Free Series 63 Practice Exam
More than 300 questions · Updated Nov 3, 2026
The Series 63 (Uniform Securities Agent State Law Examination) covers state securities regulations and ethical practices for agents. It is administered by FINRA on behalf of NASAA.
Series 63 at a glance
- Time
- 75 minutes
- Passing score
- 72% (43 of 60 scored questions)
Full exam format
Exam format: 65 multiple-choice questions (60 scored, 5 unscored/pretest), 75 minutes, closed-book, computer-based at Prometric test centers. Passing score: 72% (43 of 60 scored questions). This site has more than 300 free Series 63 practice questions with explanations.
Try a few Series 63 questions
A broker-dealer is permanently enjoined by a federal court from continuing securities business, based on a fraud finding. The firm is also registered in State Q. Can the State Q Administrator act on its registration?
- A.Yes, because being subject to such an injunction is a statutory ground for revoking or suspending registration.
- B.No, because State Q must complete its own independent investigation of the underlying conduct.
- C.No, unless the court's order specifically names customers in State Q.
- D.Yes, but State Q must first obtain its own court order, since an out-of-state order cannot support administrative action.
Show answer and explanationHide answer
Correct answer: A. Yes, because being subject to such an injunction is a statutory ground for revoking or suspending registration.
A court injunction against engaging in securities business is a listed ground on which the Administrator may deny, suspend, or revoke registration. The Administrator can rely on the order without repeating the underlying investigation.
- A. Correct. The injunction itself is a ground for administrative action.
- B. A separate investigation is not required when a listed ground already exists.
- C. The statute does not require that the order name customers in the state.
- D. No court order is required for administrative action on a statutory ground.
A private individual who is not in the securities business sells a block of closely-held company stock she has personally owned for years to a single acquaintance, in a one-time transaction with no plan for further sales. This is most likely treated as:
- A.An isolated nonissuer transaction, exempt from registration
- B.A distribution by an issuer requiring full registration
- C.Exempt if she effects the sale through a registered broker-dealer, but not if she completes the sale directly with the buyer
- D.Automatically fraudulent because it was not registered
Show answer and explanationHide answer
Correct answer: A. An isolated nonissuer transaction, exempt from registration
A single, non-recurring nonissuer transaction (a sale by someone other than the issuer, not part of a pattern of successive transactions) qualifies as an exempt isolated nonissuer transaction, whether or not a broker-dealer is used to effect it.
- A. Correct. A one-time sale by a private individual not in the securities business, with no plan for further sales, is a classic isolated nonissuer transaction exempt from registration.
- B. The seller is a private individual, not the issuer, so this isn't an issuer distribution requiring full registration.
- C. The isolated nonissuer exemption doesn't depend on whether a registered broker-dealer effects the sale; a direct one-time sale qualifies just as well.
- D. The transaction isn't automatically fraudulent. It fits squarely within the isolated nonissuer exemption from registration.
- Source: 15 U.S.C. § 77d
A securities agent employed by Broker-Dealer X wants to act for unrelated Broker-Dealer Y in the same state on evenings and weekends. Both firms are already registered there. What should the agent conclude before soliciting on Y's behalf?
- A.The agent's existing registration through X extends to work for Y, since both firms are registered in the same state.
- B.Applicable association and registration requirements for the additional broker-dealer must be satisfied before acting for Y.
- C.Evening and weekend solicitation for Y counts as outside activity and does not call for any registration with Y.
- D.Having passed the Series 63 exam qualifies the agent to solicit for Y without any separate registration with that firm.
Show answer and explanationHide answer
Correct answer: B. Applicable association and registration requirements for the additional broker-dealer must be satisfied before acting for Y.
An agent's authority depends on registration with, and association requirements for, each employing broker-dealer, not on exam results or on registration through another firm. The agent must satisfy those requirements for Y before soliciting for it.
- A. Incorrect. An agent's registration is tied to a specific employing broker-dealer. X's registration does not carry over to an unrelated firm, so Y must register the agent before the agent acts for it, even if both firms are registered in the state.
- B. Registration and association requirements for the additional broker-dealer must be met before acting for it.
- C. Incorrect. Registration depends on whom the agent represents in effecting securities transactions, not on when the work is done. Soliciting for Y at night or on weekends is still acting as Y's agent and requires registration with Y.
- D. Incorrect. The Series 63 exam is only a qualification requirement. The agent still has to be registered through each broker-dealer the agent represents, so a passing score does not authorize work for Y.
Practice the Series 63
Work through exam-style questions for the Uniform Securities Agent State Law Examination (Series 63), one at a time, with an explanation after each answer. No account required. Sign in only if you want your progress synced across devices.
Questions are drafted with help from AI and published only after a person reviews and approves them. How these questions are made
What’s on the Series 63
Regulations of Investment Advisers, Including State-Registered and Federal Covered Advisers5%
Definitions of Investment Advisers
Covers what legally makes a person or firm an 'investment adviser' under state and federal definitions.
Activities requiring registration and exclusions from registration
Covers which advisory activities trigger state or federal registration duties, and which professionals or activities are excluded.
