최신 Series63 무료덤프 - FINRA Uniform Securities Agent State Law Examination

문제1

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

A. Investment Advisers Act of 1940

B. Securities Act of 1933

C. Investment Company Act of 1940

D. Securities and Exchange Act of 1934

정답: B

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문제2

Which of the following would not appear on an order ticket?

A. the stock symbol

B. the agent's commission

C. the settlement date

D. the account number of the client buying or selling the security

정답: B

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문제3

Don is a state-registered agent with GetErDone Broker-Dealers. He has three other friends who are licensed agents-Huey, Dewey, and Louie. Huey is also an agent with GetErDone Broker-Dealers. Dewey is an agent with a different firm in the same city, CanDo Broker-Dealers. Louie works for a Broker-Dealer with an office just across the state line.
Don can enter a commission-splitting agreement with

A. either Huey or Dewey or both

B. Either Huey, Dewey, or Louie or any combination of the three

C. Dewey only

D. Huey only

정답: D

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문제4

An individual who represents a broker-dealer in the buying and selling of securities is called a(n):

A. agent

B. underwriter

C. issuer

D. administrator

정답: A

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문제5

Once a broker-dealer has applied for and been granted state registration, the registration remains valid

A. for three years.

B. until December 31st.

C. for twelve months.

D. for five years.

정답: B

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문제6

Harry Lange manages the investment portfolio for the Fidelity Magellan Mutual Fund. Mr. Lange is a(n)

A. agent.

B. broker-dealer.

C. investment adviser.

D. investment company.

정답: C

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문제7

Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:

A. once a year.

B. twelve times a year.

C. twice a year.

D. four times a year.

정답: D

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문제8

Broker-dealer Small & Associates has received a complaint about one of its agents, Mr. Ari Gaunt. Small & Associates is required to

A. call the client who complained and inform him of the disciplinary action that will be taken against Mr.
Gaunt.

B. immediately forward the complaint to the Administrator of any state in which Mr. Gaunt is a registered agent.

C. provide the client with a written response to the complaint.

D. keep the complaint in Mr. Gaunt's employee file as long as Mr. Gaunt remains employed with the firm.

정답: C

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문제9

Ms. Ding is an administrative assistant to the manager of a mutual fund. Most of her day is spent entering data onto a spreadsheet for her boss and answering phone calls. Some of the calls require her to provide information about the some of the fund's financial aspects, such as its closing net asset value on the previous day.
What type of registration does Ms. Ding require in order to perform her duties?

A. Ms. Ding needs to apply for registration as an investment adviser representative since she is providing information about a specific mutual fund.

B. Ms. Ding needs to apply for registration as an agent since she is providing financial information.

C. Ms. Ding does not need to apply for any type of registration. She is merely supplying information and is not engaged in the purchase or sale of the fund shares.

D. Ms. Ding will need to apply for registration as both an agent and an investment adviser representative in this case since she is providing information about a mutual fund.

정답: C

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문제10

Which of the following constitutes a non-punitive order?

A. summary license suspension

B. registration denial

C. All of the above are punitive orders.

D. registration cancellation

정답: D

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문제11

According to the NASAA Model Rules, which of the following institutions would not be considered a qualified custodian?

A. a bank that is insured by a private, state-sponsored insurance company

B. a broker-dealer that is registered with the state

C. a savings institution that is insured by the FDIC

D. a foreign financial institution

정답: A

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문제12

Moe is a registered investment adviser doing business under the name of MoeMoney Investment Advisers, LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of directors; Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical duties.
Given that Moe is already a registered investment adviser, which of the other three are automatically registered as investment adviser representatives?

A. Larry and Mary only

B. Mary and Curly only

C. Larry, Mary and Curly

D. Larry only

정답: D

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문제13

In its capacity as a full service broker, A-2-Z Associates is also in the investment advisory industry, charging its clients for investment advice for additional remuneration. One of the firm's clients has been advised to buy some U.S. government treasury inflation-protected securities (TIPS.) A-2-Z is a dealer in these securities in the secondary market.
Which of the following statements is true?

A. Under no circumstances may A-2-Z sell the client TIPS that A-2-Z holds in its own portfolio. This would be a conflict of interest.

B. A-2-Z can sell the client TIPS from its own portfolio as long as it tells the client that it is taking on the part of the seller in the transaction.

C. A-2-Z can sell the client TIPS indirectly by getting a 3rd party-another broker-dealer-to effect the sale.

D. A-2-Z can only sell the client TIPS if it informs the client it is acting as the seller in this transaction and receives the client's written consent before the transaction is settled.

정답: D

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문제14

MoeMoney Investment Advisers, LLC is registered in the state of Texas, and its three offices are all located in the greater Dallas-Fort Worth area. Five of its clients-all individuals-have relocated to Colorado and all have indicated a desire to retain the services of MoeMoney. In order for this to be possible,

A. Neither MoeMoney nor its clients need do anything.

B. MoeMoney will need to apply for and be granted registration as an investment adviser in the state of Colorado.

C. MoeMoney will need to apply for and be granted registration as an investment adviser representative in the state of Colorado.

D. each client will have to write a letter to the Administrator of the state of Colorado on MoeMoney's behalf.

정답: A

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문제15

Painting the tape refers to

A. 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.

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

C. 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.

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

정답: C

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문제16

n No: 85
Which of the following is not in itself a reason for the Administrator to deny, suspend, or revoke the license of a person?

A. Some of the information supplied on the registration application was found to be false.

B. The person is a broker-dealer whose agents have repeatedly been accused of churning and burning, according to written client complaints.

C. The applicant has never before worked in the securities industry although he has received the requisite training.

D. The person has been convicted of check kiting within the past ten years.

정답: C

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문제17

Shady Corporation's executives are concerned over the firm's steadily declining stock price and decide to do something about it. They each decide to make significantly large purchases of their firm's stock in order to stabilize and hopefully even to drive up its price, reasoning that they can sell the stock for the higher price down the road and profit from the transaction. You are a broker-dealer for the firm's executives.
Are Shady's executives planning to do anything illegal?

A. No. As long as they follow the rules and report their purchases to the SEC, it is not illegal for them to purchase shares of their firm's stock.

B. Yes. Although it is not illegal for them to purchase shares of their firm's stock, they cannot do so in order to try to manipulate the price of the stock.

C. No. It's a win-win. They are using their own money to buy stock of their firm, and this can help drive the stock price up and put profits in their pockets.

D. Yes. To purchase shares of their own company is considered to be illegal insider trading.

정답: B

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최신 Series63 무료덤프 - FINRA Uniform Securities Agent State Law Examination

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