Most Recent Finra Series-63 Exam Dumps

Prepare for the Finra Uniform Securities State Law Examination exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Finra Series-63 exam and achieve success.

The questions for Series-63 were last updated on Mar 31, 2025.

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Question No. 1

Assuming the security is not registered under the Uniform Securities Act, which of the following would not be exempt from state registration?

Aa variable annuity contract offered by an insurance company with offices in the state

Ba stock that is listed on the American Stock Exchange

Ca stock that is listed on the OTC Bulletin Board

Da put option on a stock that sells in the over-the-counter market

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Correct Answer: C

A stock that is listed on the OTC Bulletin Board would not be exempt from state registration unless it already happens to be registered under the Uniform Securities Act. Variable annuities and stocks listed on the American Stock Exchange are classified as federal covered securities by the NSMIA of 1996 and are exempt from state registration. An amendment to the Securities and Exchange Act of 1934 exempts option contracts from state registration.

Question No. 2

Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment.

Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the Administrator?

AQuikDeals has the sole responsibility for notifying the Administrator. Maddie is no longer deemed to be an agent after she terminated her relationship with QuikDeals, so she need do nothing.

BMaddie has the sole responsibility for notifying the Administrator.

CIt depends. If Maddie becomes affiliated with another broker-dealer within thirty days, then she must notify the Administrator of her termination with QuikDeals and her current affiliation with the new firm. Otherwise, only QuikDeals must notify the Administrator.

DBoth QuikDeals and Maddie are responsible for notifying the Administrator.

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Correct Answer: D

Under the guidelines of the USA, when Maddie quits her job as a registered agent with QuikDeals, both QuikDeals and Maddie are responsible for notifying the Administrator. Both the broker-dealer and the agent involved are required to notify the Administrator whenever an agent begins or ends her association with the broker-dealer.

Question No. 3

''T + 3'' refers to

Athe form, also known as a ''trade ticket,'' that is filled out when an order is entered into the market.

Bthe form that is filled out and sent to the client confirming that the trade has been executed.

Cthe fact that the settlement date will be three business days after the trade date, which is the ''regular way settlement'' for transactions involving stocks and corporate and municipal bonds.

Da procedure to minimize the potential for money laundering.

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Correct Answer: C

''T + 3'' is an abbreviation indicating that the settlement date will be three business days after the trade date, which is the ''regular way settlement'' for transactions involving stocks and corporate and municipal bonds.

Question No. 4

Bob Gogetter is an agent with CanDo Broker-Dealers. One of Bob's clients is out of the country and cannot be contacted. The client holds some stock in a company that just released some information that should make its stock price soar. Bob knows that this client would probably want to increase his holdings, so Bob opens a margin account for his client and borrows the money to buy shares. As it happened, the stock price did soar, and Bob's client earned a sizeable profit.

Is Bob in violation of any securities acts?

ANo. Bob has a fiduciary responsibility to his client to act in his best interest, and Bob knew this.

BNo, but only because Bob's client profited from Bob's intervention. If the stock had declined in.

CYes. It is against the law for an agent to open a margin account for a client without the client's.

DYes. Bob is guilty of prohibited practice of churning.

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Correct Answer: C

Yes. When he opened a margin account for a client without the client's written authorization, Bob committed a securities violation. This is strictly prohibited regardless of whether the client profited or not.

Question No. 5

To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay the filing fee to renew your license with the state Administrator by

AJanuary 15th of the new year.

BJanuary 30th of the new year.

CDecember 31st of this year.

Dthe anniversary date of the original issue date on your license.

Show Answer

Correct Answer: C

To continue operating as an agent, broker-dealer, investment adviser, or investment adviser representative next year, you must pay your filing fee to renew your license by December 31st of this year. Otherwise, your license will expire. There is no grace period.

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