Correction log

Our licensing comparison labelled the Series 66 “Sponsor required.” No sponsorship is needed to sit the Series 66 — the Series 7 is a corequisite for using it to register, which is a different thing. The life insurance exam carried the same wrong label; sponsorship is a securities concept and does not apply to state insurance licensing at all.

Fix: Both labels corrected, and the related FAQ answers on two other pages rewritten to match.

Copy said the Series 65 “qualifies you as an Investment Adviser Representative.” Passing an exam does not qualify anyone — you must still register with your state.

Fix: Reworded to “satisfies the exam requirement to register as an Investment Adviser Representative.”

A question on client data shared with an affiliate for marketing was keyed to Regulation S-P. S-P governs sharing with NONAFFILIATED third parties; affiliate marketing opt-outs fall under Regulation S-AM.

Fix: Stem corrected to “nonaffiliated third party” so the keyed citation is right, and the explanation now names the boundary explicitly.

Ten questions misused the term “naked.” Seven offered “write a naked call” in stems where the customer already owned the stock — a call written against owned shares is covered by definition. Three offered “buy a naked put”; a purchased option is never naked.

Fix: All ten rewritten. The covered-call versions are better distractors anyway, since they fail on exactly the ground each stem names.

Two questions described the gain on a discount bond held to maturity as a capital gain. Under the market discount rules (IRC §1276) accrued market discount is ordinary income at maturity. In one, the error sat inside the correct answer’s own text, so a candidate who knew the rule had no right answer available.

Fix: Both corrected, with trap notes added that teach the actual treatment.

Content in several places still assumed T+2 regular-way settlement. The U.S. moved to T+1 in May 2024.

Fix: Every affected item updated. T+2 now appears only as a distractor, explained as the retired cycle.

A question on an adviser lending securities to a client was keyed to “an undisclosed conflict of interest,” but a distractor reading “always prohibited even if disclosed” was closer to the NASAA model rule, which generally bars the practice outright. The distractor was arguably more correct than the key.

Fix: Distractor replaced and the explanation rewritten to state the actual prohibition rather than treating it as a disclosure failure.

Seven answer keys asserted a single state’s figure for rules that vary by state — group conversion windows, contestable periods, and the suicide clause. One stated the suicide period as two years, which is wrong in states that use one.

Fix: All seven re-attributed to NAIC-model language, and the state-variation notice now appears inside practice, lessons, and mock review rather than only on marketing pages.

253 duplicate questions were present — some word-for-word after normalization, some paraphrased past the uniqueness check, some sharing an identical answer set.

Fix: All archived after review. Near-duplicates that genuinely tested different things were deliberately kept.

The passing score was listed as 72% (94 of 130), the pre-2023 standard. NASAA lowered it to 92 of 130 effective June 12, 2023.

Fix: Corrected in the question bank and in three places on the site.