1|Page
STC Series 66 Exam 01A (Latest 2026/2027) || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Verified Answers)
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Exam!!!
A firm is acting in the capacity of a _________ when it
effects securities transactions for its own account. -
Answer-dealer
A dealer providing liquidity by publishing quotes in the
Nasdaq marketplace is referred to as a _________
________. - Answer-market maker
A broker charges its customers a _______________,
while a dealer charges a _________. - Answer-
commission, markup
What are the two types of agents identified by the Uniform
Securities Act? - Answer-1) one who represents a broker-
dealer
2) one who represents an issuer of securities
,2|Page
What is an agent of a broker-dealer? - Answer-a non-
clerical individual who represents a broker-dealer in
effecting securities transactions.
What is an agent of an issuer? - Answer-a non-clerical
individual who represents an issuer in effecting securities
transactions involving the issuer's securities with the public
An ______________ __________ is any person (usually a
firm) that, for compensation, engages in the business of
providing others with securities-related advice, reports, or
analysis. - Answer-investment adviser
To meet the definition of an investment advisor, a person
must satisfy all three parts of the ABC test as follows: -
Answer-1) Providing Advice about securities
2) Providing these services as a Business
3) Receiving Compensation for these services
An ______________ __________ _________________ is
any partner, officer, director, or other individual who is
associated with an investment adviser and:
,3|Page
- makes recommendations or gives advice regarding
securities
- manages accounts or portfolios of clients
- determines which recommendations or what advice
should be given
- solicits, offers, or negotiates the sale of investment
advisory services
- supervises employees who perform any of these
functions - Answer-investment adviser representative
What are other names for investment advisers and
investment adviser representatives (respectively)? -
Answer-registered investment adviser (RIAs) and
investment adviser representative (RIARs)
Which act are state securities rules and regulations based
on? - Answer-Uniform Securities Act
The state securities regulator, more commonly known as
the _______ ________________, is the person
responsible for not only administering and enforcing the
securities laws in a state, but educating investors as well. -
Answer-state Administrator
, 4|Page
What is the fundamental mission of a state Administrator?
- Answer-to protect the consumers who purchase
securities or pay for investment advice within the state.
The _______ ____________ ______________
__________________ ________________ is the oldest
international organization devoted to investor protection,
responsible for updating the Uniform Securities Act. -
Answer-North American Securities Administrators
Association (NASAA)
Test Tips (flip card) - Answer-Regarding the Uniform
Securities Act, note that since there is no number
reference in its title (year or number label), it is a state law.
When the SEC is referenced, the question is related to
federal law, not state law.
What does the Securities Act of 1933 require? - Answer-
certain securities must be registered with the SEC in order
to be offered or sold to the public
STC Series 66 Exam 01A (Latest 2026/2027) || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Newest
Exam!!!
A firm is acting in the capacity of a _________ when it
effects securities transactions for its own account. -
Answer-dealer
A dealer providing liquidity by publishing quotes in the
Nasdaq marketplace is referred to as a _________
________. - Answer-market maker
A broker charges its customers a _______________,
while a dealer charges a _________. - Answer-
commission, markup
What are the two types of agents identified by the Uniform
Securities Act? - Answer-1) one who represents a broker-
dealer
2) one who represents an issuer of securities
,2|Page
What is an agent of a broker-dealer? - Answer-a non-
clerical individual who represents a broker-dealer in
effecting securities transactions.
What is an agent of an issuer? - Answer-a non-clerical
individual who represents an issuer in effecting securities
transactions involving the issuer's securities with the public
An ______________ __________ is any person (usually a
firm) that, for compensation, engages in the business of
providing others with securities-related advice, reports, or
analysis. - Answer-investment adviser
To meet the definition of an investment advisor, a person
must satisfy all three parts of the ABC test as follows: -
Answer-1) Providing Advice about securities
2) Providing these services as a Business
3) Receiving Compensation for these services
An ______________ __________ _________________ is
any partner, officer, director, or other individual who is
associated with an investment adviser and:
,3|Page
- makes recommendations or gives advice regarding
securities
- manages accounts or portfolios of clients
- determines which recommendations or what advice
should be given
- solicits, offers, or negotiates the sale of investment
advisory services
- supervises employees who perform any of these
functions - Answer-investment adviser representative
What are other names for investment advisers and
investment adviser representatives (respectively)? -
Answer-registered investment adviser (RIAs) and
investment adviser representative (RIARs)
Which act are state securities rules and regulations based
on? - Answer-Uniform Securities Act
The state securities regulator, more commonly known as
the _______ ________________, is the person
responsible for not only administering and enforcing the
securities laws in a state, but educating investors as well. -
Answer-state Administrator
, 4|Page
What is the fundamental mission of a state Administrator?
- Answer-to protect the consumers who purchase
securities or pay for investment advice within the state.
The _______ ____________ ______________
__________________ ________________ is the oldest
international organization devoted to investor protection,
responsible for updating the Uniform Securities Act. -
Answer-North American Securities Administrators
Association (NASAA)
Test Tips (flip card) - Answer-Regarding the Uniform
Securities Act, note that since there is no number
reference in its title (year or number label), it is a state law.
When the SEC is referenced, the question is related to
federal law, not state law.
What does the Securities Act of 1933 require? - Answer-
certain securities must be registered with the SEC in order
to be offered or sold to the public
