FFL Licensing Procedures & Recordkeeping 4

Question 1

An FFL licensee discovers 3 firearms are missing from inventory during a physical count. What is the required action?

Accepted Answer

Report to ATF within 48 hours of discovery

Answer

FFLs must report the theft or loss of firearms to ATF and local law enforcement within 48 hours of discovering the loss.

Question 2

What is the license fee for a new Type 01 (Dealer) FFL application?

Accepted Answer

$200 for 3 years

Answer

The application fee for a new Type 01 FFL dealer license is $200 for a three-year license term.

Question 3

Under what circumstance may an FFL transfer a firearm without completing a NICS check?

Accepted Answer

When the buyer holds a valid concealed carry permit in most states

Answer

Many states allow NICS exemptions for holders of qualifying concealed carry permits that meet ATF criteria, though this varies by state.

Question 4

How must Form 4473 be stored by the FFL dealer?

Accepted Answer

Either alphabetically, numerically, or chronologically — any consistent system

Answer

ATF regulations permit FFLs to file Form 4473 records alphabetically, numerically, or chronologically as long as a consistent filing system is maintained.

Question 5

A licensed collector (Type 03 C&R FFL) wants to purchase a handgun from a dealer. What requirement applies?

Accepted Answer

Form 4473 and NICS check are still required for handguns

Answer

A Curio & Relic (C&R) FFL does not exempt the holder from Form 4473 and NICS checks when purchasing non-C&R handguns from a dealer.

(FFL) Certified Federal Firearms License Specialist Practice Test

(FFL) Certified Federal Firearms License Specialist Practice Test

FFL Licensing Procedures & Recordkeeping 4