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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Mr. and Mrs. Cleaver are nearing retirement and have made an appointment with Mr. Eddie, an
investment adviser representative who works for Haskell Investment Advisers, to get advice on how they
can better structure their investments to meet their retirement goals. Their son, Theodore, who has
recently graduated college and has a great job as a software writer for a video game company,
accompanies them. Mr. Eddie explains that the main goal of any plan is diversification and recommends
that Mr. and Mrs. Cleaver spread their investment monies equally among six load mutual funds that Mr.
Eddie can sell them. He suggests that Theodore follow suit and invest any monies he has equally among
the same ten funds. Has Mr. Eddie done anything wrong?

A) Yes. Clients who are ready to retire have different investment needs than a client who is just entering
the work force. The recommendation that both Theodore and his parents have the same asset allocation
is clearly unsuitable.
B) No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.
C) Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better
investments.
D) Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.

2. The discretionary powers over a clients' accounts differ between broker-dealers and investment advisers
in that

A) An investment adviser can execute a discretionary transaction for a client upon receiving only verbal
authority initially, followed up by written authority to be received within 10 days of the order, whereas a
broker-dealer must require that written authority for the transaction is in the mail before proceeding with
the transaction.
B) A broker-dealer can execute a discretionary transaction for a client upon receiving only verbal authority
initially, followed up by written authority to be received within 10 days of the order, whereas an investment
adviser must require that written authority for the transaction is provided before the transaction even takes
place.
C) A broker-dealer can execute a discretionary transaction for a client upon receiving only verbal authority
initially, followed up by written authority to be received within 10 days of the order, whereas an investment
adviser must require that written authority for the transaction is in the mail before proceeding with the
transaction.
D) An investment adviser can execute a discretionary transaction for a client upon receiving only verbal
authority initially, followed up by written authority to be received within 10 days of the order, whereas a
broker-dealer must require that written authority for the transaction is provided before the transaction
even takes place.

3. Most individual state securities laws today are based on:

A) the National Securities Markets Improvement Act of 1996.
B) the Uniform Securities Act of 2002.
C) the Uniform Securities Act of 1956.
D) the Gramm-Leach-Bliley Act of 1999.

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

A) Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy
and sell bonds and option contracts.
B) 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.
C) Agents conduct their business exclusively in the secondary market, while broker-dealers also operate
in the primary market.
D) A broker-dealer must be licensed in the state in which he conducts business, but there are no separate
licensing requirements for agents.

5. A margin transaction refers to a transaction

A) Both A and C are true statements.
B) in which a registered agent makes trades on a customer's account without that customer's knowledge.
C) that is illegal under the guidelines of the Uniform Securities Act.
D) in which the client borrows some of the money that he is investing.

Solutions: