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Series 66 Exam
The Series 66 offers a combined license to act as a Registered Investment Advisor. The license can be studied for and taken independently. It also allows for professionals such as CPA's, Lawyers, Mortgage Brokers and others to offer investment services or refer investment clients to registered brokers for commission sharing.
Sample Test Questions:
1. Under the Uniform Securities Act, the Administrator is empowered to make, amend or rescind any provision of the Act:
a. under no circumstances
b. with the prior consent of North American Securities Administrators Association
c. with the prior consent of the State Securities Commission
d. if the action is necessary and appropriate, and is in the public interest
2. Which of the following are prohibited under the Uniform Securities Act?
I Effecting a public offering of unregistered non-exempt securities
II Failing to tell a customer all facts about a securities transaction
III Failing to tell a customer that a transaction will incur larger than normal expenses
IV Maintaining a discretionary account for a customer
a. I and III only
b. II and IV only
c. I, III, and IV
d. I, II, III, IV
3. A customer has an individual account with a broker-dealer. The customer’s wife calls and instructs the agent handling the account to “Sell out all positions and forward a check immediately; my husband is traveling and he needs a wire transfer”. Under the Uniform Securities Act, the agent:
a. should follow the wife’s instructions
b. may follow the wife’s instructions only after getting written approval of the branch manager
c. may follow the wife’s instructions only if the husband had completed authorization for the wife
d. must open a separate account for the wife to perform the transaction
4. Under the Uniform Securities Act, civil liability may arise if:
I An agent makes deceptive statements about a securities offering
II An agent sells a non-exempt new issue of securities prior to the filing of a registration statement in that State
III An agent fails to guarantee the safety of a new issue securities offering
a. I only
b. II only
c. I and II
d. I, II, III
5. Which of the following individuals are defined as an agent under the Uniform Securities Act?
I An individual who represents an issuer in selling exempt securities
II An individual who represents an issuer in selling non-exempt securities
III An individual who represents a broker-dealer in selling exempt securities
IV An individual who represents a broker-dealer in selling non-exempt securities
a. II and IV only
b. III and IV only
c. II, III, and IV
d. I, II, III, IV
Series 66 Study Material and Home Study Course
American Investment Training - Updated and professional Books and CD's for the Series 66 Exam. AIT offers securities training home study courses.