Series 66 – Uniform Combined State Law Investment Practice Questions

A registered investment adviser must register with the state if it has how many clients located in that state?

• AA. 10
• BB. 5
• CC. 15
• DD. 1

If an investment adviser has custody of client funds, what is required?

• AA. Written consent
• BB. Annual audits
• CC. All of the above
• DD. Quarterly statements

What type of investment rewards investors in a firm's equity with shares?

• AA. Real estate investment trusts
• BB. Preferred stock
• CC. Convertible bonds
• DD. Common stock

When must an investment adviser disclose its fees to a client?

• AA. After the first meeting
• BB. Only upon request
• CC. At the time of signing a contract
• DD. Before providing advice

Under the Investment Advisers Act, which of the following is considered a "client"?

• AA. Any person on the email list
• BB. A family member
• CC. Any friend of the adviser
• DD. A person who pays a fee for advice