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FINRA Uniform Securities Agent State Law Examination Sample Questions:

1. Which of the following statements would not be in violation of NASAA rules regarding the sale of investment company shares?
I. "Investing your money in shares of this money market mutual fund is identical to putting your money in a savings account at a bank, except the money market fund provides a higher return." II. "Our U.S. government bond fund is invested only in government bonds issued by the U.S. government and is, therefore, a risk-free investment." III. "You are investing $22,000 in this fund today. The fund has a 5% load at this investment level, but if you sign a letter of intent to invest another $3,000 within the next 13 months, your load will be reduced to 4%. If something comes up and you can't invest the extra $3,000 within 13 months, you will only need to pay the difference in the two loads."

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

2. Mr. L. Ranger is an agent for a broker-dealer and has overheard "talk" that a merger between two well-known high-tech companies is about to take place. Mr. Ranger knows that, on average, in these instances the target firm's price spikes. He calls his client and good friend, Mr. Tonto, and tells him of the rumor, suggesting that Tonto might want to buy shares in the target firm. He tells Mr. Tonto that if the rumor isn't true, the target firm's price may not spike at all and may, in fact, decline, and suggests that Mr. Tonto not invest any money he isn't willing to lose. Mr. Ranger knows that his friend likes to gamble, and decided he wouldn't be much of a friend if he didn't inform Tonto of this potential opportunity.
Has Mr. L. Ranger violated any laws or engaged in any prohibited practices?

A) No. Mr. Ranger and Mr. Tonto are friends, so there can be no violations of any laws or practices because of their non-business relationship.
B) No. Mr. Ranger has informed Mr. Tonto that the merger is just a rumor and has informed him of the risk involved. Mr. Ranger is knowledgeable about his friend's risk tolerance level as well and recognizes this investment as one his good friend might want to take.
C) Yes. Mr. Ranger is privy to knowledge that is not available to the general public and both he and Mr.Tonto will be guilty of illegal insider trading if Mr. Tonto trades on Mr. Ranger's information.
D) Yes. Mr. Ranger has engaged in fraud in telling Mr. Tonto about the rumor, given that the merger hasn't been officially announced by the two companies.

3. Which of the following constitutes a non-punitive order?

A) registration denial
B) All of the above are punitive orders.
C) summary license suspension
D) registration cancellation

4. Mr. Noah Scruples is a registered representative with CanDo Broker-Dealers. A client calls and wants Noah to purchase shares of a mutual fund the client has read about. CanDo is not authorized by this particular fund to effect purchases or sales of the fund shares.
Can Noah execute the order anyway?

A) Yes. Since this is an unsolicited trade, Noah can execute the transaction on behalf of his client.
B) No. This is a prohibited practice known as selling away.
C) No. This would be considered money laundering, which is highly illegal.
D) No. This is a prohibited practice known as front running.

5. 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 presents proper identification that proves his relationship to Mr. Sailor, such as a birth certificate.
C) Yes. This is a legitimate request from a client, and you are required to follow the client's instructions.
D) Yes, as long as the son is at least 21 years old and not a minor child.

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