Series 66 – Uniform Combined State Law Exam Dispute Resolution & Mediation 2

Question 1

Under FINRA's Code of Arbitration Procedure for customer disputes, within how many years of the occurrence or event giving rise to a claim must the claim be filed to be eligible for arbitration?

Accepted Answer

Six years

Answer

FINRA Rule 12206 makes a claim ineligible once six years have elapsed from the occurrence or event.

Question 2

A customer demands arbitration against a member firm over a dispute arising from the firm's securities business. What is the firm's obligation under FINRA rules?

Accepted Answer

It must arbitrate if the customer requests it

Answer

FINRA Rule 12200 requires members to arbitrate at the customer's request even without a written agreement.

Question 3

Which statement best describes mediation?

Accepted Answer

A neutral third party helps the parties reach a voluntary settlement

Answer

A mediator facilitates negotiation but has no power to impose a decision.

Question 4

Under FINRA simplified arbitration, claims of what amount or less are decided by a single arbitrator, typically on the papers?

Accepted Answer

$50,000

Answer

FINRA Rule 12800 applies simplified procedures to claims of $50,000 or less, exclusive of interest and expenses.

Question 5

How soon must a party pay a FINRA arbitration award after receiving it, unless a motion to vacate has been filed?

Accepted Answer

30 days

Answer

FINRA Rule 12904 requires payment of awards within 30 days of receipt.

Series 66 – Uniform Combined State Law Exam Practice Test

Series 66 – Uniform Combined State Law Exam Practice Test

Series 66 – Uniform Combined State Law Exam Dispute Resolution & Mediation 2