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NASAA Series 65

Name: Series 65 Practice Test 2026 | 40 Investment Adviser Law Questions & Answers
Uploaded: 2026-08-25
Description: Series 65 Practice Test 2026 | 40 Investment Adviser Law Questions & Answers

Uniform Investment Adviser Law Examination (Series 65) — 140 questions (130 scored, 10 unscored pretest) · 180 minutes · Passing score: 92 of 130 correct. PrepPass also publishes a complete study guide for this exam as a downloadable book (181 pages of teaching, 1,163 practice questions inside, $24.99).

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The same 1,163 questions, dealt five ways. Pick the one that fits the time you have.

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Practice finds the gaps. Reading closes them. The four chapters below are free to read online. The study guide book is a separate download, sold on its own page.

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1,163

questions, each explained — finds what you don't know yet

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181

pages of teaching in the study guide book, section by section

The four sections, as chapters

free to read online

1Laws, Regulations, and EthicsLaws & Regulations · 30% of the exam — the largest sectionRead free →
2Client Recommendations and Portfolio StrategiesRecommendations & Strategies · 30% — the largest sectionRead free →
3Investment Vehicle CharacteristicsInvestment Vehicles · 25%Read free →
4Economic Factors and Business InformationEconomics & Analysis · 15%Read free →

Study guide · PDF + EPUB

Series 65 — Investment Adviser Law Study Guide (2026)

181 pages of teaching · 1,163 practice questions inside · updated 2026-10-23

$24.99 one-time · yours to keep

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All 14 chapters, in the order of the exam's content outline, as one PDF + EPUB you keep
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A 1163-question practice bank, grouped by topic, each question with its answer and explanation

Before you sit

Know the exam you're walking into.

Free study guideEvery section, online Topics by weightWhat to study first How hard is it?Honest answer, with numbers Scores & retakesWhat the board publishes One-page cheat sheetNight-before facts

See the questions first

Two from the bank, answered.

Real items, with the answer marked and the reason written out — the same format as all 1,163.

Laws & Regulations

Under the Investment Advisers Act of 1940, an investment adviser owes clients which standard of care?

AA mere suitability standard with no loyalty obligation
BA fiduciary duty to act in the client's best interestCorrect
CA duty of care only, with no duty of loyalty
DA disclosure-only duty, with its own interests first

Why: Under federal law an investment adviser is a fiduciary, and the fiduciary duty under the Advisers Act comprises a duty of care and a duty of loyalty: the adviser must act in the client's best interest and not place its own interests ahead of the client's. The duty cannot be waived, although its application may be shaped by agreement. A suitability-only standard has no loyalty obligation, a care-only duty omits loyalty, and disclosing a conflict does not by itself let the adviser put its own interests first.Investment Advisers Act of 1940 s.206; SEC Release IA-5248 (2019)

Recommendations & Strategies

Under current federal rules, long-term capital gains (on assets held more than one year) are generally taxed:

AAt a higher rate than ordinary income, because the 3.8% net investment income tax applies only to long-term gains
BAt a flat 28% rate, the same rate that applies to gains on collectibles such as art and coins
CAt preferential rates lower than ordinary income ratesCorrect
DNot at all for any taxpayer, as long as the shares are held in a taxable account for more than one year

Why: Long-term capital gains on assets held more than one year are taxed at preferential rates (generally 0%, 15% or 20%) that are lower than ordinary income tax rates; Internal Revenue Code Section 1(h) caps the tax on net capital gain. Short-term gains, on assets held one year or less, are taxed as ordinary income. The 3.8% net investment income tax applies to both short- and long-term investment income for higher earners and does not raise the long-term rate above the ordinary rate. The 28% rate applies to collectibles gains, not securities, and long-term gains are not tax-free for every taxpayer.26 U.S.C. 1(h)

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Answer along on YouTube.

Series 65 Practice Test 2026 | 40 Investment Adviser Law Questions & AnswersPrepPass on YouTube · 2026-08-25

Series 65 Practice Test 2026 | Part 5: Economics & Vehicles (25Q)PrepPass on YouTube

The exam itself

NASAA Series 65, by the numbers.

