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Free Series 66 Sample Exam Questions Results

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Exam: Free Series 66 Sample Exam Questions
Time Spent: 00 hours 4 minutes 20 seconds
Max. Marks: 10
Marks Obtained: 7
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Q. No Question Correct Answer Your Answer Explanation
1. An investment adviser has a new client sign a form before opening the account that says that the investment adviser does not follow any prudent investment guidelines. The investment adviser then engages in very risky trading (more than the client would like). The client: Can take action because the clause is unenforceable Can take action against the investment adviser because they did not inform them they were waiving their rights

A client may never sign any form or agree to waive their rights to sue an adviser. Any form or clause under which a client waves their rights would be unenforceable.

2. An investment adviser is registered with their home state on June 15th, when do they have to re-register? December 31st December 31st

All registrations at the state level must be renewed or re registered on December 31st of every year.

3. An investment adviser works with an 82 year old woman. Her 50 year old son will be the Executor of her estate. The son calls the investment adviser saying he thinks that his mother’s investments are out of line with what her objectives should be and wants information on the account. The investment adviser: Should not provide the information because the son will be the Executor Should not provide the information because the son will be the Executor

An investment adviser may not disclose any client information to a third party without the written permission of the client or without a court order or subpoena. The fact that the son will be the Executor of the estate is not relevant while his mother, the client is alive.

4. I & IV II & IV

If an investment adviser opens accounts for 11 individuals or opens an office in state B the investment adviser would be required to register in state B.

5. In which way is the value of money correlated to the CPI as the CPI goes up? The value of money goes down The value of money goes down
6. I, II & III I, II & III

An administrator may do all of the items listed except execute a search warrant. A court order is required to execute a search warrant.

7. I, II & III I, II & III

When an agent leaves a firm the agent, the old firm and the new firm are all required to notify the administrator. The agent is not required to contact the clients to tell them that he is leaving.

8. Which of the following issuers is required to register their securities with the administrator? An issuer of common stock listed on the Toronto Stock Exchange An issuer of common stock listed on the Toronto Stock Exchange

The issuer of common stock listed on the Toronto Stock Exchange would have to register the securities with the state administrator

9. I & II I only

Both the weak and semi strong views of the efficient market hypothesis believe that unknown inside information is not reflected in asset prices and could be used to earn a profit. The weak view of this theory believes that prices in the market place reflect only past information regarding a security. The semi strong view believes that prices reflect all past and current publicly available information regarding a security. The strong view believes that past, present and even nonpublic information is already reflected in a security’s price.

10. Your advisory company charges fees to clients for both advice and transactions. This is: Alowed if you disclose the fact to clients Alowed if you disclose the fact to clients

An advisory company many charge fees for advice and receive commissions for executing orders for the clients so long as it is disclosed to the clients.

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