Free Series 66 – Uniform Combined State Law Exam Questions and Answers
Series 66 – Uniform Combined State Law Exam is part of FINRA qualification examinations from the Financial Industry Regulatory Authority. FINRA administers the qualification examinations for the US securities industry, including exams it delivers on behalf of other bodies — the Series 63, 65 and 66 are NASAA exams sat through the same system. Passing scores are set per exam rather than shared across the programme.
The first 10 questions on this page are free to read, answers included — no account and no card. A plan opens the rest of the bank, the full timed practice test and your weak-topic reporting.
Last updated: August 31, 2026
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Question #1
A registered investment adviser must register with the state if it has how many clients located in that state?
Please select an optionIncorrectCorrect answer: A
Generally, an investment adviser must register in a state when it has 5 or more clients in that state.
Was this answer correct?Question #2
Which of the following is NOT a factor considered in determining whether a security is exempt from registration?
Please select an optionIncorrectCorrect answer: A
The number of purchasers is not a factor in judging the exemption of a security from registration.
Was this answer correct?Question #3
If an investment adviser has custody of client funds, what is required?
Please select an optionIncorrectCorrect answer: C
An investment adviser with custody of client funds must obtain written consent, provide quarterly statements, and undergo annual audits.
Was this answer correct?Question #4
What type of investment rewards investors in a firm's equity with shares?
Please select an optionIncorrectCorrect answer: D
Common stock provides ownership in a firm and typically rewards investors with company shares.
Was this answer correct?Question #5
Which regulatory body oversees the Securities Investor Protection Corporation (SIPC)?
Please select an optionIncorrectCorrect answer: C
The SEC oversees the SIPC, which protects against the loss of cash and securities in the event of a brokerage firm's failure.
Was this answer correct?Question #6
When must an investment adviser disclose its fees to a client?
Please select an optionIncorrectCorrect answer: D
Investment advisers must disclose their fees to clients before providing investment advice.
Was this answer correct?Question #7
What is the maximum penalty for insider trading under the Securities Exchange Act?
Please select an optionIncorrectCorrect answer: A
The maximum civil penalty for insider trading can be up to 3 times the profit made or loss avoided, and as high as $10 million for individuals or $100 million for companies.
Was this answer correct?Question #8
Which of the following must a registered representative report promptly?
Please select an optionIncorrectCorrect answer: B
Registered representatives must report all trades promptly to maintain compliance with regulatory requirements.
Was this answer correct?Question #9
A customer places a limit order to buy a stock at $50, but the stock never reaches that price. What happens to the order?
Please select an optionIncorrectCorrect answer: B
A limit order remains open until the specified price is met or until it is canceled by the customer.
Was this answer correct?Question #10
Under the Investment Advisers Act, which of the following is considered a "client"?
Please select an optionIncorrectCorrect answer: D
A "client" is defined as any person who engages the services of an investment adviser for a fee.
Was this answer correct?
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FAQ
Learn More: https://www.finra.org/registration-exams-ce/qualification-exams
- Q1: What is the Series 66 – Uniform Combined State Law Exam exam?
- A: Series 66 – Uniform Combined State Law Exam is a FINRA certification exam. Judging by the questions in our bank, it concentrates on investment, adviser, securities, registered and broker-dealer.
- Q2: What topics does the Series 66 – Uniform Combined State Law Exam exam cover?
- A: Questions in our Series 66 – Uniform Combined State Law Exam bank cluster around investment, adviser, securities, registered, broker-dealer, shares, mutual and advisers. Working through the full set is the quickest way to find which of these you are weakest on.
- Q3: How should I prepare for Series 66 – Uniform Combined State Law Exam?
- A: Work through the Series 66 – Uniform Combined State Law Exam practice questions here, checking your answer on each one, then sit the practice test to rehearse the exam under timed conditions before the real thing.
- Q4: Are these real Series 66 – Uniform Combined State Law Exam exam questions?
- A: They are drawn from officially released past questions and from community members who have sat Series 66 – Uniform Combined State Law Exam. Answers are verified and updated weekly.
- Q5: Where do I register for the Series 66 – Uniform Combined State Law Exam exam?
- A: Register through FINRA directly at https://www.finra.org/registration-exams-ce/qualification-exams. Exampractice is not affiliated with FINRA and does not administer the exam.
- Q6: Is there a free Series 66 – Uniform Combined State Law Exam sample?
- A: Yes. Every Series 66 – Uniform Combined State Law Exam page shows a free sample of real questions. Upgrading opens the full bank and the practice test.
- Q7: What are FINRA Certification Exams?
- A: FINRA (Financial Industry Regulatory Authority) Certification Exams validate your expertise in the financial services industry. These exams assess your knowledge of securities regulations, investment products, ethics, and best practices for financial professionals. They are necessary for obtaining various licenses required to work in different roles within the financial industry.
- Q8: Why should I pursue FINRA Certification?
- A: FINRA Certification enhances your professional credibility, showcasing your understanding of securities laws and regulations. This can lead to better job opportunities, higher salaries, and career advancement in the financial services industry.
- Q9: What are the benefits of FINRA Certification?
- A: Benefits include recognition as a certified financial professional, compliance with industry regulations, improved job performance, access to exclusive resources, and staying current with the latest financial industry standards and practices.
- Q10: Who should take FINRA Certification Exams?
- A: Financial advisors, brokers, investment bankers, compliance officers, and anyone involved in the trading, advising, or managing of securities and investments should consider these certifications to validate their expertise and advance their careers.
- Q11: What types of FINRA Certification Exams are available?
- A: FINRA offers various certification exams, including:
- Q12: How do I prepare for FINRA Certification Exams?
- A: Preparation can include official FINRA study materials, preparatory courses, practice exams, online tutorials, and hands-on experience in the financial industry.
- Q13: Where can I take FINRA Certification Exams?
- A: FINRA Certification Exams can be taken at authorized testing centers nationwide, providing flexibility to fit your schedule and location.
- Q14: How do FINRA Certifications impact my career?
- A: FINRA Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in the financial services industry.
- Q15: Are there any prerequisites for FINRA Certification Exams?
- A: Some exams may have prerequisites, such as sponsorship by a FINRA member firm or prior completion of other specific exams. Check the specific requirements for each certification path on the FINRA website.
- Q16: How often do I need to recertify for FINRA Certifications?
- A: FINRA Certifications typically require continuing education and periodic renewal to ensure that certified professionals stay updated with the latest financial industry regulations and practices.