age 1 of 509
FINRA SERIES 65 EXAM STUDY GUIDE 2025/2026
ACCURATE QUESTIONS AND VERIFIED CORRECT
SOLUTIONS WITH RATIONALES || 100%
GUARANTEED PASS <RECENT VERSION>
Under the Uniform Securities Act, a broker-dealer is defined as
any person who: ......ANSWER........is in the business of effecting
securities transactions for its own account or for the accounts of
others.
A broker-dealer is any person, partner, officer, director, or
securities firm engaged in the business of effecting securities
transactions for the accounts of others (broker) or for its own
account (dealer).
,age 2 of 509
All of the following are exempt from state registration EXCEPT:
......ANSWER........variable annuities issued by a major insurance
company.
Fixed annuities are not securities so there is no registration
required. Of the other choices listed, only variable annuities are
required to be registered.
Under the National Securities Markets Improvement Act of 1996,
the federal covered security exemption from state registration
includes:
securities issued by investment companies registered under the
Investment Company Act of 1940.
securities traded on the Nasdaq Stock Market.
securities traded on the New York Stock Exchange.
,age 3 of 509
securities traded on the American Stock Exchange.
......ANSWER........I, II, III and IV.
Under the Investment Advisers Act of 1940, a person who falls
within the definition of an investment adviser must register with
the SEC unless the adviser's only clients. ......ANSWER........are
insurance companies.
Among its exemptions, the Investment Advisers Act of 1940
grants an exemption from registration for those investment
advisers whose only clients are insurance companies. The de
minimis requirement only applies to foreign advisers.
A 61-year-old wanting to take a lump-sum distribution from his
Keogh will: ......ANSWER........be taxed at ordinary income rates.
, age 4 of 509
An individual has been employed by a broker-dealer to make
cold calls to solicit prospects for the firm's new wrap fee
program. Under the USA, this individual
must obtain registration as an investment adviser representative
must obtain registration as an agent of the broker-dealer
is not required to obtain any registration because he is only
making cold calls
must be adequately supervised ......ANSWER........I and IV
Under the USA, those individuals who solicit on behalf of an IA
must register as IARs. If there was an indication in the question
that the individual would be receiving compensation from the
sale or purchase of securities, then registration as an agent
would also be required
FINRA SERIES 65 EXAM STUDY GUIDE 2025/2026
ACCURATE QUESTIONS AND VERIFIED CORRECT
SOLUTIONS WITH RATIONALES || 100%
GUARANTEED PASS <RECENT VERSION>
Under the Uniform Securities Act, a broker-dealer is defined as
any person who: ......ANSWER........is in the business of effecting
securities transactions for its own account or for the accounts of
others.
A broker-dealer is any person, partner, officer, director, or
securities firm engaged in the business of effecting securities
transactions for the accounts of others (broker) or for its own
account (dealer).
,age 2 of 509
All of the following are exempt from state registration EXCEPT:
......ANSWER........variable annuities issued by a major insurance
company.
Fixed annuities are not securities so there is no registration
required. Of the other choices listed, only variable annuities are
required to be registered.
Under the National Securities Markets Improvement Act of 1996,
the federal covered security exemption from state registration
includes:
securities issued by investment companies registered under the
Investment Company Act of 1940.
securities traded on the Nasdaq Stock Market.
securities traded on the New York Stock Exchange.
,age 3 of 509
securities traded on the American Stock Exchange.
......ANSWER........I, II, III and IV.
Under the Investment Advisers Act of 1940, a person who falls
within the definition of an investment adviser must register with
the SEC unless the adviser's only clients. ......ANSWER........are
insurance companies.
Among its exemptions, the Investment Advisers Act of 1940
grants an exemption from registration for those investment
advisers whose only clients are insurance companies. The de
minimis requirement only applies to foreign advisers.
A 61-year-old wanting to take a lump-sum distribution from his
Keogh will: ......ANSWER........be taxed at ordinary income rates.
, age 4 of 509
An individual has been employed by a broker-dealer to make
cold calls to solicit prospects for the firm's new wrap fee
program. Under the USA, this individual
must obtain registration as an investment adviser representative
must obtain registration as an agent of the broker-dealer
is not required to obtain any registration because he is only
making cold calls
must be adequately supervised ......ANSWER........I and IV
Under the USA, those individuals who solicit on behalf of an IA
must register as IARs. If there was an indication in the question
that the individual would be receiving compensation from the
sale or purchase of securities, then registration as an agent
would also be required