Regulations of Investment Adviser Representatives5%
Definition of an Investment Adviser Representative
Covers who qualifies as an IAR under the Uniform Securities Act.
Activities requiring registration and exclusions from registration
Covers which functions performed by an individual require IAR registration, and carve-outs from that requirement.
Regulations of Broker-Dealers12%
Definition of a Broker-Dealer
Covers how a firm is classified as a broker-dealer versus other market participants.
Registration and post-registration requirements
Covers the process and ongoing obligations of state broker-dealer registration, plus which firms or activities are exempt.
Broker-Dealer Agent supervision
Covers a firm's duty to supervise its registered agents' conduct and sales activity.
Regulations of Agents of Broker-Dealers13%
Definition of an Agent of a Broker-Dealer
Covers the legal definition of an 'agent' who sells securities on behalf of a broker-dealer or issuer.
Registration and post-registration requirements
Covers agent registration steps, activities that trigger or are excluded from registration, and required uniform-form updates (e.g., Form U4) as an agent's circumstances change.
Regulations of Securities and Issuers9%
Definition of securities and issuers
Covers what counts as a 'security' (including the Howey test) and who is an issuer.
State registration and post-registration requirements
Covers the process for registering securities offerings at the state level.
Exemptions from registration
Covers which securities or transactions are exempt from state registration requirements.
State enforcement and antifraud authority
Covers state regulators' power to police fraudulent securities offerings.
Remedies and Administrative Provisions11%
Authority of state securities Administrator
Covers the powers granted to a state's chief securities regulator, including investigation and rulemaking authority.
Administrative actions
Covers regulatory remedies such as denial, suspension, or revocation of registration.
Other penalties and liabilities
Covers civil and criminal liability that can result from securities law violations, including private rights of action.
Communication with Customers and Prospects20%
Required product disclosures
Covers information that must be disclosed to customers about a product before or at the time of sale.
Unlawful representations concerning broker-dealer agent registration
Covers the rule that agent registration cannot be implied as a regulatory endorsement of the agent's competence.
Performance guarantees prohibition
Covers the ban on promising or guaranteeing investment returns to customers.
Customer agreements (new account, margin, options)
Covers required documentation and disclosures when opening standard, margin, or options-trading accounts.
Correspondence and advertising (social media, email/digital messaging, website/internet communications)
Covers recordkeeping and content rules for customer communications across traditional and digital/social channels.
Ethical Practices and Obligations25%
Compensation (fees, commissions, markups, disclosure of compensation)
Covers permissible ways agents and firms are paid and the duty to disclose compensation arrangements to clients.
Customer funds and securities (custody, discretion, trading authorization, standard of care)
Covers rules on holding client assets, exercising discretionary authority, and the fiduciary/suitability standards owed to customers.
Conflicts of interest, criminal activities, and other ethics issues
Covers prohibited conduct including excessive trading (churning), improper loans with customers, sharing in account profits/losses, insider trading, selling away, market manipulation, undisclosed outside accounts, financial exploitation of vulnerable adults, and other dishonest practices.
Practice Series 63 by topic
- Administrative Provisions and Enforcement
- Antifraud Provisions
- Broker-Dealer and Agent Registration
- Client Types and Compensation
- Fiduciary Duty
- Investment Adviser Registration
- Post-Registration Requirements
- Prohibited Communications
- Suitability and Communications
- Unethical Practices: Broker-Dealers and Agents
About the Series 63 exam
- Number of questions
- 65 total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate)
- Prerequisites
- None. No corequisite FINRA exam is required; candidates are scheduled either by a sponsoring FINRA member firm via Form U4/WebCRD, or independently through FINRA's Test Enrollment Services if not associated with a member firm.
- Format
- 65 multiple-choice questions (60 scored, 5 unscored/pretest), 75 minutes, closed-book, computer-based at Prometric test centers
- Level
- State registration law exam for broker-dealer agents; no other exam is a prerequisite, and it is typically taken alongside a products exam (e.g., Series 6 or Series 7) to complete state licensing.
- Who it's for
- Individuals seeking state registration as a broker-dealer agent (securities salesperson); commonly pursued together with the Series 6 or Series 7 as part of full state licensing.
Series 63 exam FAQ
How many questions are on the Series 63 exam?
65 total questions (60 scored toward the final result, 5 unscored pretest questions interspersed and not identifiable to the candidate)
What is a passing score on the Series 63?
72% (43 of 60 scored questions)
What is the format of the Series 63 exam?
65 multiple-choice questions (60 scored, 5 unscored/pretest), 75 minutes, closed-book, computer-based at Prometric test centers
Are there prerequisites for the Series 63?
None. No corequisite FINRA exam is required; candidates are scheduled either by a sponsoring FINRA member firm via Form U4/WebCRD, or independently through FINRA's Test Enrollment Services if not associated with a member firm.
Who should take the Series 63?
Individuals seeking state registration as a broker-dealer agent (securities salesperson); commonly pursued together with the Series 6 or Series 7 as part of full state licensing.
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