Series 63 – Uniform Securities Agent State Law Exam Definitions and Registration Requirements 1

Question 1

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

Accepted Answer

A fixed annuity

Answer

Fixed annuities are insurance products, not securities, and are therefore excluded from the definition of a security under the USA.

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 agent is any individual who represents a broker-dealer or issuer in effecting or attempting to effect transactions in securities.

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

Broker-dealers must register with the state Administrator unless they qualify for an exemption or are federally covered.

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

Under the USA, an issuer is broadly defined as any person who has issued or proposes to issue any security.

Question 5

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

Accepted Answer

The Administrator

Answer

The Administrator is the state official or agency designated to administer and enforce the provisions of the USA.

Series 63 – Uniform Securities Agent State Law Exam Practice Test