Series 63 – Uniform Securities Agent State Law Exam Definitions and Registration Requirements

Question 1

Under the Uniform Securities Act, which of the following is NOT considered a security?

Accepted Answer

A fixed annuity

Answer

A variable annuity

Answer

A convertible bond

Answer

An investment contract

Question 2

Under the USA, which of the following persons qualifies as an 'agent'?

Accepted Answer

An individual who represents a broker-dealer in effecting securities transactions

Answer

An individual who represents an issuer selling exempt securities

Answer

A partner of a partnership who effects transactions solely for the partnership

Answer

An officer of an issuer selling only to existing shareholders

Question 3

Which of the following is required for a broker-dealer to legally conduct business in a state under the USA?

Accepted Answer

State registration with the Administrator

Answer

Federal SEC registration only

Answer

FINRA membership only

Answer

Written consent from clients

Question 4

Under the USA, the term 'issuer' refers to which of the following?

Accepted Answer

Any person who has issued or proposes to issue any security

Answer

Any person who offers securities for sale

Answer

Only corporations that issue common stock

Answer

Only entities registered with the SEC

Question 5

Who is the state official responsible for administering the Uniform Securities Act in a state?

Accepted Answer

The Administrator

Answer

The Secretary of State

Answer

The Attorney General

Answer

The State Treasurer

Question 6

Under the USA, how long is an initial registration effective once granted?

Accepted Answer

Until December 31 of the year granted, unless renewed

Answer

Six months from the date of grant

Answer

Two years from the date of grant

Answer

Indefinitely unless revoked