Free NASAA Series 65 (Uniform Investment Adviser Law Examination) Laws, Regulations, and Guidelines Practice Questions
Laws, regulations, and guidelines on the NASAA Series 65 exam cover the Uniform Securities Act, Investment Advisers Act of 1940, SEC and state registration requirements, fiduciary duty, ethical practices, and NASAA model rules.
234 Questions
90 Easy
61 Medium
83 Hard
2026 Syllabus
Sample Questions
Question 1
Easy
Under the Uniform Securities Act, which of the following statements about injunctions is CORRECT?
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Correct Answer: D
Solution
Choice D is correct because under the USA, a court may issue an injunction when it appears that a person has engaged or is about to engage in a prohibited act or practice. The defendant's knowledge or intent is not a required element for injunctive relief — the standard focuses on the conduct itself and the need to prevent future harm, not the defendant's mental state.
Question 2
Medium
Which of the following BEST describes the SEC's net capital rule for broker-dealers?
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Correct Answer: C
Solution
Choice C is correct because SEC Rule 15c3-1 (the net capital rule) requires broker-dealers to maintain minimum levels of net liquid assets (net capital) at all times. The required amount varies based on the firm's business activities and customer obligations. The rule is designed to ensure that if a broker-dealer fails, it has sufficient liquid assets to wind down operations and return customer property.
Question 3
Hard
Which of the following arrangements would most clearly cause a state-registered investment adviser to be deemed to have custody of client funds or securities?
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Correct Answer: B
Solution
B is correct. Custody includes any capacity that gives the adviser legal ownership of, or access to, client funds or securities. Acting as trustee with authority to disburse trust assets is an explicit custody-triggering arrangement under the NASAA Model Custody Rule and SEC Rule 206(4)-2, requiring the adviser to comply with the surprise audit, qualified custodian, and account-statement requirements.
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