Series 63 practice questionhardAdviser Exclusion – Non-Securities Advice
Which of the following persons giving advice would NOT be required to register as an IA under the USA?
- AA person advising exclusively on direct real estate investments.✓ Correct answer
- BA person charging fees for advice on stocks.
- CA person publishing a paid newsletter with specific investment recommendations.
- DA person providing advice on municipal bonds to retail clients.
Explanation
Why A — A person advising exclusively on direct real estate investments.
Advice limited to non-securities (such as real estate) is excluded from the IA definition. Advice on stocks, bonds, or through paid newsletters is subject to registration (Section 401(c)).
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