question 5

A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of

A. eight.
B. There is no specified turnover ratio assigned to the prohibited practice of churning.
C. five.
D. four.

Solutions: