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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. A broker-dealer cannot legally be

A) a partnership.
B) A broker-dealer can be any of the above.
C) an individual.
D) a sole-proprietorship.

2. Which of the following describes a prohibited practice in the sale of shares of investment companies?
I. Sandy Slacker hands her client the fund's prospectus and tells him that the prospectus will provide him
all that he needs to know about loads and fees associated with the fund.
II. Elliot Eager tells a client who has an investment objective that includes current income that a certain
bond fund has a current yield of 8% and provides the client with a prospectus so that the client can peruse
the average annual returns that the fund has generated in past years when the client has the time.
III. After explaining all the fees and loads involved in two different bond funds as well as the difference
between current yield and total return, Patty shows the client the data on the average annual returns that
the two bond funds provided. She explains to the client that the municipal bond fund has a lower yield
than the similar-risk corporate bond fund because the interest income the client will receive from the
municipal bond fund will be free from federal taxation, while the interest income on the corporate bond
fund is fully taxable.

A) I and III only
B) All the choices describe prohibited practices in the sale of shares of investment companies.
C) I and II only
D) I only

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

A) a bond guaranteed by the Canadian government
B) a stock listed as a NASDAQ National Market Issue.
C) a stock listed on the Tokyo Stock Exchange
D) a bond issued by another state's employees' credit union

4. Iggy recently started his own company. He soon discovered it required more cash to keep it going than he
had anticipated. He ran an ad in the local paper for investors and got a response. He found a template for
a promissory note on the internet, filled in the requisite information specific to the agreement he and the
investor had worked out, and printed it out. On it, he promised to make monthly interest payments of 2%
on the loan and to repay the principal amount at the end of 18 months. A few months after the
arrangement, Iggy read an article in a small business publication that indicated that promissory notes had
to be registered with the state unless they were sold in an exempt transaction, such as one enacted with a
financial institution, prior to being offered for sale. The article indicated that a seller who had sold an
unregistered note in error could remedy the situation by sending the buyer a formal offer to buy the
security back, with interest. Iggy turned to the computer once again, found a form that could be used for a
formal offer of rescission, filled it out, and sent it to the investor. Having done this,

A) Iggy cannot be sued for civil damages if the investor fails to respond to the offer within 30 days.
B) Iggy must wait 6 months for a response from the investor. If no response is received by the end of 6
months, Iggy is off the hook.
C) Iggy will not be assessed any penalties by the Administrator of the state, but the investor can still sue
for damages in civil court.
D) Iggy must follow up with a second notice sent via registered mail if he has not heard from the investor
within 30 days.

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

A) Investment Company Act of 1940
B) Investment Advisers Act of 1940
C) Securities Act of 1933
D) Securities and Exchange Act of 1934

Solutions: