Amazon
Avaya
Checkpoint
Cisco®
CompTIA
CrowdStrike
EC-Council
EXIN
Fortinet
Google
ISC
ISC2
ITIL®
Juniper
Microsoft
MuleSoft
Okta
Oracle
Palo Alto Networks
Salesforce
All Vendors
  1. Home
  2. FINRA
  3. SERIES 63

FINRA SERIES 63 Exam (page: 1)
FINRA Uniform Securities State Law Examination
Updated on: 12-Oct-2025

Viewing Page 1 of 33
SERIES 63 PDF 251 Questions

The Uniform Securities Act (USA) is

  1. a body of laws governing the purchase and sale of securities within a single state.
  2. a set of guidelines for individual states to follow when formulating their own securities’ laws.
  3. a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.
  4. federal legislation that requires all states to adopt the same registration requirements for all.

Answer(s): B

Explanation:

The Uniform Securities Act (USA) provides a model for states to follow when formulating their own securities laws. It does not, itself, contain any laws.



Once you have passed the Series 63 examination, which entity must then approve your application to sell securities?

  1. FINRA
  2. NASAA
  3. SEC
  4. the state administrator

Answer(s): D

Explanation:

Once you have passed the Series 63 exam, it is the state administrator who can approve or deny your registration. NASAA developed the Uniform Securities Agent State Law Examination and FINRA administers it. The SEC is not a party to the state registration process.



Which of the following securities would not necessarily be exempt from state registration?

  1. a stock listed on the Tokyo Stock Exchange
  2. a bond guaranteed by the Canadian government
  3. a bond issued by another state’s employees’ credit union
  4. a stock listed as a NASDAQ National Market Issue.

Answer(s): A

Explanation:

Stocks listed on the Tokyo Stock Exchange would not necessarily be exempt from state registration. Stocks that are registered with the SEC, such as NASDAQ National Market Issue stocks, securities issued or guaranteed by the Canadian government, and securities issued or guaranteed by banks or credit unions are all exempt.



Moe is a registered investment adviser doing business under the name of MoeMoney Investment Advisers,

LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of directors; Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical duties.

Given that Moe is already a registered investment adviser, which of the other three are automatically registered as investment adviser representatives?

  1. Larry only
  2. Larry and Mary only
  3. Larry, Mary and Curly
  4. Mary and Curly only

Answer(s): A

Explanation:

As a director of the firm, Larry would automatically be registered as an investment adviser representative of MoeMoney Investment Advisers. Although directors and officers of the firm are automatically registered as investment adviser representatives, Mary, as a sales representative, would have to apply for her own registration. Curly does not need to be registered since he performs only clerical duties.



Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack will need to register as a sales representative if he:

  1. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
  2. represents NewCorp in any transactions with financial institutions.
  3. participates in the selling of the new stock to individual investors.
  4. Jack will need to register as a sales representative if he performs any one of the above activities.

Answer(s): C

Explanation:

Jack will need to register as a sales representative if he participates in the sale of new stock to individual investors. Those who deal directly with the public need to register as sales representatives under the Uniform Securities Act. If Jack limits his involvement to transactions with the underwriters or financial institutions, he need not register.



Blue Sky Laws are designed to:

  1. protect investors from fraud in their securities market transactions.
  2. protect agents, broker-dealers, and investment advisers and their representatives from spurious allegations of fraudulent activity.
  3. enhance the tourism industry within a state.
  4. favor investment in companies that engage in environmentally friendly practices.

Answer(s): A

Explanation:

The main purpose of Blue Sky Laws is to protect individual investors from fraud in their securities market transactions. Requiring the registration of new security issues and the registration of those persons who advise individual investors as well as those involved in the purchase and sale of securities to the public are just some of the regulations designed to do this. There are no provisions designed to protect agents, broker-dealers, or investment advisers and their representatives in any regard.



An individual who represents a broker-dealer in the buying and selling of securities is called a(n):

  1. underwriter
  2. issuer
  3. agent
  4. administrator

Answer(s): C

Explanation:

An individual who represents a broker-dealer in buying and selling securities is called an agent or a registered representative. An agent may also work for an issuer, which refers to the entity that is selling securities to raise money for itself. An underwriter is the entity that aids the issuer in bringing the new securities to market. Administrator is the title many states use to refer to the official in charge of enforcing the state’s securities regulations.



Which of the following statements best explains the difference between an agent and a broker-dealer?

  1. An agent is an individual who represents a broker-dealer or an issuer and buys and sells securities he does not own in return for a commission on the transactions he executes. A broker-dealer may also buy and sell securities for his own portfolio, in which case the broker-dealer enjoys any price appreciation on those securities.
  2. A broker-dealer must be licensed in the state in which he conducts business, but there are no separate licensing requirements for agents.
  3. Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy and sell bonds and option contracts.
  4. Agents conduct their business exclusively in the secondary market, while broker-dealers also operate in the primary market.

