An investment adviser with its only office in one state manages $125 million in client assets and does not advise a registered investment company. The adviser must:

register with the SEC and make any notice filing its home state requires

register only with its home state Administrator

choose between SEC registration and state registration

register with both the SEC and its home state as a state-registered adviser

Which statement about supervision of investment adviser representatives is TRUE?

The adviser may be sanctioned for failing to reasonably supervise its IARs

IARs of state-registered advisers are supervised directly by the Administrator, not the firm

Supervisory duties apply only to IARs who have discretionary authority

An adviser is relieved of supervisory duties if the IAR holds a CFP designation

An investment adviser wants an individual whose IAR application is still pending to meet prospects and recommend portfolios. Which statement is TRUE?

The adviser may not employ him in that capacity until his registration is effective

It is permitted, since the individual's application has already been filed with the state

It is permitted, provided a registered IAR of the firm attends every client meeting

It is permitted for up to 90 days while the Administrator reviews the application

A broker-dealer with no place of business in Florida receives an order from an existing customer, a New York resident, while she is vacationing in Florida. The broker-dealer:

need not register in Florida to handle this order

must register in Florida before accepting the order

may accept only unsolicited orders for exempt securities

must first obtain the Florida Administrator's written consent

When information in a broker-dealer's registration application becomes materially inaccurate, the firm must:

promptly file an amendment correcting the information

correct the information when it next renews its registration

notify only the customers affected by the inaccuracy in writing

withdraw its registration and file a new application

Under the 1956 Uniform Securities Act, registration of a broker-dealer automatically constitutes registration of:

any agent who is a partner, officer, or director

all sales agents the firm employs in the state

all of the firm's clerical and operations employees

the investment adviser affiliated with the firm

Without cause, a broker-dealer routinely takes several weeks to send customers their free credit balances after they request them. This is:

an unethical pattern of unreasonable delay in paying free credit balances

permissible, if the firm pays interest on the balances

permissible, since the balances belong to the firm until a written request

a violation only if SIPC limits are exceeded

As part of the registration process, the Administrator may require an agent applicant to:

hold a college degree in finance

maintain minimum net capital of $25,000

An individual employed by a broker-dealer sells only municipal bonds to retail customers in the state. The individual:

must register as an agent, because the exemption covers the bonds, not the seller

need not register, because municipal bonds are exempt securities under the Act

must register only with the MSRB, because the bonds are municipal securities

need not register, as long as all of his sales are made on an unsolicited basis to customers

Free Series 63 Practice Test

Take free, original Series 63 practice questions weighted to the official outline, with an explanation after every answer and a score for each section at the end.

Updated 2026-09-23 · 2 sources · By the SeriesPrepKit team

Free Series 63 practice test

Series 63 practice questions

A registered broker-dealer begins offering financial plans, billed separately at $2,500 per plan. Which statement is TRUE?

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How the real Series 63 is weighted

Our free questions are drawn across these sections. Source: NASAA - Series 63 Test Specifications (effective June 12, 2023).
Outline section	Weight	Scored questions
I. Regulation of Investment Advisers	5%	3
II. Regulation of Investment Adviser Representatives	5%	3
III. Regulation of Broker-Dealers	12%	7
IV. Regulation of Agents of Broker-Dealers	13%	8
V. Regulation of Securities and Issuers	9%	5
VI. Remedies and Administrative Provisions	11%	7
VII. Communication with Customers and Prospects	20%	12
VIII. Ethical Practices and Obligations	25%	15

How the real exam is scored

NASAA scores the Series 63 as a raw count: you pass with 43 of 60 scored questions. Unscored pretest items (5 on your exam) do not count and are not identified, so answer every question. There is no penalty for guessing.

Format: 60 scored + 5 unscored multiple-choice questions, four answer choices each.
Time: 75 min.
Delivery: Test center; NASAA allows online testing only by accommodation.

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SIE, Series 6, 7, 63, 65 and 66 in one prep course: 1,706 outline-weighted practice questions with explanations, section drills and timed full-length exams. One-time payment, 12 months of access, emailed to you after purchase.

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Frequently asked questions

Is this Series 63 practice test free?

Yes. The sample questions on this page are free with explanations and no account. The full bank, drills and timed exams are part of paid access ($39 one-time, every exam).

Are these real Series 63 exam questions?

No. Live exam content is confidential. These are original questions written to the published NASAA outline.

How many questions are on the real Series 63?

60 scored plus 5 unscored pretest questions, with 75 min to finish.

What score should I get on practice tests before the real Series 63?

There is no official conversion. As a rule of thumb, book the exam once you score comfortably above the passing mark on several timed full-length tests and no single section is dragging.

Sources

FINRA - Series 63 Uniform Securities Agent State Law Exam (accessed 2026-09-23)
NASAA - Series 63 Test Specifications (effective June 12, 2023) (accessed 2026-09-23)

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