Private Securities Offerings Representative Exam (Series 82) Practice Test

The Series 7 is a general securities representative license covering a broad range of public securities. The Series 79 is focused on investment banking, including M&A and underwriting. The Series 82 is specifically limited to private securities offerings, meaning you cannot sell public stocks or bonds with this license alone. It is often paired with the Series 7 or Series 79 for a fuller scope of practice.

Yes. You must know the current thresholds: $200,000 individual income ($300,000 joint) for the last two years with a reasonable expectation of the same, or $1 million net worth excluding the primary residence. The practice test will include questions testing these exact figures.

The most common mistake is confusing suitability for private placements with suitability for publicly traded securities. Private placements require a deeper analysis of liquidity needs, concentration risk, and the investor's ability to bear a total loss. Many test-takers overlook the requirement to document the specific rationale for recommending an illiquid, high-risk investment.

Yes, but the focus is on federal preemption and coordination with state regulators under the National Securities Markets Improvement Act (NSMIA). You should understand that certain offerings under Rule 506 are preempted from state registration, but states can still require notice filings and fees.

Focus on the key distinction: Rule 506(b) prohibits general solicitation, while Rule 506(c) permits it but requires that all purchasers be accredited investors and that the issuer take reasonable steps to verify their status. Practice test questions often present scenarios where a firm accidentally solicits publicly, and you must identify the regulatory consequence.