Answer(s): A

Explanation:

The main difference between an agent and a broker-dealer is that an agent represents either a broker-dealer or an issuer and buys and sells securities he doesn’t own, receiving a commission for the trades he executes. A broker-dealer, when functioning as a dealer, is buying and selling for his own portfolio, thereby profiting from any price appreciation in the assets in his portfolio. Both agents and broker-dealers must meet state licensing requirements; both engage in the purchase and sale of stocks, bonds, and option contracts; and both operate in both the primary and secondary markets.



Viewing Page 1 of 33



Share your comments for FINRA SERIES 63 exam with other users:

DIA 10/7/2023 5:59:00 AM

is dumps still valid ?
FRANCE


Annie 7/7/2023 8:33:00 AM

thanks for this
EUROPEAN UNION


arnie 9/17/2023 6:38:00 AM

please upload questions
Anonymous


Tanuj Rana 7/22/2023 2:33:00 AM

please upload the question dump for professional machinelearning
Anonymous


Future practitioner 8/10/2023 1:26:00 PM

question 4 answer is c. this site shows the correct answer as b. "adopt a consumption model" is clearly a cost optimization design principle. looks like im done using this site to study!!!
Anonymous


Ace 8/3/2023 10:37:00 AM

number 52 answer is d
UNITED STATES


Nathan 12/17/2023 12:04:00 PM

just started preparing for my exam , and this site is so much help
Anonymous


Corey 12/29/2023 5:06:00 PM

question 35 is incorrect, the correct answer is c, it even states so: explanation: when a vm is infected with ransomware, you should not restore the vm to the infected vm. this is because the ransomware will still be present on the vm, and it will encrypt the files again. you should also not restore the vm to any vm within the companys subscription. this is because the ransomware could spread to other vms in the subscription. the best way to restore a vm that is infected with ransomware is to restore it to a new azure vm. this will ensure that the ransomware is not present on the new vm.
Anonymous


Rajender 10/18/2023 3:54:00 AM

i would like to take psm1 exam.
Anonymous


Blessious Phiri 8/14/2023 9:53:00 AM

cbd and pdb are key to the database
SOUTH AFRICA


Alkaed 10/19/2022 10:41:00 AM

the purchase and download process is very much streamlined. the xengine application is very nice and user-friendly but there is always room for improvement.
NETHERLANDS


Dave Gregen 9/4/2023 3:17:00 PM

please upload p_sapea_2023
SWEDEN


Sarah 6/13/2023 1:42:00 PM

anyone use this? the question dont seem to follow other formats and terminology i have been studying im getting worried
CANADA


Shuv 10/3/2023 8:19:00 AM

good questions
UNITED STATES


Reb974 8/5/2023 1:44:00 AM

hello are these questions valid for ms-102
CANADA


Mchal 7/20/2023 3:38:00 AM

some questions are wrongly answered but its good nonetheless
POLAND


Sonbir 8/8/2023 1:04:00 PM

how to get system serial number using intune
Anonymous


Manju 10/19/2023 1:19:00 PM

is it really helpful to pass the exam
Anonymous


LeAnne Hair 8/24/2023 12:47:00 PM

#229 in incorrect - all the customers require an annual review
UNITED STATES


Abdul SK 9/28/2023 11:42:00 PM

kindy upload
Anonymous


Aderonke 10/23/2023 12:53:00 PM

fantastic assessment on psm 1
UNITED KINGDOM


SAJI 7/20/2023 2:51:00 AM

56 question correct answer a,b
Anonymous


Raj Kumar 10/23/2023 8:52:00 PM

thank you for providing the q bank
CANADA


piyush keshari 7/7/2023 9:46:00 PM

true quesstions
Anonymous


B.A.J 11/6/2023 7:01:00 AM

i can´t believe ms asks things like this, seems to be only marketing material.
Anonymous


Guss 5/23/2023 12:28:00 PM

hi, could you please add the last update of ns0-527
Anonymous


Rond65 8/22/2023 4:39:00 PM

question #3 refers to vnet4 and vnet5. however, there is no vnet5 listed in the case study (testlet 2).
UNITED STATES


Cheers 12/13/2023 9:55:00 AM

sometimes it may be good some times it may be
GERMANY


Sumita Bose 7/21/2023 1:01:00 AM

qs 4 answer seems wrong- please check
AUSTRALIA


Amit 9/7/2023 12:53:00 AM

very detailed explanation !
HONG KONG


FisherGirl 5/16/2022 10:36:00 PM

the interactive nature of the test engine application makes the preparation process less boring.
NETHERLANDS


Chiranthaka 9/20/2023 11:15:00 AM

very useful.
Anonymous


SK 7/15/2023 3:51:00 AM

complete question dump should be made available for practice.
Anonymous


Gamerrr420 5/25/2022 9:38:00 PM

i just passed my first exam. i got 2 exam dumps as part of the 50% sale. my second exam is under work. once i write that exam i report my result. but so far i am confident.
AUSTRALIA