1|Page
STC SERIES 66 PROGRESS EXAMS QUESTIONS
AND ANSWERS 2025
Uniform Securities Act - .....ANSWER ...✔✔ -model
law governing state registration statutes for securities
and financial professionals
-gives guidance to individual states when they draft
their own securities statutes but it's not the actual law of
any one state
State administrator - .....ANSWER ...✔✔ Uses rules,
orders, and laws to enforce the USA
North American securities administrators associations -
.....ANSWER ...✔✔ Responsible for updating the USA
through various NASAA model rules and statements of
policy
National securities markets improvement act -
.....ANSWER ...✔✔ -eliminated the duplication of
state and federal regulation of securities and advisors.
,2|Page
-created specific category of securities that are exempt
from formal registration
Person - .....ANSWER ...✔✔ An individual,
corporation, partnership, unincorporated organization,
government or political subdivision of a government, and
certain trusts (any legal entity)
Not a person - .....ANSWER ...✔✔ minors, deceased,
mentally incompetent
State - .....ANSWER ...✔✔ Any state, territory, or
possession of the US, including the District of Columbia
and Puerto Rico
Financial firms - .....ANSWER ...✔✔ Broker dealers,
agents / registered representatives, investment advisors,
investment advisor representatives
Executed transactions for commissions - .....ANSWER
...✔✔ Broker dealers and agents / registered
representatives
,3|Page
ABC test (advice business compensation) - .....ANSWER
...✔✔ Investment advisors and investment advisor
representatives
Broker-Dealer (BD) - .....ANSWER ...✔✔ A person or
firm in the business of buying and selling securities. A
firm may act as both broker (agent) and dealer
(principal), but not in the same transaction.
Broker/dealers normally must register with the SEC, the
appropriate sros, and any state in which they do
business. Related item(s): agent; broker; dealer;
principal.
Broker dealers must register with - .....ANSWER ...✔✔
The state administrator, FINRA, and the SEC
Agents/Registered Representatives - .....ANSWER
...✔✔ work for broker-dealer firms, which buy and
sell securities for their customers. They act as middlemen,
helping clients make informed investment decisions
Agents/Registered Representatives must register with -
.....ANSWER ...✔✔ must register with state
administrator and FINRA
, 4|Page
Investment Advisor - .....ANSWER ...✔✔ Is the firm
(comparable to a broker dealer)
Investment advisors must register with - .....ANSWER
...✔✔ The state administrator OR the SEC
Investment advisor representative - .....ANSWER
...✔✔ are individuals who work for and give advice
on behalf of registered investment advisers.
Investment advisor representatives must register with -
.....ANSWER ...✔✔ State administrator
How Howey test works - .....ANSWER ...✔✔
Investment of money, common enterprise, derived from
the efforts of others, expectation of profits
Security - .....ANSWER ...✔✔ Stocks (including
treasury stock), notes, bonds, debentures, rights and
warrants, investment contracts, pre organization
certificates, certificates of participation, investment
company shares, limited partnerships, variable contracts,
options, viatical investments
STC SERIES 66 PROGRESS EXAMS QUESTIONS
AND ANSWERS 2025
Uniform Securities Act - .....ANSWER ...✔✔ -model
law governing state registration statutes for securities
and financial professionals
-gives guidance to individual states when they draft
their own securities statutes but it's not the actual law of
any one state
State administrator - .....ANSWER ...✔✔ Uses rules,
orders, and laws to enforce the USA
North American securities administrators associations -
.....ANSWER ...✔✔ Responsible for updating the USA
through various NASAA model rules and statements of
policy
National securities markets improvement act -
.....ANSWER ...✔✔ -eliminated the duplication of
state and federal regulation of securities and advisors.
,2|Page
-created specific category of securities that are exempt
from formal registration
Person - .....ANSWER ...✔✔ An individual,
corporation, partnership, unincorporated organization,
government or political subdivision of a government, and
certain trusts (any legal entity)
Not a person - .....ANSWER ...✔✔ minors, deceased,
mentally incompetent
State - .....ANSWER ...✔✔ Any state, territory, or
possession of the US, including the District of Columbia
and Puerto Rico
Financial firms - .....ANSWER ...✔✔ Broker dealers,
agents / registered representatives, investment advisors,
investment advisor representatives
Executed transactions for commissions - .....ANSWER
...✔✔ Broker dealers and agents / registered
representatives
,3|Page
ABC test (advice business compensation) - .....ANSWER
...✔✔ Investment advisors and investment advisor
representatives
Broker-Dealer (BD) - .....ANSWER ...✔✔ A person or
firm in the business of buying and selling securities. A
firm may act as both broker (agent) and dealer
(principal), but not in the same transaction.
Broker/dealers normally must register with the SEC, the
appropriate sros, and any state in which they do
business. Related item(s): agent; broker; dealer;
principal.
Broker dealers must register with - .....ANSWER ...✔✔
The state administrator, FINRA, and the SEC
Agents/Registered Representatives - .....ANSWER
...✔✔ work for broker-dealer firms, which buy and
sell securities for their customers. They act as middlemen,
helping clients make informed investment decisions
Agents/Registered Representatives must register with -
.....ANSWER ...✔✔ must register with state
administrator and FINRA
, 4|Page
Investment Advisor - .....ANSWER ...✔✔ Is the firm
(comparable to a broker dealer)
Investment advisors must register with - .....ANSWER
...✔✔ The state administrator OR the SEC
Investment advisor representative - .....ANSWER
...✔✔ are individuals who work for and give advice
on behalf of registered investment advisers.
Investment advisor representatives must register with -
.....ANSWER ...✔✔ State administrator
How Howey test works - .....ANSWER ...✔✔
Investment of money, common enterprise, derived from
the efforts of others, expectation of profits
Security - .....ANSWER ...✔✔ Stocks (including
treasury stock), notes, bonds, debentures, rights and
warrants, investment contracts, pre organization
certificates, certificates of participation, investment
company shares, limited partnerships, variable contracts,
options, viatical investments
