CFA Legal Compliance & Documentation Standards 2

Question 1

Which ATF form must a licensed dealer complete when transferring a firearm to a non-licensed buyer?

Accepted Answer

ATF Form 4473

Answer

ATF Form 4473 (Firearms Transaction Record) is required for every over-the-counter transfer from an FFL to a non-licensed individual.

Question 2

How long is a federally licensed dealer required to retain completed ATF Form 4473 records?

Accepted Answer

20 years or until the licensee goes out of business

Answer

FFLs must retain Form 4473 for at least 20 years, and upon business closure must surrender all records to the ATF out-of-business (OOB) records center.

Question 3

Under the Gun Control Act, which of the following makes an individual a 'prohibited person' barred from possessing firearms?

Accepted Answer

Being subject to a qualifying domestic violence protective order

Answer

18 U.S.C. § 922(g)(8) prohibits firearm possession by persons subject to certain domestic violence restraining orders meeting specific criteria.

Question 4

A firearm appraiser discovers a serialized rifle has had its serial number partially obliterated by a previous owner. What is the correct legal response?

Accepted Answer

Decline to appraise and advise the owner to contact ATF

Answer

Possession of a firearm with an obliterated serial number is a federal felony under 18 U.S.C. § 922(k); the appraiser should not take custody and should direct the owner to the ATF.

Question 5

Which federal law established the National Instant Criminal Background Check System (NICS)?

Accepted Answer

The Brady Handgun Violence Prevention Act of 1993

Answer

The Brady Act mandated the creation of NICS, which the FBI administers to conduct background checks on prospective firearm purchasers.

CFA Practice Test

CFA Practice Test

CFA Legal Compliance & Documentation Standards 2

CFA Practice Test

CFA Legal Compliance & Documentation Standards​ 2

CFA Legal Compliance & Documentation Standards 2