Free Finra Series-63 Exam Actual Questions

The questions for Series-63 were last updated On Apr 23, 2025

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Question No. 1

Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed every material fact, how long does the Administrator have after the effective date of the registration to commence a proceeding to deny, suspend, or revoke that person's license based on those facts?

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Correct Answer: C

If a person has appropriately and truthfully disclosed every material fact on its application for registration, the Administrator has 90 days after the registration becomes effective to commence a proceeding to deny, suspend, or revoke the license. If the Administrator has known about the fact for longer than this, he may not begin a proceeding against that person according to the Uniform Securities Act.


Question No. 2

Registration by coordination is provided for by which of the following federal securities acts?

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Correct Answer: A

The Securities Act of 1933 is the Act that requires that all new securities be registered and provides for registration by coordination.


Question No. 3

Alter Advisers & Associates is a small investment adviser partnership registered only in a single state. One of the partners has died, and the surviving spouse has sold that partnership interest to the surviving partners.

Which of the following statements are true?

I . Alter Advisers must inform the state Administrator of this event.

II . Alter Advisers must inform the SEC of this event.

III . Alter Advisers must notify the firm's clients of this event.

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Correct Answer: C

Only Selections I and III are correct. If one of the partners dies, Alter Advisers must inform both the state Administrator and the firm's clients of this event. This represents a change in the partnership. The SEC need not be notified since Alter Advisers is not registered with the SEC.


Question No. 4

Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment.

Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the Administrator?

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Correct Answer: D

Under the guidelines of the USA, when Maddie quits her job as a registered agent with QuikDeals, both QuikDeals and Maddie are responsible for notifying the Administrator. Both the broker-dealer and the agent involved are required to notify the Administrator whenever an agent begins or ends her association with the broker-dealer.


Question No. 5

BigCash Broker-Dealers is registered in the state and is in the process of purchasing a smaller broker-dealer, Target Investments, as a subsidiary. Target Investments is also registered in the state.

After completing the purchase, what actions must BigCash take regarding registration of its new subsidiary?

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Correct Answer: B

After completing the purchase, BigCash will have to file a new registration application for its new subsidiary, but BigCash can utilize the remainder of any annual filing fees that Target Investments had paid for the year. Although registration applications are never transferable, annual filing fees are.