FFL Licensing Procedures & Recordkeeping 2

Question 1

How long must an FFL holder retain the Acquisition and Disposition (A&D) record after discontinuing business?

Accepted Answer

20 years

Answer

Federal regulations require FFLs to retain A&D records for 20 years, and upon business discontinuation, records must be forwarded to the ATF Out-of-Business Records Center.

Question 2

What ATF form must be completed when a licensed dealer transfers a firearm to an unlicensed individual?

Accepted Answer

ATF Form 4473

Answer

ATF Form 4473 (Firearms Transaction Record) must be completed for every over-the-counter transfer from an FFL to a non-licensed person.

Question 3

A pawnbroker FFL receives a firearm as collateral. Within what timeframe must this acquisition be recorded in the bound book?

Accepted Answer

By the end of the next business day

Answer

ATF regulations require FFLs to record acquisitions no later than the close of the next business day following the receipt of the firearm.

Question 4

Which of the following is NOT a required element on ATF Form 4473?

Accepted Answer

Transferee's Social Security Number

Answer

Social Security Numbers are optional on Form 4473; the form requires identity information but SSN is not mandatory.

Question 5

An FFL's license expires while they still have firearms inventory. What must they do?

Accepted Answer

Cease all firearms transactions immediately

Answer

Upon license expiration, an FFL must cease all firearms business activities immediately until a new license is issued.

(FFL) Certified Federal Firearms License Specialist Practice Test

(FFL) Certified Federal Firearms License Specialist Practice Test

FFL Licensing Procedures & Recordkeeping 2