Series 63 practice questionmediumCivil Liabilities — Rescission Offer
For a mock NASAA exam, assume the administrator is testing this exact point. Read it as a Uniform Securities Act issue rather than a federal-law issue. A seller realizes that a security was sold in violation of the USA and sends a written rescission offer to the buyer. If the buyer does not respond within 30 days, the buyer:
- AIs deemed to have accepted the offer and must return the security
- BLoses the right to bring a civil action based on that sale✓ Correct answer
- CMay still bring a civil action within the statute of limitations
- DMust file a complaint with the Administrator to preserve the claim
Explanation
Why B — Loses the right to bring a civil action based on that sale
Under USA Section 410(e), if the seller makes a written offer of rescission and the buyer fails to accept within 30 days of receipt, the buyer loses the right to bring a civil action based on that transaction. This rescission offer provision encourages voluntary remediation by sellers. This version tests the same concept with a different fact pattern wrapper.
Turn it into reps
Reading one answer is not the same as being ready
Lucky the Banker is a free practice app with 646+ Series 63 questions, weak-area tracking, and timed mock exams. No credit card, no paywall.
Related Remedies & Administrative Provisions questions
- During a compliance drill, focus on how the Uniform Securities Act applies here. Read it as a Uniform Securities Act…
- In a state-law practice set, a candidate reviews the following scenario. Read it as a Uniform Securities Act issue…
- On a timed state-securities quiz, the scenario below appears. Read it as a Uniform Securities Act issue rather than a…
- In a state-administrator case study, the scenario starts here. Assume the administrator is testing the cleanest…