Series 82 investor qualification questions
These eight free questions are a small sample of the 4,000+ practice questions in the full Series 82 course. Match each investor category to the rule that uses it. Then separate qualification to participate from the representative’s recommendation and account-opening responsibilities.
Do not let one familiar label answer three different questions. Identity, eligibility for an offering, and whether a recommendation meets the applicable standard require different facts.
Read the related topic guide for worked examples, or open the matching app lesson before answering. The questions below are original practice scenarios, not recalled FINRA exam items.
0 of 8 answered
A client qualifies as accredited but needs the invested money in four months. An offering has substantial resale restrictions. What remains to be evaluated?
Accreditation does not eliminate liquidity needs or change offering terms. The recommendation analysis still needs the customer’s facts. Eligible investors are not interchangeable.
Which classification is central to the Rule 144A resale framework?
Qualified institutional buyer is the relevant investor classification for Rule 144A. Authority over an account and receipt of a communication are different concepts.
A colleague treats accredited investor and qualified purchaser as interchangeable terms. What is the better approach?
The categories serve different regulatory provisions and have different tests. One status does not automatically prove another. The relevant transaction and provision determine which test to use.
An individual’s identity has been verified for an entity account. Does this alone prove authority to subscribe on the entity’s behalf?
Verifying identity does not establish authority to bind an entity. Private-offering status and personal familiarity do not replace the applicable authorization documents.
A Rule 506(c) issuer accepts a checked accredited-investor box as automatically sufficient in every case. What is missing?
Reasonable verification steps are required. A checkbox is not a universal substitute for that analysis, and accredited investors can include natural persons. Exchange listing and guarantees are not the missing requirement.
A prospective investor fails a particular income test. What is the sound next step when evaluating accredited status?
Accredited status can arise through different categories. Failing one test does not settle all possible routes, but the investor must actually satisfy an applicable category. A waiver or fundraising need does not establish status.
An investor’s questionnaire conflicts with the supporting financial information. What should the firm do before relying on it?
A signed form does not resolve conflicting evidence. The review needs a supported conclusion; choosing a convenient number or averaging unexplained figures is not a substitute.
A client is eligible for an offering and has authority to invest. Which statement about a recommendation is correct?
The recommendation still needs the applicable conduct analysis, including relevant customer and investment facts. Issuer acceptance and offering eligibility answer different questions.
This score describes one small, fixed practice set. It does not predict an official result. Review the explanation and the topic guide for each question you missed or guessed.
Choose another topic set, review the free flashcards, or return to the Series 82 course hub. The mixed practice test covers all four functions.