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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Mr. and Mrs. Cleaver are nearing retirement and have made an appointment with Mr. Eddie, an
investment adviser representative who works for Haskell Investment Advisers, to get advice on how they
can better structure their investments to meet their retirement goals. Their son, Theodore, who has
recently graduated college and has a great job as a software writer for a video game company,
accompanies them. Mr. Eddie explains that the main goal of any plan is diversification and recommends
that Mr. and Mrs. Cleaver spread their investment monies equally among six load mutual funds that Mr.
Eddie can sell them. He suggests that Theodore follow suit and invest any monies he has equally among
the same ten funds. Has Mr. Eddie done anything wrong?

A) Yes. Clients who are ready to retire have different investment needs than a client who is just entering
the work force. The recommendation that both Theodore and his parents have the same asset allocation
is clearly unsuitable.
B) Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.
C) Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better
investments.
D) No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.

2. Mr. Sailor is cruising through the Bahamas when he learns that a healthcare company in which he owns
stock is being sued by former patients, doctors, nurses, and even the federal government. He doesn't
have his broker's number handy, and he doesn't have internet access, so he calls his son and tells him to
call the broker and instruct the broker to sell his shares. As a registered agent for his broker, you take the
call. Should you execute this transaction?

A) No, not unless you and your broker-dealer have a written document that gives Mr. Sailor's son the
power-of-attorney to trade on his account.
B) Yes, as long as the son is at least 21 years old and not a minor child.
C) Yes, as long as the son presents proper identification that proves his relationship to Mr. Sailor, such as
a birth certificate.
D) Yes. This is a legitimate request from a client, and you are required to follow the client's instructions.

3. Nat Smart was employed as an investment adviser representative and sold many of his clients on a
municipal bond fund of which he was fond, telling his clients that the returns earned on it were completely
free from federal taxation. Unfortunately, he had some unhappy clients when, at the end of the year, they
discovered that they had to pay federal tax on the capital gains earned by the fund when it sold some of
the bonds it held. Nat was as surprised as they were. Based on these facts, which of the following
statements is necessarily true?
I. Because Nat was as surprised as they were, he is guiltless.
II. Nat is subject to civil liability payments.
III. Nat will be subject to the criminal penalties for fraud and may spend time in prison.

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

4. An agent working for a broker-dealer mistakenly sends an investment adviser some bonds that the
adviser purchased on behalf of his client instead of directing the bonds to the financial institution that is
serving as the qualified custodian of the client's funds. If the investment adviser wants to avoid being
considered custodian of this client's account, what must the adviser do?

A) Record what securities were sent, when he received them, and when he forwarded them--which must
be within twenty-four hours-to his client.
B) Record what securities were sent, when he received them, and when he forwarded them--which must
be within three business days-to his client.
C) Record what securities were sent, when he received them, and when he forwarded them--which must
be within twenty-four hours-to the qualified custodian of the client's funds.
D) Record what securities were sent, when he received them, and when he forwarded them--which

5. John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family
of load funds that it encourages its representatives to promote. Representatives of the firm that sell
shares in these funds to their clients receive a greater share of the load than they do if they sell load funds
offered by other firms. Based on these facts, which of the following statements is true?

A) John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them
and has a fiduciary responsibility to them.
B) If, after reviewing the information form a client has filled out, John believes that one of Load's funds is
an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure
requirement necessary if the recommendation is a sound one that can be proved to be based on the
client's specific situation.
C) Both A and B are true.
D) John must provide his clients with a written disclosure that he will receive a greater remuneration for
selling shares in the Load family of funds than if he sells them shares in other funds before he provides his
clients with any investment advice.

Solutions: