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

出題：1

Registration by coordination is provided for by which of the following federal securities acts?

A. Securities and Exchange Act of 1934

B. Investment Company Act of 1940

C. Investment Advisers Act of 1940

D. Securities Act of 1933

正解：D 解答を投票する

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出題：2

Which of the following would meet the requirements for an "exempt security?"

A. a $500,000 promissory note that matures in two years

B. commercial paper with a $200,000 face value and a maturity of three months that is rated BB by Standard and Poors

C. a $25,000 promissory note that matures in three months

D. commercial paper with a $100,000 face value and a maturity of five months that is rated AA by Standard and Poors

正解：D 解答を投票する

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出題：3

Which of the following constitutes a non-punitive order?

A. summary license suspension

B. registration denial

C. registration cancellation

D. All of the above are punitive orders.

正解：C 解答を投票する

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出題：4

Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public.
In this scenario, which party is acting as a dealer?

A. HiGrowth Corporation

B. BigFee Investment Bankers

C. GetErDone Broker-Dealers

D. Mr. Bigwig

正解：B 解答を投票する

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出題：5

A hypothecation agreement refers to

A. an agreement wherein a client gives his broker-dealer discretion to purchase securities that the broker-dealer deems appropriate in whatever quantity the broker-dealer feels appropriate and at a time and price the broker-dealer believes is a good deal.

B. an agreement signed by a client who is executing a margin transaction that allows the broker to hold the margined securities in street name as collateral for the loan.

C. an agreement that a client must sign prior to executing any short sales with the broker-dealer.

D. a document signed by a client indicating that he or she understands that some of the charts and examples presented in a broker-dealer's advertising literature are based on hypothetical trades.

正解：B 解答を投票する

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出題：6

You have recently discovered that a security you purchased has not been registered with the state, nor is it exempt from registration. You can file a civil claim against the seller as long as you do so within

A. two years from discovery or three years from the event, whichever comes first.

B. three years from discovery or five years from the event, whichever comes first.

C. five years.

D. one year from discovery.

正解：A 解答を投票する

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出題：7

Under NASAA Model Rules, it is permissible for the registered representative of a broker-dealer to split his or her commission with
I. a client.
II. the broker-dealer with which the registered representative is affiliated.
III. another registered representative working for the same broker-dealer.
IV. the administrative assistant who directs calls to the registered representative and provides other services for the agent.

A. II, III, and IV only

B. I, II, and III only

C. II and III only

D. I, II, III, and IV

正解：C 解答を投票する

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出題：8

In accordance with the National Securities Markets Improvement Act of 1996, which of the following is a federal covered adviser and, therefore, exempt from registering with the state Administrator?
I. An adviser who does business in 26 states.
II. An adviser who manages the portfolio of a mutual fund that is registered with the SEC.
III. An adviser with $35 million in assets under management

A. I and III only

B. I and II only

C. II and III only

D. All of the selections meet the qualifications of a federal covered adviser.

正解：C 解答を投票する

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出題：9

It has come to the attention of the Administrator of the state that Samuel Shyster provided false information on his application to become a registered investment adviser with the state. Prior to revoking Samuel's license, the Administrator will provide Samuel with which of the following?
I. prior notice
II. an opportunity to fill out a new registration statement
III. an opportunity for a hearing
IV. a written statement regarding the facts and the legal consequences

A. I, II, and III

B. I, III, and IV

C. I, II, and IV

D. I, II, III, and IV

正解：B 解答を投票する

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出題：10

An agent cannot tell a client that a mutual fund is "no load" if the fund has
I. a front-end load
II. a contingent deferred sales load
III. 12b-1 fees

A. I, II or III

B. I or II only

C. I or III only

D. I only

正解：B 解答を投票する

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出題：11

Mr. and Mrs. Cleaver are nearing retirement and have made an appointment with Mr. Eddie, an investment adviser representative who works for Haskell Investment Advisers, to get advice on how they can better structure their investments to meet their retirement goals. Their son, Theodore, who has recently graduated college and has a great job as a software writer for a video game company, accompanies them. Mr. Eddie explains that the main goal of any plan is diversification and recommends that Mr. and Mrs. Cleaver spread their investment monies equally among six load mutual funds that Mr. Eddie can sell them. He suggests that Theodore follow suit and invest any monies he has equally among the same ten funds.
Has Mr. Eddie done anything wrong?

A. Yes. Clients who are ready to retire have different investment needs than a client who is just entering the work force. The recommendation that both Theodore and his parents have the same asset allocation is clearly unsuitable.

B. Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.

C. Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better investments.

D. No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.

正解：A 解答を投票する

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出題：12

Which of the following entities is subject to be accused of churning?
I. investment advisers
II. investment adviser representatives
III. broker-dealers
IV. agents

A. II and IV only

B. I and III only

C. II, III, and IV only

D. I, II, III, and IV

正解：D 解答を投票する

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出題：13

Assuming the security is not registered under the Uniform Securities Act, which of the following would not be exempt from state registration?

A. a variable annuity contract offered by an insurance company with offices in the state

B. a stock that is listed on the OTC Bulletin Board

C. a put option on a stock that sells in the over-the-counter market

D. a stock that is listed on the American Stock Exchange

正解：B 解答を投票する

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出題：14

Switch Advisory is a small investment adviser partnership registered in a single state. A larger investment adviser firm, Bait Investment Adviser, is registered in the same state as well as two other states. Bait has offered to buy out three of Switch's partners who want to retire. This will give Bait a 60% ownership in Switch Advisory.
Which of the following statements are true?
I. Switch Advisory must obtain the approval of its clients before the partners can sell their interests to Bait.
II. Switch Advisory must notify the state Administrator of this event.
III. Switch Advisory must notify their clients of this event, but does not need the clients' approval.
IV. Switch Advisory must notify the SEC of this event.

A. II, III, and IV only

B. I, II, and IV only

C. I and II only

D. I only

正解：C 解答を投票する

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出題：15

on No: 9
Rich Writewell wants to begin publishing an independent weekly financial newsletter that will provide investment recommendations as well as other financial news items to the general public. Rich hopes that his newsletter will achieve nationwide circulation within a few months.
Which of the following statements is true?

A. Rich will have to register as an investment adviser since his publication will include investment recommendations.

B. Rich will not have to register as an investment adviser since he is publishing a legitimate financial newsletter for distribution to the general public.

C. Rich will have to register as an investment adviser only if he sells this newsletter to the public. If the publication is to be distributed free of charge, he will not have to register.

D. Rich may be exempt from registering as an investment adviser if he is a lawyer, accountant, engineer, or teacher. Otherwise, he will have to register.

正解：B 解答を投票する

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