Free Series 63 Practice Test

Heads up: these are full-difficulty, exam-level questions — harder than most free Series 63 questions online, on purpose. A low score before studying is normal. Answer all 8 to see your score and a full explanation for each.

Question 1 of 8 · Persons

An individual employed by a registered broker-dealer sells U.S. government securities (an exempt security) only to banks (an exempt transaction). Under the Uniform Securities Act, the individual is:

Question 2 of 8 · Registration

A complete registration application for an agent is filed. Absent a denial proceeding or earlier action by the Administrator, it becomes effective:

Question 3 of 8 · Securities & Issuers

Which is NOT a security under the Uniform Securities Act?

Question 4 of 8 · Exemptions

Which is an exempt TRANSACTION under the Uniform Securities Act?

Question 5 of 8 · Ethics

To reassure a nervous customer, an agent personally promises to reimburse any losses over the next year. Under NASAA policy, this is:

Question 6 of 8 · Administrative Provisions

The Administrator may take which action WITHOUT a prior hearing?

Question 7 of 8 · Liabilities

A buyer prevails in a civil suit for a sale made in violation of the Act. Recovery generally equals:

Question 8 of 8 · Ethics

On Monday a customer orally tells her agent to sell 300 shares of a named stock 'sometime this week, whenever looks best.' The agent sells on Wednesday. Under NASAA policy, this is: