What do Series 65 and Series 66 exam questions look like?

Having taken the Series 65 exam just two days ago, I am only able to remember the topics that my particular randomly-generated batch of 130 questions brought up. I can't remember any question verbatim, and I'm not sure how much it would help, even if I could. What I can do is tell you that the following represents the kind of topic, level of difficulty, and attitude of a challenging Series 65 or Series 66 exam question:

Which of the following investment advisers must indicate that it maintains custody of client assets on Form ADV Part 1?
A. An adviser that receives quarterly management fees directly from the custodian with client consent
B. An adviser who provides a list of unaffiliated custodial firms to its advisory clients free of charge
C. An adviser that is affiliated with a bank, savings institution, or trust company
D. None because advisers indicate such information on Form ADV Part 2 only as a result of Dodd-Frank

Rather than provide the answer right away, let's see if any of you anonymous readers are brave enough to give your answer AND your explanation for choosing it first. Time to make this blog interactive, people.
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Same Thing Only Different

Just finished a morning tutoring session and noticed that the client had some trouble recognizing when a different question was asking the same thing as a previous question he had already nailed. Most people get this first question wrong, but today's tutoring client nailed it in about 10 seconds:

An investor purchased shares of a growth & income fund in early February this year.  In late December this year, she receives a capital gains distribution from the fund.  Therefore
a.this represents a tax-free return of capital
b.the capital gain is tax-exempt to the investor
c.the capital gain is treated as a short-term capital gain
d.the capital gain is taxable at long-term capital gains rates

So, since he nailed that one, I assumed he'd also get this one right:


Which of the following represents an accurate statement concerning the tax implications of mutual fund investing?
a.municipal bond mutual funds distribute tax-free long-term capital gains
b.capital gains distributions are determined by the fund's holding period, even if the investor has held the shares for less than one year
c.because the mutual fund provides a 1099 form, the investor is relieved of the responsibility to report dividend income to the IRS
d. all dividends distributed are currently taxed at a maximum of 15%

Notice how answer choice b is explaining exactly why the client got the first question correct? In the first question, the cap gains distribution was long-term because it was based on the fund's holding period--not the investor's. Why then didn't answer choice b scream out to the candidate?
Not sure. He knew answer a was wrong. He knew C was BS. But, still, he couldn't choose answer b here.
Maybe he was tired. But, at the testing center I'm hoping he will keep struggling with a question until he sees it in its proper light. For a lot of you, that isn't happening yet because you're only spending 15 seconds on a question. You want to know the answer without figuring out the question. That doesn't work, people. Be willing to figure out the questions, and you will end up getting licensed. HelpWithSeries65Exam