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FINRA Series 63Free Uniform Securities Agent State Law practice test
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10 real FINRA Series 63 practice questions with instant answers and explanations — no account, no credit card, no email. Score yourself, then unlock the full bank of 300 questions whenever you’re ready. The FINRA Series 63 passing score is 72% (43 of 60 scored questions).
Under the Uniform Securities Act, which individual would NOT be considered an "agent" requiring registration?
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All 10 FINRA Series 63 questions & answers
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Q1. Under the Uniform Securities Act, which individual would NOT be considered an "agent" requiring registration?
Correct answer: A. An individual who represents an issuer in effecting transactions solely with the issuer's existing employees, provided no commission is paid for those transactions
The USA excludes from the definition of "agent" individuals who represent an issuer in transactions with existing employees, partners, or directors of the issuer where no commission is paid, since this is treated as an exempt transaction not requiring agent registration.
Q2. Which of the following best defines a "broker-dealer" under the Uniform Securities Act?
Correct answer: C. Any person engaged in the business of effecting transactions in securities for the account of others or for its own account
A broker-dealer is defined as a "person" (not limited to individuals) engaged in the business of effecting securities transactions for others or for its own account; banks and individual agents are specifically excluded from this definition.
Q3. Under the USA, which of the following is excluded from the definition of "broker-dealer"?
Correct answer: D. A bank, savings institution, or trust company
Banks, savings institutions, and trust companies are specifically excluded from the definition of broker-dealer under the Uniform Securities Act.
Q4. An agent moves from Broker-Dealer A to Broker-Dealer B within the same state. Which statement is TRUE regarding the agent's registration?
Correct answer: B. The agent's registration with Broker-Dealer A terminates, and a new registration application must be filed for Broker-Dealer B
An agent's registration is specific to the broker-dealer employing them; when an agent changes firms, the prior registration terminates and a new application must be filed on behalf of the new broker-dealer.
Q5. Under the Uniform Securities Act, a broker-dealer's registration is effective for how long before renewal is required?
Correct answer: A. Until December 31 of the year in which it is granted, subject to annual renewal
Registrations under the USA generally expire on December 31 each year unless renewed, requiring broker-dealers and agents to renew annually.
Q6. Which of the following is required as part of a broker-dealer's initial registration application under the USA?
Correct answer: C. Consent to service of process and payment of filing fees
An application for broker-dealer registration must generally include a consent to service of process, appointing the Administrator as an agent for legal service, along with applicable filing fees.
Q7. A broker-dealer registered in State X wants to also register an agent who will work exclusively with institutional clients such as insurance companies. Under the Uniform Securities Act's institutional exclusions, which statement is accurate?
Correct answer: D. Because the agent represents a broker-dealer (not solely an issuer), the institutional-client exclusion for agents of issuers does not apply, and the agent must register
The exclusion allowing an individual to avoid agent registration when dealing only with certain institutional investors applies specifically to individuals representing issuers, not agents representing broker-dealers, who must register regardless of client sophistication.
Q8. Under the USA, an Administrator may deny, suspend, or revoke a broker-dealer's registration for which of the following reasons?
Correct answer: B. The broker-dealer has filed an application that is incomplete or contains a materially false statement
Filing an incomplete application or one containing materially false or misleading statements is a specific statutory ground for the Administrator to deny, suspend, or revoke registration.
Q9. Which of the following individuals is specifically excluded from the definition of "agent" under the USA?
Correct answer: A. A clerical or administrative employee of a broker-dealer whose duties do not involve solicitation of securities transactions
The USA excludes individuals whose functions are solely clerical or ministerial in nature from the definition of "agent" because they do not solicit or effect securities transactions.
Q10. A broker-dealer with no place of business in State A effects transactions exclusively with other registered broker-dealers in State A. Under the USA's exclusion provisions, this broker-dealer:
Correct answer: C. Is excluded from the definition of broker-dealer requiring registration in State A because its only clients there are other broker-dealers
A broker-dealer with no place of business in a state that effects transactions exclusively with other broker-dealers is excluded from the state's registration requirement under the USA.
Exam facts and objectives sourced from the official FINRA certification page. Last reviewed June 2026.
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