File Info
| Exam | Uniform Securities State Law Examination |
| Number | Series 63 |
| File Name | FINRA.Series 63.Pass4Sure.2018-07-28.150q.tqb |
| Size | 793 KB |
| Posted | Jul 28, 2018 |
| Download | FINRA.Series 63.Pass4Sure.2018-07-28.150q.tqb |
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Demo Questions
Question 1
Once a broker-dealer has applied for and been granted state registration, the registration remains valid
- until December 31st.
- for twelve months.
- for three years.
- for five years.
Correct answer: A
Explanation:
Once a broker-dealer has been granted state registration, that registration is valid until December 31st of that year. Registration automatically terminates annually on December 31st although an Administrator may elect to revoke or suspend a broker-dealer’s registration at any time if the Administrator finds just cause. Once a broker-dealer has been granted state registration, that registration is valid until December 31st of that year. Registration automatically terminates annually on December 31st although an Administrator may elect to revoke or suspend a broker-dealer’s registration at any time if the Administrator finds just cause.
Question 2
A broker-dealer is required to keep his records for how long?
- at least three years
- at least five years
- at least seven years
- broker-dealer is required to keep his records for as long as he is registered in the state.
Correct answer: A
Explanation:
A broker dealer is required to keep his records at least three years. A broker dealer is required to keep his records at least three years.
Question 3
Which of the following entities would be required to register with the state as a broker-dealer under the guidelines of the Uniform Securities Act (USA)?
- an underwriter with no offices in the state that is helping a firm that is incorporated within the state with the sale of its new bond issue to insurance companies.
- a credit union that operates within the state and provides loans to its members.
- an agent who executes the purchase and sale of stocks and bonds for his clients.
- None of the above entities would be required to register with the state as a broker-dealer under the guidelines of the Uniform Securities Act.
Correct answer: D
Explanation:
Under the guidelines of the USA, none of the entities described in Selections A, B, or C would be required to register with the state as a broker-dealer since the term, as defined by the USA, does not include agents, savings institutions, or entities with no offices in the state who deal exclusively with issuers and/or other broker-dealers, financial institutions, insurance companies, pension funds, or insurance companies. Selections B and C refer to a financial institution and an agent, respectively. In the scenario described in Selection A, the underwriter has no offices in the state and is dealing exclusively with the issuer of the bonds and insurance companies. Under the guidelines of the USA, none of the entities described in Selections A, B, or C would be required to register with the state as a broker-dealer since the term, as defined by the USA, does not include agents, savings institutions, or entities with no offices in the state who deal exclusively with issuers and/or other broker-dealers, financial institutions, insurance companies, pension funds, or insurance companies. Selections B and C refer to a financial institution and an agent, respectively. In the scenario described in Selection A, the underwriter has no offices in the state and is dealing exclusively with the issuer of the bonds and insurance companies.
