Series63試験無料問題集（251題）「FINRA Uniform Securities Agent State Law Examination 認定」

出題：1

In which of the following scenarios will the investment adviser be subject to criminal fraud charges?

A. An adviser sells its shares of TweedleDee Corporation after issuing a report recommending the stock as a "buy."

B. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy" without disclosing the fact that it owns the stock.

C. all of the above. It is considered criminal fraud for an investment adviser to make any recommendations on a security in which it has or plans to have a position.

D. An adviser owns the stock of TweedleDee Corporation and has issued a report recommending the stock as a "buy," disclosing the fact that it owns the stock

正解：A 解答を投票する

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出題：2

The 2003 NASAA Model Rule requires that investment advisers that are not federal covered maintain their records for at least

A. five years.

B. seven years.

C. Investment advisers must maintain their records for as long as they remain registered with the state.

D. three years.

正解：A 解答を投票する

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出題：3

The Administrator of a state can deny an application if

A. the registrant has been enjoined from engaging in activities involving securities in another state.

B. any of the above is true.

C. the Administrator determines the applicant is not financially solvent.

D. the application is missing information.

正解：B 解答を投票する

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出題：4

Which of the following entities are subject to post-registration provisions?
I. broker-dealers
II. agents
III. investment advisers
IV. investment adviser representatives

A. II and IV only

B. I and III only

C. All of the entities are subject to post-registration provisions.

D. I and II only

正解：B 解答を投票する

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出題：5

The current yield on a bond fund refers to

A. the percentage increase in the fund's net asset value.

B. the total return that the fund has earned over the most recent 12-month period.

C. the return that the fund earned based only on the interest income it received

D. the return that the fund earned because of the capital appreciation of the securities in the fund.

正解：C 解答を投票する

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出題：6

Which of the following statements best explains the difference between an agent and a broker-dealer?

A. A broker-dealer must be licensed in the state in which he conducts business, but there are no separate licensing requirements for agents.

B. An agent is an individual who represents a broker-dealer or an issuer and buys and sells securities he does not own in return for a commission on the transactions he executes. A broker-dealer may also buy and sell securities for his own portfolio, in which case the broker-dealer enjoys any price appreciation on those securities.

C. Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy and sell bonds and option contracts.

D. Agents conduct their business exclusively in the secondary market, while broker-dealers also operate in the primary market.

正解：B 解答を投票する

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出題：7

Rich Quick is a broker-dealer registered in the state of Massachusetts. He occasionally trades on abnormalities he observes in bond yield spreads for his own account, short selling a bond that appears to be overpriced based on its yield and buying a bond that is identical in almost every respect except for the price, which is less than that of the other bond. He has been able to earn arbitrage profits 95% of the time when he does this. Rich Quick

A. is in violation of securities laws. Arbitrage is a prohibited activity.

B. engaged in a fraudulent activity.

C. is skilled if he is able to earn profits 95% of the time using this strategy.

D. is trading on insider information, which is a violation of securities laws.

正解：C 解答を投票する

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出題：8

Which of the following statements about agents is (are) false?

A. All of the above are false statements.

B. When an agent has a change of address, both he and his broker-dealer affiliate must inform the Administrator.

C. If an agent files for bankruptcy, the Administrator may elect to terminate that agent's registration if the Administrator believes it is "in the public interest" to do so.

D. An agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted.

正解：D 解答を投票する

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出題：9

Which of the following does not describe a prohibited practice for investment advisers?
I. The adviser sells its non-institutional clients securities that it has issued.
II. The adviser makes a discretionary trade for a client after receiving verbal authorization only and does not receive written authorization from the client within 10 business days of doing so.
III. The investment adviser requires an advisory fee of $300 to be paid in advance at the beginning of each quarter.

A. I and III only

B. None of the selections describe prohibited practices.

C. II and III only

D. I only

正解：C 解答を投票する

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出題：10

Newbie Corporation is considering the possibility of an interstate initial public offering (IPO) of its stock. In the initial meetings with BigFee Investment Bankers, Newbie has learned that the underwriting spread will be
15%. Although the actual offering price won't be set until Newbie's registration statement is approved by the SEC, BigFee has indicated that the offer price will probably be between $3 and $4 a share and that the stock will initially be listed on the OTC Bulletin Board.
What methods for state registration does Newbie have available?
I. registration by coordination
II. registration by notification
III. registration by qualification

A. Method II only

B. Method I only

C. Methods I and III only

D. Newbie may elect to register by any one of the above methods although registration by qualification would be the most burdensome choice.

正解：C 解答を投票する

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出題：11

Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday afternoon, issues that had been brewing between her and another employee of the firm came to a head, and Maddie impulsively quit her job.
At this point,

A. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed there.

B. Maddie will have to file a new application for registration with the Administrator upon finding employment with another broker-dealer since she is no longer considered to be a registered agent by the state.

C. Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration application.

D. Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration application.

正解：B 解答を投票する

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出題：12

Price pegging refers to

A. the practice of buying large amounts of a security to drive its price up artificially.

B. the unethical practice of investment advisers who issue "buy" recommendations for stocks that they own themselves without disclosing the fact.

C. the prohibited practice of excessively trading on a client's account that is used by some broker-dealers and/or their agents to generate more commissions for themselves.

D. the illegal activity of a group of investors who buy and sell a security among themselves to create an artificially high volume of trading in hopes of luring investors to buy the security.

正解：A 解答を投票する

解説: (GoShiken メンバーにのみ表示されます)

出題：13

You are employed as an agent with CanDo Broker-Dealers. Your brother is software engineer with VideoMagic. When you were talking to him on the phone the other day, he told you that he overheard a conversation by some of the firm's executives that indicated that VideoMagic was about to take over another software company.
Which of the following would violate insider trading rules?
I. The next day, you get an unsolicited call from a client requesting that you sell his shares in Video Magic, and you execute the trade.
II. You buy stock in Video Magic's target firm in anticipation that its stock price will rise when the information becomes public.
III. You recommend the stock of Video Magic's target firm to investors based on the fact that, on average, the stock price of target firms increases.

A. I and III only

B. I and II only

C. II and III only

D. I, II and III

正解：C 解答を投票する

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出題：14

While on vacation in Colorado, Mr. Moneybags became interested in the stock of a company called SafeAway, which designs and installs customized high-tech security systems in the multimillion dollar mansions located in Colorado's pricier ski resort areas, such as Vail and Aspen. Upon returning to his home in Boston, he calls his broker-dealer with an order to purchase 10,000 shares of the stock, which he learned trades in the over-the-counter market. Fast Eddie, a registered agent with his broker-dealer, discovers that SafeAway's stock is registered only in the states of Colorado and Wyoming. Neither Fast Eddie nor his broker-dealer are registered to do business in either of those states. Under these circumstances,

A. Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt transaction because it is a private placement.

B. Fast Eddie cannot effect Mr. Moneybags purchase of SafeAway stock since neither he nor his broker are registered to do business in Colorado or Wyoming, and SafeAway stock is not registered for sale in the state of Massachusetts.

C. Fast Eddie should contact a broker-dealer that is registered in either Colorado or Wyoming and negotiate a finder's fee for referring Mr. Moneybags to them.

D. Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt transaction because it is an unsolicited transaction.

正解：D 解答を投票する

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出題：15

Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can't attend all the games themselves, so Kevin has created "packages" of eight games each that he is listing for sale on Craig's List.
Do these "packages" meet the definition of securities, and, if so, does Kevin need to register them with the state before offering them for sale?

A. Statements A and B are both true statements.

B. Only if Kevin will be selling the packages at or below cost are the packages not considered to be securities, in which case Kevin will not have to register them with the state.

C. The packages are not considered to be securities since each package is merely a purchase and sale agreement between Kevin and another person. There is no third party involved. Because they do not meet the definition of securities, Kevin does not need to register them with the state.

D. If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but since he's selling the packages to only a few people, he will not have to register them with the state.
(Kevin may, however, be guilty of violating ticket scalping laws.)

正解：C 解答を投票する

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出題：16

Assuming there is not a stop order or a proceeding pending, under the registration by coordination process a security's registration with the state becomes effective:

A. immediately after approval by the SEC as long as the registration statement has been on file for at least
20 days or the Uniform Securities Act has provided an exemption to this waiting period.

B. immediately subsequent to approval by the SEC, regardless of how long the registration statement has been on file.

C. only when it is approved by the state Administrator, regardless of whether it has been approved by the SEC.

D. only when it is approved by the state Administrator, who will review the registration documentation upon notification that SEC approval has been granted.

正解：A 解答を投票する

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出題：17

A margin transaction refers to a transaction

A. in which the client borrows some of the money that he is investing.

B. that is illegal under the guidelines of the Uniform Securities Act.

C. in which a registered agent makes trades on a customer's account without that customer's knowledge.

D. Both A and C are true statements.

正解：A 解答を投票する

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出題：18

Needy Investment Advisers, LLC needs a loan. One of its wealthier clients has offered to lend the firm the money at the prime rate of interest. A promissory note is drawn up stipulating the terms of the loan. Based on these facts,

A. Needy is not in danger of violating any securities laws since the loan was unsolicited and has been properly executed via a promissory note.

B. Needy will be in violation of securities laws unless a waiver of compliance form is signed by the client and submitted to the administrator.

C. Needy is in violation of securities laws by acting as an issuer of securities.

D. Needy is in violation of securities laws only if the face value of the note is for $50,000 or more.

正解：C 解答を投票する

解説: (GoShiken メンバーにのみ表示されます)

Series63試験無料問題集「FINRA Uniform Securities Agent State Law Examination 認定」