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Free FINRA Series-63 Practice Exam with Questions & Answers | Set: 8

Questions 71

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.

Options:
A.

I only

B.

I and II only

C.

III only

D.

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.

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Questions 72

Which of the following scenarios would not be considered a “sale,” as defined by the Uniform Securities Act (USA)?

I. Yoshito owned shares of Minnow Corporation and received shares of Whale Corporation from Whale when it merged with Minnow.

II. Olivia’s uncle, an agent with SecureMoney Brokers, sold Olivia ten call options on the stock of Microsoft.

III. Hans purchased a bond of Indebted Corporation that had detachable warrants and subsequently sold the warrants.

IV. Tom pledged some shares of stock he owned personally to secure a business loan for his company.

Options:
A.

Neither I nor II would be considered sales.

B.

Neither II nor III would be considered sales.

C.

Neither I nor IV would be considered sales.

D.

Neither III nor IV would be considered sales.

Questions 73

In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a federal covered adviser and, therefore, exempt from registering with the state Administrator?

I. An adviser who does business in 26 states.

II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.

III. An adviser with $35 million in assets under management

Options:
A.

All of the selections meet the qualifications of a federal covered adviser.

B.

I and II only

C.

II and III only

D.

I and III only

Questions 74

The trade confirmation must be received by the customer no later than

Options:
A.

one week after the settlement date.

B.

the settlement date.

C.

the day after the trade takes place.

D.

five business days after the settlement date.

Questions 75

Which of the following would not appear on an order ticket?

Options:
A.

the stock symbol

B.

the account number of the client buying or selling the security

C.

the settlement date

D.

the agent’s commission

Exam Code: Series-63
Certification Provider: FINRA
Exam Name: Uniform Securities State Law Examination
Last Update: Mar 28, 2025
Questions: 251

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