Series 66 Exam Simulation – Test Your Timing

🧾 Series 66 Exam Simulation – Test Your Timing
📘 Timed Practice to Sharpen Speed, Accuracy, and Stamina

The Series 66 exam gives you 150 minutes to answer 100 scored questions (plus 10 unscored). That means you have 90 seconds per question. Practicing under timed conditions is crucial for building exam-day endurance and avoiding time traps. Below is a 10-question timed simulation to test your pace and precision.

✅ Instructions:

• Set a timer: 15 minutes (10 questions × 90 seconds)
• Don’t pause. Simulate the real exam environment.
• Scroll through and answer each question.
• Afterward, check answers and explanations.

🔢 Series 66 Mini Simulation (10 Questions)

1. Which of the following best describes a “broker-dealer” under the Uniform Securities Act?

A) A person who only gives investment advice and never executes trades
B) A bank acting on behalf of its clients
C) A person in the business of buying/selling securities for their own account or clients
D) An individual working under a registered adviser

2. An IAR recommends a high-risk hedge fund to a 70-year-old client with low risk tolerance. What’s the most likely consequence?

A) A required update to the client’s investment objective
B) A violation of the fiduciary standard
C) No issue if the client signs a waiver
D) Suitability documentation is sufficient defense

3. Which of the following would be considered an “exempt transaction” under the Uniform Securities Act?

A) An IPO of a security listed on the NYSE
B) A non-issuer transaction in a security listed on Nasdaq
C) An unsolicited order for a non-exempt security
D) A private placement to 50 retail investors

4. An adviser has custody of client funds. Which of the following is a regulatory requirement under NASAA rules?

A) They must be audited quarterly
B) They must maintain a $10,000 net worth
C) They must notify the state administrator
D) They must also register as a broker-dealer

5. A person gives investment advice only to family members and does not receive compensation. Are they required to register as an IA?

A) Yes, because advice is given
B) Yes, unless they hold a Series 65
C) No, because no compensation is received
D) No, because they are a federal covered adviser

6. Which of the following would most likely violate the antifraud provisions of the Uniform Securities Act?

A) Predicting market performance based on economic trends
B) Promising a client they will not lose money on an investment
C) Failing to respond to a client email within 24 hours
D) Charging different clients different fees

7. Which of the following clients would be considered “institutional” under the Uniform Securities Act?

A) An individual with $800,000 in investments
B) A trust with $60 million in assets
C) A 401(k) plan with $5 million
D) A charity that receives government funds

8. An agent wants to share in the profits and losses of a client’s account. What must be true?

A) It is allowed with client oral consent only
B) It is never allowed
C) It is allowed with written consent from both the client and the firm
D) It is allowed only if the agent is a registered IAR

9. An adviser sends a newsletter to 25 people with specific buy/sell recommendations. What type of communication is this?

A) General marketing
B) Sales literature
C) Retail communication
D) Advertisement requiring filing

10. A client wants to invest in a security not yet registered in their state. The adviser believes it suits their objectives. What’s required before the transaction?

A) The client must waive their right to rescind
B) The adviser must register the security first
C) The transaction must qualify as exempt or the security must be exempt
D) The transaction must occur out of state

🕒 End of Simulation – Check Your Score

(Answers and explanations below)

🧠 Answer Key with Explanations

1. ✅ C – A broker-dealer is in the business of buying/selling securities for themselves or clients.
2. ✅ B – Recommending unsuitable products violates the fiduciary duty.
3. ✅ C – Unsolicited non-exempt orders are exempt transactions.
4. ✅ C – Advisers with custody must notify the administrator and comply with custody rules.
5. ✅ C – No compensation = no registration required.
6. ✅ B – Guaranteeing against loss is explicitly prohibited.
7. ✅ B – A trust over $50M is institutional.
8. ✅ C – Profit-sharing requires written consent from both client and firm.
9. ✅ D – Targeted communications with recommendations to <25 people = advertisement, may require filing.
10. ✅ C – Either the transaction or the security must be exempt before it can be sold.

📊 Your Score

• 9–10 correct: Exam-ready pacing and knowledge
• 7–8 correct: Solid grasp, but tighten time and review weak spots
• 5–6 correct: Improve rule memorization and scenario interpretation
• Below 5: Review fundamentals and re-simulate under time

🎓 Want more full-length simulations and pacing drills?
Practice under pressure at:
👉 https://finra-exam-mastery.com

Prep like it’s real. Perform like a pro. Pass your Series 66.