Free NASAA Series 63 (Uniform Securities Agent State Law Examination) Regulation of Agents of Broker-Dealers Practice Questions
Regulation of agents of broker-dealers on the NASAA Series 63 exam covers agent registration requirements, termination procedures, compensation limitations, and prohibited practices under state securities law.
90 questions26 easy42 medium22 hard2026 syllabus
Sample Questions
Question 1
Easy
An agent's registration with the Administrator becomes effective at what time?
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Correct Answer: D
Solution
D is correct. Under the Uniform Securities Act, an application for registration (including that of an agent) becomes effective at noon of the 30th day after a complete application has been filed, provided no denial order is in effect and no proceeding is pending.
Question 2
Medium
When a registered agent terminates employment with one broker-dealer to join another, all of the following are true under the Uniform Securities Act EXCEPT:
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Correct Answer: B
Solution
B is correct. A state registration is tied to a specific broker-dealer; it does not move automatically when the agent changes firms. The prior firm must file Form U5 to terminate the registration, and the new firm must file a Form U4 to register the agent before the agent acts on its behalf. Notice of the termination is the joint responsibility of the agent and both broker-dealers.
Question 3
Hard
Dashiell, a registered agent in States X and Y, experiences several events within the same month. Under the Uniform Securities Act and the uniform registration forms, each event obligates him to act as described EXCEPT:
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Correct Answer: C
Solution
C is correct. Completing a continuing education session is an internal training requirement and is not information reported on Form U4, so it triggers no amendment. The remaining events are each reportable: a new residential address is a material change, a felony charge is a criminal disclosure even when unrelated to securities, and a customer complaint settled for $40,000 exceeds the reporting threshold for settled sales-practice complaints. Each of those events requires a Form U4 amendment.
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