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Series 63 practice questions

The Series 63 (Uniform Securities Agent State Law) covers state securities rules and ethics for agents. Most states require it to sell securities to their residents.

The Series 63 exam at a glance

Scored questions
60
Time
1 h 15 min
Passing score
About 72% (43 of 60)
Fee
$147
Sponsorship
No sponsor needed
Prerequisites
Often taken with the Series 6 or 7

Checked by ELLE in October 2026. Exams change, so always confirm on the official site before you book.

Try 5 free questions

1 Under the Uniform Securities Act, which of these people is generally NOT an agent?

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Answer: B. An agent represents a broker-dealer or issuer in effecting or trying to effect securities transactions. Clerical and administrative staff who don’t take part in sales are not agents.

2 Which of these is an exempt security under the Uniform Securities Act?

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Answer: B. Securities issued or guaranteed by the U.S. government are exempt from state registration. The anti-fraud rules still apply to every security, exempt or not.

3 An agent wants to borrow money from a customer. In which case is this generally allowed?

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Answer: C. Borrowing from customers is generally an unethical practice. The main exception is a customer that is a financial institution in the business of lending, such as a bank. Firms may allow a few others, like family members, only under their written procedures.

4 Under the Uniform Securities Act, how long does a client have to bring a civil suit?

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Answer: B. The civil statute of limitations is 2 years from discovery or 3 years from the violation, whichever is earlier.

5 An agent promises a customer that she will not lose money on a recommended stock. This is:

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Answer: C. Guaranteeing a customer against loss is a prohibited, unethical practice for agents and broker-dealers.

Study tips for the Series 63

  • Learn the four roles (broker-dealer, agent, investment adviser, investment adviser representative) and who is excluded from each.
  • Make a list of unethical practices with one example each: it is the heart of the exam.
  • Know which securities and transactions are exempt, and remember that anti-fraud rules always apply.
  • Read every question for small words such as “not” and “except”.

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Practice questions written by ELLE for study only. ELLE is not affiliated with or endorsed by FINRA, NASAA, the SEC or CFP Board. CFP® and CERTIFIED FINANCIAL PLANNER® are certification marks owned by Certified Financial Planner Board of Standards, Inc.