Exam Details

  • Exam Code
    :FINRA-SERIES-63
  • Exam Name
    :FINRA Uniform Securities Agent State Law
  • Certification
    :FINRA Certifications
  • Vendor
    :FINRA
  • Total Questions
    :251 Q&As
  • Last Updated
    :Jun 27, 2025

FINRA FINRA Certifications FINRA-SERIES-63 Questions & Answers

  • Question 171:

    Julia Hasty has recently applied with the Administrator to be a registered investment adviser in the state. Eager to open her new business, she has business cards printed that indicate that she is a "state-registered" investment adviser and visits some local businesses, asking them for permission to put some of her cards in their waiting rooms.

    Has Julia violated any of the provisions of the Uniform Securities Act by distributing her business cards?

    A. No. As long as her application has been submitted and is pending acceptance, Julia has not violated any provisions of the Uniform Securities Act.

    B. No. The provisions of the Uniform Securities Act relate to securities, not people.

    C. Yes. Julia is not permitted to advertise as a "state-registered" investment adviser until she receives notification of the acceptance of her application by the state Administrator.

    D. No. Julia has merely put her business cards in waiting rooms. She has not opened her business to clients yet.

  • Question 172:

    Under the Uniform Securities Act (USA), the term "investment adviser" does not apply to

    I. an investment advisory firm owned and operated by a sole proprietor.

    II. a bank or savings institution.

    III. an investment adviser representative.

    IV.

    a broker-dealer or its agents if the advice is incidental to the business although there is a nominal charge for any specific investment advice given.

    A.

    I, II, III, or IV.

    B.

    I, II, and III only.

    C.

    II and III only.

    D.

    II, III and IV only.

  • Question 173:

    Once you have passed the Series 63 examination, which entity must then approve your application to sell securities?

    A. FINRA

    B. NASAA

    C. SEC

    D. the state administrator

  • Question 174:

    Moe is a registered investment adviser doing business under the name of MoeMoney Investment Advisers, LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of directors; Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical duties.

    Given that Moe is already a registered investment adviser, which of the other three are automatically registered as investment adviser representatives?

    A. Larry only

    B. Larry and Mary only

    C. Larry, Mary and Curly

    D. Mary and Curly only

  • Question 175:

    The settlement date refers to

    A. the date the order to purchase or sell the security is sent to the market.

    B. the date the buyer must pay for the securities purchased.

    C. the date the order to purchase or sell a security is actually executed. This may differ from the date that the order is sent to the market in the cases of limit or stop orders.

    D. the latest date on which broker-dealers can file their quarterly financial statements with the Administrator of the state.

  • Question 176:

    Mr. and Mrs. Cleaver are nearing retirement and have made an appointment with Mr. Eddie, an investment adviser representative who works for Haskell Investment Advisers, to get advice on how they can better structure their investments to meet their retirement goals. Their son, Theodore, who has recently graduated college and has a great job as a software writer for a video game company, accompanies them. Mr. Eddie explains that the main goal of any plan is diversification and recommends that Mr. and Mrs. Cleaver spread their investment monies equally among six load mutual funds that Mr. Eddie can sell them. He suggests that Theodore follow suit and invest any monies he has equally among the same ten funds.

    Has Mr. Eddie done anything wrong?

    A. Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better investments.

    B. No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.

    C. Yes. Clients who are ready to retire have different investment needs than a client who is just entering the work force. The recommendation that both Theodore and his parents have the same asset allocation is clearly unsuitable.

    D. Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.

  • Question 177:

    Which of the following would fall under the definition of "agent," as defined by the Uniform Securities Act (USA)?

    A. Joe works as an administrative assistant for broker-dealer GetErDone, doing data entry, filing client forms that contain confidential information, and directing calls to registered representatives of the firm.

    B. Freedom broker-dealers executes the purchase and sale of securities for its customers.

    C. TrustUs Bank has a subsidiary operation that sells mutual funds to the public.

    D. None of the above would fall under the definition of "agent," as defined by the Uniform Securities Act (USA.)

  • Question 178:

    Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to market, GetErDone Broker-Dealers

    is part of the selling group, which handles the sale of the stock to the public.

    In this scenario, which party is acting as a dealer?

    A. HiGrowth Corporation

    B. Mr. Bigwig

    C. BigFee Investment Bankers

    D. GetErDone Broker-Dealers

  • Question 179:

    A bond issue has recently been registered with the state Administrator.

    Which of the following statements are true?

    A. An investor can feel secure in buying the bond because it has recently been registered, which means that the state Administrator finds it to be of sound quality at this point in time.

    B. The bond may now be offered for sale in the state.

    C. The issuer may now offer this bond for sale, and any other bonds that the issuer may want to offer for sale in the future will be able be sold after the issuer executes a notice filing.

    D. Both A and B are true statements.

  • Question 180:

    A variable annuity is:

    A. not a security and, therefore, does not have to be registered with the state.

    B. not a security, but is still required to be registered with the state before it can be offered for sale.

    C. a security and, therefore, has to be registered with the state before it can be offered for sale.

    D. a security, but is exempt from state registration.

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