Questions	140 questions (130 scored, 10 unscored pretest)A candidate sees 140 questions and is graded on 130 of them: NASAA states the exam "consists of 130 questions plus 10 pretest questions", and FINRA states the same split as "130 scored questions and 10 unscored questions". FINRA's own at-a-glance box lists "Number of Items 130", which is the scored count, not the number of questions on the paper — so both 140 and 130 are correct answers to different questions and neither should be quoted alone.
Time	180 minutesNASAA allows 180 minutes for the whole exam, FINRA states the same duration, and neither publishes a separate per-question or per-section limit.
Sections	Laws & Regulations · Recommendations & Strategies · Investment Vehicles · Economics & Analysis
Passing score	92 of 130 correct92 of the 130 scored questions. NASAA's Exam FAQ answers the question "Why did I receive a 'fail' … even though I scored a 70%?" directly: "The passing grade for the Series 65 exam is not 70% and is not calculated as a percentage." The 10 pretest questions are not part of the denominator, so a percentage computed over 140 is wrong twice over. PrepPass states the raw rule and no percentage.
Our bank	1,163 questions · updated August 2026Written from North American Securities Administrators Association (NASAA)
Languages	English
Source	North American Securities Administrators Association (NASAA)Verified 2026-10-13

Full facts and sources →

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Helpful resources

The board's own page, and what else helps.

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On the same path.

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Questions

Asked before starting.

Is the practice really free, or does it stop after a few questions?

All 1,163 questions, the timed mock and the report are free with no sign-up. A free account only adds saving your progress. The study guide book is sold separately, $24.99 one-time; nothing in the practice requires it.

Is your mock the same as the real NASAA Series 65?

No. Ours is 130 questions in 180 minutes; the real exam is 140 questions in 180 minutes. Use the mock for stamina and section timing, not as a score predictor.

What score do I need?

92 of 130 correct — as published by North American Securities Administrators Association (NASAA). Confirm the current rule with them before your exam date.

Who administers the Uniform Investment Adviser Law Examination (Series 65)?

North American Securities Administrators Association (NASAA) — exam delivered by FINRA. The Series 65 is a NASAA exam administered by FINRA. FINRA states the exam is available online only for candidates who require a testing accommodation; everyone else takes it at a test center. An unsponsored candidate opens an enrollment window through FINRA rather than filing a Form U4, and FINRA then allows 120 days in which to schedule and sit the exam.

How many questions are on the Uniform Investment Adviser Law Examination (Series 65)?

140 questions (130 scored, 10 unscored pretest). A candidate sees 140 questions and is graded on 130 of them: NASAA states the exam "consists of 130 questions plus 10 pretest questions", and FINRA states the same split as "130 scored questions and 10 unscored questions". FINRA's own at-a-glance box lists "Number of Items 130", which is the scored count, not the number of questions on the paper — so both 140 and 130 are correct answers to different questions and neither should be quoted alone.

How long is the Uniform Investment Adviser Law Examination (Series 65)?

180 minutes. NASAA allows 180 minutes for the whole exam, FINRA states the same duration, and neither publishes a separate per-question or per-section limit.

How much does the Uniform Investment Adviser Law Examination (Series 65) cost?

$187 — Examination fee (FINRA, per attempt). The fee is paid to FINRA when the enrollment window is opened, and NASAA's Exam FAQ lists it alongside the other two NASAA exams: $147 for the Series 63, $187 for the Series 65, $177 for the Series 66. FINRA's Series 65 page shows the same $187. Neither body publishes a separate retake fee, so a retake is a new enrollment at the same price.

What languages is the Uniform Investment Adviser Law Examination (Series 65) offered in?

English. English only. NASAA answers it outright: “No, NASAA exams are only available in English.” A candidate whose primary language is not English may request additional testing time under FINRA's Limited English Proficiency policy — extra time on the English exam, not a translated one.

Is the NASAA Series 65 study guide a PDF?

Yes. Series 65 — Investment Adviser Law Study Guide (2026) downloads as PDF + EPUB (181 pages of teaching, 1,163 practice questions inside), $24.99 one-time, and the files are yours to keep. The 1,163 practice questions on this page stay free without it. See the study guide →