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FINRA Series 66Free Uniform Combined State Law practice test
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10 real FINRA Series 66 practice questions with instant answers and explanations — no account, no credit card, no email. Score yourself, then unlock the full bank of 400 questions whenever you’re ready. The FINRA Series 66 passing score is 73% (73 of 100 scored questions).
Under the Uniform Securities Act, which of the following is defined as an 'agent'?
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All 10 FINRA Series 66 questions & answers
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Q1. Under the Uniform Securities Act, which of the following is defined as an 'agent'?
Correct answer: A. An individual who represents a broker-dealer in effecting securities transactions
An agent is an individual who represents a broker-dealer or issuer in effecting or attempting to effect securities transactions. Purely clerical staff and individuals representing issuers in certain exempt transactions are excluded from the definition.
Q2. Under the Uniform Securities Act, which of the following persons is excluded from the definition of 'investment adviser'?
Correct answer: B. A broker-dealer whose performance of investment advisory services is solely incidental to the conduct of business as a broker-dealer and who receives no special compensation for it
The broker-dealer exclusion applies only when advisory services are incidental to the brokerage business and no special compensation is charged for the advice. A fee-based planner and a personalized paid newsletter do not qualify for the bona fide publication or incidental-advice exclusions.
Q3. An investment adviser must generally register with the SEC, rather than the state, once its assets under management reach approximately what threshold?
Correct answer: C. $110 million
Advisers become required to register federally at $110 million of regulatory assets under management; a buffer zone between $100 million and $110 million allows optional SEC registration, but below $100 million state registration generally applies.
Q4. Which of the following statements about an agent's registration under the Uniform Securities Act is TRUE?
Correct answer: D. Agent registration generally expires on December 31 each year and must be renewed
Registrations under the Uniform Securities Act typically expire on December 31 of each year unless renewed by the registrant, which is why annual renewal filings are required.
Q5. An investment adviser representative changes employment from IA Firm X to IA Firm Y within the same state. Under the Uniform Securities Act, what is required?
Correct answer: A. The IAR, and typically the new employing firm, must promptly notify the Administrator of the change
A change of employing firm must be promptly reported to the Administrator, and registration effectively terminates with the old firm and must be re-established with the new one; notification duties fall on both the IAR and the new firm.
Q6. Under the Investment Advisers Act of 1940 and related NASAA model rules, an investment adviser that has custody of client funds or securities must:
Correct answer: B. Provide clients with an itemized statement at least quarterly and undergo an independent, unannounced verification (surprise audit)
Advisers with custody must safeguard client assets, typically with a qualified custodian, send account statements at least quarterly, and undergo a surprise examination by an independent public accountant unless an exception applies.
Q7. Which of the following would MOST likely subject a broker-dealer to disciplinary action by the Administrator for an unethical business practice?
Correct answer: C. Guaranteeing a client against loss in a securities account
Guaranteeing a client against loss is a per se prohibited and unethical practice under NASAA model rules, regardless of disclosure, because it misrepresents the fundamental risk of investing in securities.
Q8. Under the Uniform Securities Act, the Administrator has authority to do all of the following EXCEPT:
Correct answer: D. Impose a criminal prison sentence directly without judicial court proceedings
The Administrator has broad civil and administrative enforcement powers, including investigations and emergency orders, but imprisonment can only be imposed by a court following a criminal proceeding, not directly by the Administrator.
Q9. Under NASAA's model rules on unethical business practices, which of the following actions by an investment adviser representative would be considered unethical?
Correct answer: A. Borrowing money from a client who is not a bank, broker-dealer, or an affiliated lender, without a permitted exception applying
Borrowing money from a client is generally an unethical practice unless the client is itself in the business of lending money or is an affiliated financial institution; the other choices describe properly disclosed, permissible conduct.
Q10. Under the Uniform Securities Act's de minimis exemption, an investment adviser with no place of business in a state is generally not required to register in that state if it has had no more than how many non-institutional (retail) clients who are residents of that state during the preceding 12 months?
Correct answer: B. 5
The commonly applied de minimis threshold allows an out-of-state adviser with no place of business in the state to serve up to 5 non-institutional clients residing there in a 12-month period without triggering state registration.
Exam facts and objectives sourced from the official FINRA certification page. Last reviewed June 2026.
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