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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials (SIE) Exam |
| Exam Number: | SIE |
| Exam Price: | $80 USD |
| Exam Format: | Computer-based exam, Multiple-choice |
| Related Certifications: | FINRA Series 6 FINRA Series 7 FINRA Series 79 |
| Real Exam Qty: | 75 scored multiple-choice questions |
| Certificate Validity Period: | 4 years |
| Passing Score: | 70% |
| Exam Duration: | 105 minutes |
| Available Languages: | English |
| Recommended Training: | FINRA SIE Exam Content Outline FINRA Securities Industry Essentials Exam Overview |
| Exam Registration: | FINRA Exam Registration Overview FINRA SIE Exam Official Page |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based exam delivered at authorized testing centers (Prometric). |
| Pre Condition: | No formal prerequisites required. Recommended for individuals entering the U.S. securities industry. |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
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| Thema | Einzelheiten |
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| Thema 2 |
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| Thema 3 |
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352. Frage
Which of the following statements describes a characteristic of non-traded real estate investment trusts (REITs)?
Antwort: D
Begründung:
A key characteristic of non-traded (non-exchange-listed) REITs is limited liquidity, making A correct. Unlike publicly traded REITs that trade on exchanges and can be sold during market hours, non-traded REIT shares do not have an active public secondary market. Investors often must rely on limited redemption programs (if offered) or wait for a liquidity event (such as listing, merger, or liquidation), which can take years. As a result, investors may face difficulty selling shares quickly or at a predictable price, which is the essence of liquidity risk.
Choice B is misleading because many non-traded REITs are still registered securities sold via broker-dealers;
"non-traded" does not automatically mean "private." Some non-traded REITs are registered but not exchange listed. Choice C is the opposite of non-traded: if it is listed on an exchange, it is a traded REIT. Choice D describes open-end funds that calculate a daily NAV for purchases/redemptions; non-traded REITs do not function like mutual funds with daily NAV transactions (even though some may provide periodic valuations, that is not the defining "strike daily NAV" feature tested on the SIE).
This question tests product knowledge and risk recognition: non-traded REITs may offer income potential and real estate exposure, but the trade-off is often reduced transparency, higher fees, and notably limited liquidity compared with exchange-traded REITs or ETFs.
353. Frage
Which of the following responses best describes a short sale?
Antwort: B
Begründung:
Step by Step Explanation:
* Short Sale Definition: Involves selling borrowed securities with the expectation of repurchasing them at a lower price.
* Investor Ownership: Short sales do not involve securities already owned by the seller.
* Other Options: None of the other choices accurately define a short sale.
:
SEC Regulation SHO (Short Selling): SEC Short Sales.
354. Frage
A registered representative of Firm ABC plans to give a gift to the treasurer of Company XYZ as a thank you for recent transactions. If no other gifts were given to the treasurer during the year, which of the following gifts would violate FINRA rules?
Antwort: A
Begründung:
FINRA's gifts rule (commonly tested as the $100 per person per year limit) restricts the value of gifts that a member or associated person may give to any one person where the gift is in relation to the recipient's business. The key test concept is: gifts tied to business cannot exceed $100 annually per recipient (with certain distinctions for bona fide personal gifts and "ordinary and usual business entertainment"). In this question, the gifts are explicitly "as a thank you for recent transactions," so the business-related gift limit applies. A $125 store gift card exceeds $100, making choice D the violation.
Choices A ($75), B ($90), and C ($100) are at or below the typical annual limit, so they would not violate the
$100 threshold (assuming they are gifts-not entertainment-and there are no other gifts to that recipient in the year). The $100 sports event ticket is right at the limit and is generally permissible as a gift under the cap, again assuming no other gifts and treating it as a gift rather than business entertainment.
A common SIE nuance: business entertainment (like taking a client to a game where the RR is present) is often treated differently from a "gift" because it is not simply handing something over-however, a ticket given without the RR attending can be treated as a gift. This question is testing the straightforward dollar cap, not the entertainment distinction. Because the only option that clearly breaches the cap is $125, that is the correct answer.
The broader compliance theme is managing conflicts and improper influence: the gifts rule helps prevent business decisions from being swayed by excessive personal benefit.
355. Frage
Which of the following characteristics is associated with joint tenants with rights of survivorship (JTWROS) accounts?
Antwort: D
Begründung:
A defining characteristic of joint tenants with rights of survivorship (JTWROS) is that when one owner dies, the deceased owner's interest passes automatically to the surviving owner(s) by operation of law. Because ownership transfers directly to the survivors, the assets in a JTWROS account are generally not subject to probate with respect to the deceased owner's interest. That is why C is correct. This feature is often a key motivation for choosing JTWROS registration: it can simplify transfer of assets at death and provide continuity of account ownership.
Choice A is incorrect because realized gains in a taxable account are generally taxable regardless of registration type; JTWROS does not create a special exemption from taxation on realized gains. Choice B is incorrect because JTWROS is not limited to two owners; while many joint accounts have two owners, JTWROS can exist with multiple joint tenants depending on firm policy and state law. Choice D is incorrect because required minimum distributions (RMDs) apply to certain retirement accounts (like traditional IRAs and qualified plans), not to standard taxable joint brokerage registrations. JTWROS is an ownership
/registration form, not a retirement account type.
For SIE purposes, know the core registration effects:
* JTWROS: survivorship feature, bypasses probate for the deceased owner's share.
* Tenants in common (TIC): no survivorship; decedent's share passes via will/estate (probate).
This question tests those basic estate-transfer and account registration distinctions that matter in customer account setup and expectations.
356. Frage
Under FINRA rules, which of the following events does not require a registered representative to update her Form U4 disclosure?
Antwort: C
357. Frage
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