Finra Series-63 Exam - Topic 2 Question 15 Discussion

Actual exam question for Finra's Series-63 exam

Question #: 15
Topic #: 2

[All Series-63 Questions]

Under the NASAA Model Rules, the statute of limitations for civil liabilities is

Athe earlier of two years after the discovery of the facts and four years after the violation.

Bthe earlier of three years after the discovery of facts and five years after the violation.

Cthree years after the discovery of the facts and four years after the violation, whichever is greater.

Dthe earlier of two years after the discovery of facts and three years after the sale.

Show Suggested Answer

Suggested Answer: D

Under the NASAA Model Rules, the statue of limitations for civil liabilities is the earlier of two years after the discovery of facts and three years after the sale. This follows the recommendations provided by the Uniform Securities Act of 1956.

by Gearldine at Nov 22, 2025, 08:56 AM

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Reuben

1 month ago

D is too short. I’d go with A for clarity.

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Dottie

1 month ago

C is interesting, but I feel it complicates things.

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Devora

2 months ago

I remember it being A. The earlier limit is crucial.

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Chantell

2 months ago

A makes sense, but I’m unsure about the four years part.

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Dick

2 months ago

I lean towards B. Three years seems more reasonable.

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Zena

2 months ago

Are you sure about that? Seems too short!

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Linette

2 months ago

Definitely A, I've checked the rules before.

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Daron

2 months ago

Wait, I thought it was B? This is confusing!

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Kristian

3 months ago

It's A) two years after discovery or four years after violation.

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Annice

3 months ago

Definitely not A. That's way too short of a timeline. I'm leaning towards B or D, but I'll have to double-check the NASAA guidelines.

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Adolph

3 months ago

Option A? Really? Who writes these questions, a bunch of lawyers? *chuckles*

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Lashaunda

4 months ago

I'm going to go with C. It's the most comprehensive option, covering both the discovery of facts and the violation timeline.

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Antione

4 months ago

Hmm, I'm torn between B and D. The NASAA rules can be tricky, but I think D might be the safest bet.

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Annamae

4 months ago

I remember discussing the NASAA rules, but I’m not confident about the exact timeframes. I might lean towards option A, but I’m not sure.

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Mike

4 months ago

I’m pretty sure it’s the earlier of two years after discovery and three years after the sale. That sounds familiar, but I could be mixing it up.

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Viva

4 months ago

I practiced a similar question, and I feel like the answer was about three years after discovery. Maybe it's option B?

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Jose

4 months ago

I think the statute of limitations is two years after discovery, but I can't remember if it's four years after the violation or something else.

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Ryan

5 months ago

I'm a little confused by the different time periods in the options. I'll need to re-read this a few times to make sure I understand the nuances.

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Merilyn

5 months ago

I've got a good feeling about this one. The wording in the answer choices seems pretty straightforward, so I think I can narrow it down.

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Margarita

5 months ago

Okay, let's see. The question is asking about the statute of limitations, so I'll need to focus on the time periods mentioned in the answer choices.

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Lemuel

5 months ago

I think it's A. Two years after discovery sounds right.

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Jesusita

5 months ago

Option B seems the most reasonable, as it provides a clear timeline for the statute of limitations.

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Cherilyn

6 months ago

Totally agree, A is the correct answer!

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Howard

6 months ago

I'm pretty sure the correct answer is D. The question specifically mentions the NASAA Model Rules, and that's the option that aligns with those rules.

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Beatriz

6 months ago

Hmm, this seems like a tricky one. I'm not too familiar with the NASAA Model Rules, so I'll need to think through the options closely.

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Elli

6 months ago

I think I'll start by reading through the question carefully to make sure I understand the key details about the NASAA Model Rules and the statute of limitations.

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