Experience the Quality With Free Series 63 License Exam Questions That Helps Candidates Pass

Clerical or administrative staff who do not provide investment advice or solicit clients are not considered IARs. Supervisory partners, solicitors, and advisers providing portfolio advice are considered IARs. Correct: C.

Civil liability under the USA allows recovery of the purchase price plus legal interest, less any income received. Punitive damages (B) are not available. Correct: A.

Civil remedies under the USA include rescission: refund of purchase price plus legal interest, less any income received. Punitive damages (A, C) are not available. Correct: B.

Corporate stock offerings, even intrastate, usually require registration unless another exemption applies. Commercial paper, Treasuries, and nonprofit securities are exempt. Correct: C.

The trades themselves remain valid, but the agent’s failure to register is a violation of the USA. The de minimis exemption does not apply to agents. Correct: A.