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Series 24 Practice Exams
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Series 24 Practice Exam 4

Series 24 Practice Exams

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Series 24 Practice Exam 4

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Question 1 of 10

1. Question

From time to time, a member finds it necessary to conduct an investigation into one of the firm’s registered reps. If a particular investigation does not turn up any infractions or violations, it needs to be reported to FINRA no later than:

10 days
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30 days
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15 days after the end of the current quarter
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No report to FINRA is required
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Correct

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Question 2 of 10

2. Question

The exchanges have implemented the LULD (limit up, limit down) rules for which of the following circumstances?

When a stock makes a substantial move in price compared to its previous day’s close, or during the trading day, certain limitations will apply to trading which could include restrictions on short sales.
Correct Incorrect Correct answer

When a stock opens lower, no short selling will be permitted until there is an uptick
Correct Incorrect Correct answer

When a stock fails to open due to a pending news release, the price at which market makers will open the stock must comply with certain guardrails.
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All of the above are correct
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Correct

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Question 3 of 10

3. Question

In accordance with newly-revised limitations for reporting of movements of cash from one account to another, wire transfers must be reported if:

$3,000 or more
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$5,000 or more
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$10,000 or more
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All wire transfers are to be reported
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Correct

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Question 4 of 10

4. Question

When a member firm is under investigation by FINRA, FINRA may do which of the following?

Temporarily require the firm to cease operations
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Temporarily suspend the firm
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Require certain personnel of the firm to provide testimony in one or more locations chosen by FINRA
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Suspend all new hiring
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Correct

Incorrect
Question 5 of 10

5. Question

With regard to a customer complaint:

The customer will likely submit the complaint to FINRA Arbitration
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The customer may choose to settle the matter with the firm
Correct Incorrect Correct answer

The customer may elect to go to Mediation in order to resolve the dispute
Correct Incorrect Correct answer

All of these are possible
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Correct

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Question 6 of 10

6. Question

A Form 144 is required to be filed with the SEC under which of the following situations?

A sale of control stock
Correct Incorrect Correct answer

A re-sale of stock from a Reg. D offering that has been held in fully-paid condition for at least 6 months.
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A sale of an Issuer’s securities by an Officer or Director.
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Any of the above.
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Correct

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Question 7 of 10

7. Question

A customer did a transaction in their account with your B/D. Later that day, the customer contacts their RR to say they’ve changed their mind about the transaction. Which of the below represents the proper handling of this situation?

As long as it’s done same-day, the trade may be cancelled.
Correct Incorrect Correct answer

Under no circumstances may a customer reverse or cancel an already-executed trade.
Correct Incorrect Correct answer

The member firm will allocate the trade to the firm’s Error Account.
Correct Incorrect Correct answer

The client’s account will be subject to the 90-day frozen account rule.
Correct Incorrect Correct answer

Correct

Incorrect
Question 8 of 10

8. Question

When one of your RRs has been working the desk on bank premises and the Rep is terminated, under what circumstances must your firm notify the bank of the termination?

Under no circumstances
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Under all circumstances
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If the termination was ‘for cause’ only.
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If the termination was the result of a FINRA order.
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Question 9 of 10

9. Question

In those situations in which a private securities transaction by an RR has been approved by firm management, this selling away event requires that

Each customer being sold the securities be notified that the firm has no liability for the accuracy of the disclosure docs.
Correct Incorrect Correct answer

FINRA requires that it be notified with 10 business days of the event.
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The RR will be prohibited from buying any of the securities being transacted.
Correct Incorrect Correct answer

None of the above are true.
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Correct

Incorrect
Question 10 of 10

10. Question

When a firm has one or more OMSJ’s (Offices of Municipal Supervisory Jurisdiction), each such office must have no less than one registered principal possessing a:

Series 27 license
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Series 53 license
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Series 26 license
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Series 4 license
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