Series 63 Uniform Securities Agent State Law Exam* (Series63) Practice Tests & Test Prep by Exam Edge

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Series 63 Uniform Securities Agent State Law Exam Sample Test

1 of 5

When broker dealers act on behalf of themselves, they are acting as which of the following?

Correct Answer:

dealers

the term "broker dealer" is used to describe any entity or individual who is engaged in the business of buying and selling securities either for their own account or on behalf of others. this dual role can sometimes create confusion, but it is critical to understand the distinction between the two functions they perform. when a broker dealer buys or sells securities on behalf of clients, they are acting in a brokerage capacity. conversely, when they trade securities for their own benefit, they are acting as dealers.

to elaborate, in their role as brokers, broker dealers serve as intermediaries. they help clients, which can be individuals or institutions, to buy or sell securities. their main duty in this capacity is to ensure that their clients' instructions are executed efficiently and at the best possible market prices. for these services, brokers typically earn a commission based on the value or volume of the transactions they handle.

on the other hand, when broker dealers act as dealers, they are principally involved in the trading of securities for their own accounts. they buy and sell securities based on their assessments of the market, aiming to profit from the spread between the buying and selling prices. as dealers, they do not receive commissions; instead, their income comes from the profits generated by these trades.

therefore, when broker dealers are transacting securities on their own behalf, they are clearly acting as dealers. this capacity allows them to be market makers, providing liquidity to the market by being ready to buy and sell specific securities at any given time. their dual role as both brokers and dealers enables them to facilitate a smoother functioning of the securities markets, benefiting a wide array of market participants.

in summary, the distinction between acting as a broker or dealer depends on whose interest the broker dealer is serving. if they are executing transactions for clients, they are brokers. if they are buying and selling for their own account, they are dealers. understanding this distinction is crucial for anyone involved in the securities industry, as it affects the nature of the relationship and obligations they have with their clients and the market at large.

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Series 63 Uniform Securities Agent State Law Exam Aliases Test Name

Here is a list of alternative names used for this exam.

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