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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney
mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced
the client for the bonus. Has MoeMoney violated any securities laws?

A) Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio
it manages loses money.
B) Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio.
C) Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act.
D) No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its
agreement with YourMoney.

2. Which of the following describes an investment adviser that is not required to register with the state
Administrator?

A) CanDo Broker-Dealers is a state-registered broker-dealer. It has begun to offer asset management
services to a few of its wealthier clients for a small management fee equal to 0.1% of the assets under
management.
B) Financial Freedom Investment Advisers has no offices in the state although it does advise six wealthy
individuals who are residents of the state.
C) Buckeye Investment Advisers has no offices in the state, but it provides portfolio management services
to an insurance company located in the state.
D) MoeMoney Investment Advisers, LLC has an office in the state with a client base of fifty individuals.

3. A-2-Z Associates is a full service brokerage and is also in the investment advisory industry, charging its
clients for investment advice for additional remuneration. Which of the following statements is true?

A) A-2-Z can charge the client only an advisory fee when it is serving as an investment adviser; no
commissions may be collected.
B) A-2-Z can charge the client both an advisory fee for its advice and a commission on any trade the client
makes based on the advice. This is all laid out in the advertising brochures full service brokerage firms
like A-2-Z provide their prospective clients.
C) A-2-Z can charge the client both an advisory fee for its advice and a commission for the execution of a
trade based on that advice, but it must inform the client of its potential conflict of interest in doing so and
get the client's written consent.
D) A-2-Z can charge an individual client an advisory fee for its advice or a commission when it executes a
trade that the client makes based on that advice, but not both.

4. Which of the following would not be a prohibited activity for a broker-dealer?
I. A broker-dealer tells a client that a municipal revenue bond offered by the city of Boston, Massachusetts
is almost risk-free because it is backed by the taxes paid to the city, and the city generates a lot of tax
dollars.
II. A broker-dealer sells a client some bonds that the broker-dealer has in its portfolio, after informing the
client that it is acting as a seller in the transaction.
III. A broker-dealer purchases some stock that a client is selling for its own portfolio, after informing the
client that it is acting as a buyer in the transaction.
IV. A broker-dealer purchases 1,000 shares of Southwest Airlines for a client who calls and asks the
broker-dealer to buy some shares of a domestic airline stock at a good price for him and receives written
discretionary authority from the client two days later, prior to the settlement date.

A) I and IV only
B) II and III only
C) II, III and IV only
D) I only

5. Ari Gaunt is a registered agent employed by Small &Associates Broker-Dealers. He has been notified of a
hearing regarding the revocation of his license for making unauthorized trades on some of his clients'
accounts. Which of the following statements is necessarily true?

A) The Administrator of the state can assess Ari with both civil and criminal penalties.
B) If Ari is found guilty and has his license revoked, Small & Associates will be subject to a fine.
C) If Ari is found guilty and has his license revoked, Small & Associates will have its license revoked as
well and must reapply for reinstatement by filling out an application and paying the requisite filing fees.
D) If Ari is found guilty and has his license revoked, he can appeal the decision in a court of law if he files
the appeal within sixty days.

Solutions: