Official exam: NASAA Series 65 (Uniform Investment Adviser Law Examination)
Take a free Series 65 practice exam online: a full 130-question paper with every answer explained, no sign-up, scored by topic. The full 520-question bank and the timed simulator are $14.99 for 30 days.
NASAA Series 65 (Uniform Investment Adviser Law Examination): a 520-question bank of original practice questions written to the published exam content outline, 4 full papers of 130 questions each with no repeats. These are not questions from the real exam.
Series 65 exam facts
Exam fee
$187
Questions
140 questions (130 scored, 10 unscored)
Time allowed
180 minutes
Passing score
At least 92 of the 130 scored questions
How to schedule
Enroll through FINRA, then book a Prometric test center. You get a 120-day window after enrolling to sit the exam.
Our full papers have 130 questions, which matches the number of scored questions on the real exam.
Take a full practice test free. 130 original practice questions built to the exam's domain weights, every answer explained, no sign-up required, with a domain-by-domain score at the end.
Want the whole bank for NASAA Series 65 (Uniform Investment Adviser Law Examination)? One payment of $14.99 gives you 30 days of full access to this exam. It does not renew. No account needed to buy, and there is a 7-day money-back guarantee.
Not ready yet? Take the free practice test first.
Need longer than 30 days? Same question bank, more time. One payment each, and neither renews.
7-day money-back guarantee on every pass.
Ways to pay for the full bank
30-day pass
$14.99
about $15 a month
This exam only. Pays once, does not renew.
Monthly
$19.99
$19.99 a month
Every exam. Cancel any time.
Yearly
$143.93
about $11.99 a month
Every exam. Billed once a year.
Lifetime
$39.99
pay once
This exam only, no time limit.
Many securities exam prep courses cost $99 to $375. CertQuestUSA is a practice question bank, not a video course.
Client Investment Recommendations and Strategies30%
Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices30%
5 original practice questions
A corporation offers an unsecured, 90-day promissory note to fund payroll and inventory. Which instrument is being described?
A. A revenue bond
B. A negotiable bank CD
C. A Treasury receipt
D. Commercial paper
Show answer and reasoning
Correct answer: D. Commercial paper
Commercial paper is short-term, unsecured corporate debt used for current transactions such as payroll and inventory. Because it is unsecured, the purchaser relies substantially on the issuer's credit quality and repayment capacity.
A: A revenue bond is typically a municipal obligation supported by project or enterprise revenues.
B: A negotiable CD represents a bank deposit obligation rather than unsecured corporate operating debt.
C: A Treasury receipt derives from U.S. government cash flows, not a corporation's working-capital borrowing.
Source: Glossary entry 'Commercial Paper'
A U.S. investor earns 6% in local-currency terms on a foreign bond, but that foreign currency depreciates 10% against the dollar during the holding period. Ignoring compounding details, what is the best conclusion about the dollar return?
A. It must equal positive 16%
B. Currency movement cannot affect a bond return
C. It is guaranteed to equal positive 6%
D. Currency loss can outweigh the local gain
Show answer and reasoning
Correct answer: D. Currency loss can outweigh the local gain
A U.S. investor must translate the foreign investment back into dollars. A roughly 10% currency depreciation works against the 6% local return and can produce a negative dollar return. The exact compounded result differs slightly from simple subtraction but has the same conclusion.
A: The currency change works against, rather than adds to, the local gain in this scenario.
B: Exchange-rate changes affect the home-currency value of foreign cash flows and principal.
C: The quoted local return does not guarantee the investor's dollar-denominated result.
Source: Heading 'Special Risks of International Investing'; changes in currency exchange rates
Bond debt service is payable primarily from tolls generated by a newly constructed bridge. Which security best fits?
A. A municipal revenue bond
B. A general obligation bond backed by all federal taxes
C. A Treasury note
D. A corporate income bond
Show answer and reasoning
Correct answer: A. A municipal revenue bond
A municipal revenue bond is repaid from revenues produced by a specified project or source. Bridge tolls are the pledged enterprise revenues, so analysis should focus on traffic, rates, coverage, reserves, and the governing covenants.
B: A project-revenue pledge is distinct from a government's broad general-obligation taxing pledge, and federal taxes do not secure local bonds.
C: A Treasury note is a direct federal debt obligation and is unrelated to bridge toll revenues.
D: The issuer in the facts is municipal, and the dedicated toll pledge identifies revenue-bond financing.
Source: Section listing the two common municipal-bond types, paragraph 'Revenue bonds'
A self-employed consultant operates without forming a corporation, LLC, or partnership. For client classification and liability analysis, what structure is this?
A. A separate C corporation
B. A sole proprietorship
C. A charitable trust
D. A municipal issuer
Show answer and reasoning
Correct answer: B. A sole proprietorship
A sole proprietorship is an unincorporated business owned by one individual and generally has no separate legal identity from that owner. Business assets, cash flow, taxes, and personal liability can therefore be closely linked.
A: A corporation is a distinct legal entity formed under governing law, which the facts exclude.
C: A charitable trust holds assets for stated charitable purposes rather than operating as the owner's unincorporated business.
D: A private consultant is not a state or local governmental securities issuer.
Source: Heading 'Sole Proprietorships'; unincorporated business owned by one individual
An IAR applicant has a reportable regulatory event requested by Form U4. What is the appropriate filing approach?
A. Accurate Form U4 disclosure and required later amendments
B. Disclose it only if the regulator later requests additional information
C. Oral notice to the state instead of a Form U4 amendment
D. Disclose it on Form ADV only, not on the Form U4
Show answer and reasoning
Correct answer: A. Accurate Form U4 disclosure and required later amendments
Form U4 is the uniform registration application for securities-industry individuals and requires accurate responses and disclosure reporting pages for reportable events. Material changes require timely amendment under applicable rules.
B: Form U4 requires affirmative disclosure of reportable events at filing, not only after a regulator asks for more information.
C: An oral notice does not satisfy the written disclosure reporting requirements of Form U4.
D: Form ADV is filed by the advisory firm and cannot substitute for an individual's Form U4 disclosure obligations.
Source: Form U4 and instructions; disclosure questions and reporting pages
Where can I take a free Series 65 practice exam online?
Right here. CertQuestUSA's free Series 65 practice exam online is a full 130-question practice paper built to the published content outline's domain weights, with every answer explained, with no sign-up and no credit card, and shows your score by topic at the end. The full 520-question bank, with every answer explained and cited to the exam sponsor's published content outline, is $14.99 for a 30-day pass that never renews.
How many questions are on the CertQuestUSA NASAA Series 65 (Uniform Investment Adviser Law Examination) practice test?
520 questions total, split into 4 full papers of 130 each with no repeats across papers.
What topics does the NASAA Series 65 (Uniform Investment Adviser Law Examination) test cover?
4 domains, with the heaviest weight on Client Investment Recommendations and Strategies (30%), Laws, Regulations and Guidelines Including Prohibition on Unethical Business Practices (30%), and Investment Vehicle Characteristics (25%).
Is there a free NASAA Series 65 (Uniform Investment Adviser Law Examination) practice test?
Yes -- one full 130-question practice paper built to the exam's domain weights, free with no sign-up, with every answer explained and a domain-by-domain score at the end.
