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For securities agents who must pass the Series 63 (Uniform Securities Agent State Law Exam) — state registration, ethics, and prohibited practices.

Covers the current NASAA Series 63 exam outline · Written and maintained by Todd Lavergne, Todd Lavergne Media · Last updated Oct 2026

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Now includes 211 practice questions + a full timed mock exam

State law questions feel picky: who registers where, what is an offer, when a sale is illegal. Vague study notes get expensive on exam day.

What’s inside

Topic lessons, 65 practice questions with answers and explanations, a quick-reference sheet, and a study plan.
65 questions with answers and short explanations (Q&A pairs in the PDF)
Instant PDF download after payment — link also arrives by email

Who this is for

For securities agents who must pass the Series 63 (Uniform Securities Agent State Law Exam) — state registration, ethics, and prohibited practices.

What’s not included

Not legal advice and not affiliated with NASAA or any state. National/model USA focus — check your state’s quirks separately if needed.

Free sample: 5 questions from the guide

Taken straight from the Series 63 guide. Try each one, then tap “Show answer.”

The Uniform Securities Act is best described as:
- A. A federal statute that registers all agents with the SEC
- B. A model state law that states adopt and adapt
- C. FINRA’s conduct rulebook
- D. The Investment Company Act of 1940
Show answer
Answer: B — The USA is NASAA’s model. Each state enacts its own version. It is not federal law.
An isolated nonissuer transaction is generally:
- A. An exempt transaction
- B. An exempt security
- C. A federal covered security
- D. Illegal always
Show answer
Answer: A — Exempt security ≠ exempt transaction. Isolated nonissuer (secondary) trades are a classic exempt transaction.
Agent registration typically becomes effective:
- A. At noon on the 30th day after filing unless the Administrator acts sooner or later
- B. Instantly on emailing a résumé
- C. Only after a federal court order
- D. When SIPC consents
Show answer
Answer: A — USA default: noon on day 30, subject to the Administrator accelerating or delaying.
The Administrator’s jurisdiction over an offer includes offers that:
- A. Originate in the state, are directed into the state, or are accepted in the state — with newspaper/radio safe harbors
- B. Occur only if a certificate is mailed from the state
- C. Never include internet ads
- D. Exclude TV originating elsewhere even if aimed at the state
Show answer
Answer: A — Learn originate / direct / accept, plus the bona fide newspaper and radio/TV exceptions.
A third-party research report sent to customers as the firm’s own, without attribution, is:
- A. Good efficiency
- B. Misleading — do not take credit for others’ work
- C. Required by the USA
- D. An exempt transaction
Show answer
Answer: B — Attribution and fair use of third-party research matter.

Practice questions are original teaching items, not real exam questions. Independent study aid; not affiliated with or endorsed by the exam provider.

Using a full prep program such as Achievable? This $10 guide is a low-cost add-on: a compact outline review plus original practice questions with explanations for extra reps before test day.

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Study-aid disclaimer: Independent study aid. Not affiliated with the exam administrators. Original questions. No pass guarantee. Not legal or investment advice.

Need more practice later? Question bank page (coming next).