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FINRA Series-63 Exam Dumps
Uniform Securities State Law Examination
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Series-63 Dumps
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FINRA Series-63 Sample Questions
Question # 1The Uniform Securities Act (USA) is
A. a body of laws governing the purchase and sale of securities within a single state.
B. a set of guidelines for individual states to follow when formulating their own securities’ laws.
C. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with
D. federal legislation that requires all states to adopt the same registration requirements for all
Question # 2
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 # 3
Which of the following is not a method that can be used to register securities with the state?
A. registration by exception
B. registration by notification
C. registration by coordination
D. registration by qualification
Question # 4
Which of the following securities would not necessarily be exempt from state registration?
A. a stock listed on the Tokyo Stock Exchange
B. a bond guaranteed by the Canadian government
C. a bond issued by another state’s employees’ credit union
D. a stock listed as a NASDAQ National Market Issue.
Question # 5
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
A. HiGrowth Corporation
C. BigFee Investment Bankers
D. GetErDone Broker-Dealers
Question # 6
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 # 7
Which of the following statements regarding “registration by qualification” is true?
A. Registration by qualification refers to the fact that certain categories of securities are exempt from state
registration requirements.
B. Registration by qualification is the preferred method used by issuers since it requires the least amount
of paperwork.
C. In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of
information about both the firm and its directors, officers, and major shareholders.
D. Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA
rating, are exempt from registration with the state.
Question # 8
Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack will need to register as a sales representative if he:
A. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
B. represents NewCorp in any transactions with financial institutions.
C. participates in the selling of the new stock to individual investors.
D. Jack will need to register as a sales representative if he performs any one of the above activities.
Question # 9
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. 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.)
B. 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.
C. 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.
D. Statements A and B are both true statements.
Question # 10
Blue Sky Laws are designed to:
A. protect investors from fraud in their securities market transactions.
B. protect agents, broker-dealers, and investment advisers and their representatives from spurious
allegations of fraudulent activity.
C. enhance the tourism industry within a state.
D. favor investment in companies that engage in environmentally friendly practices.
Question # 11
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 the broker?
A. HiGrowth Corporation
B. Mr. Bigwig
C. BigFee Investment Bankers
D. GetErDone Broker-Dealers
Question # 12
Which of the following securities would be exempt from state registration requirements, according to the Uniform Securities Act? I. a municipal bond issued by the Canadian province of Nova Scotia II. a bond issued by the county of Cork, Ireland III. a bond issued by Nationwide Insurance Company
A. All of the selections would be exempt from state registration requirements under the Uniform
B. Selection I only
C. Selection I and III only
D. Selection III only
Question # 13
An individual who represents a broker-dealer in the buying and selling of securities is called a(n):
A. underwriter
B. issuer
C. agent
D. administrator