2023年最新のSeries63問題集レビュー専門クイズ学習材料
Series63テスト準備トレーニング練習試験問題 練習テスト
質問 # 43
Which of the following actions is the Administrator of a state empowered to take?
- A. gather evidence
- B. require restitution for the victims of a scam
- C. The Administrator of a state has the authority to take all of the above actions.
- D. impose civil penalties in cases of fraud
正解：A
解説：
The Administrator of a state can gather evidence, but it cannot impose any civil penalties,
including the requirement of restitution to victims. These actions can only be performed by a court of law.
質問 # 44
Which of the following entities are subject to post-registration provisions?
I. broker-dealers
II. agents
III. investment advisers
IV. investment adviser representatives
- A. I and II only
- B. All of the entities are subject to post-registration provisions.
- C. II and IV only
- D. I and III only
正解：D
解説：
Explanation
Only selections I and III are subject to post-registration provisions. Broker-dealers and investment advisers can be required to file advertising materials and financial reports with the Administrator, as specified by the Administrator. They are also required to keep records to the specifications of the Administrator. These records will include items such as client e-mails, client letters of complaint, and advertising brochures and must be kept for three years.
質問 # 45
Which of the following is an example of commingling?
- A. In order to generate more commissions for herself Ms. Fox makes trades on some of her client's
accounts and has the trade confirmations sent to a P.O box she owns. - B. All of the above are examples of commingling.
- C. Mr. Hawk encourages his clients to leave their securities in "street name" with the broker-dealer for
which Mr. Hawk works. - D. Sly is an agent with a broker-dealer who recently executed a stock purchase for his client and had the
client make the check for the purchase out to Sly for deposit in Sly's broker-dealer account.
正解：D
解説：
When Sly has his client pay for a stock purchase by making the check out to Sly himself, he
has engaged in the prohibited practice of commingling. Ms. Fox is also engaged in a prohibited practice,
but she is engaged in making unauthorized transactions. Mr. Hawk is doing nothing wrong. It is typical for
clients to leave securities on deposit with their broker-dealers in what is called "street name." This makes
it easier for the client to sell the securities later on since he physically will not have to deliver the securities
to the broker, for one thing.
質問 # 46
A hypothecation agreement refers to
- A. an agreement that a client must sign prior to executing any short sales with the broker-dealer.
- B. 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. - C. 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. - D. 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.
正解：D
解説：
A hypothecation agreement refers to 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.
質問 # 47
Carrie is a registered agent employed by CanDo Broker-Dealers. Her uncle is a minister who regularly
refers his parishioners to Carrie, in return for which Carrie has agreed to donate a quarter of her
commissions from these transactions to the parish. Is Carrie doing anything illegal?
- A. No. Carrie is just donating some of her commissions back to the church, and transactions with
- B. Yes. Carrie is splitting her commissions with an entity that is not affiliated with her broker-dealer
- C. It depends. If the church itself is a client of CanDo's, then it is considered to be affiliated with
- D. It depends. As long as the church parishioners are aware of the arrangement between Carrie and
正解：B
解説：
Yes. Carrie is violating NASAA's Model Rules in splitting her commissions with an entity that
is not a registered agent affiliated with her firm. It doesn't matter that the entity is a church, even if that
church is itself a client of the broker-dealer.
質問 # 48
You are an agent with a broker-dealer and have learned of limited partnership interests being sold by a small company that is planning to come out with a product that you think is going to "wow" the market. You would like to get in on the action, but the minimum investment needed is $10,000, and you don't have that kind of dough lying around. You talk to your brother, who is also one of your clients, and get him interested in investing in the firm, too. The two of you decide to pull your money together, each putting in $5,000, and you agree to split any profits or losses.
Is this permitted?
- A. Yes, as long as your brother provides your firm with his written consent.
- B. Maybe. But it will require written consent from both your brother and your firm.
- C. Yes. This is permitted since the agreement is between you and a family member.
正解：A
解説：
Explanation
It may be permissible for you and your brother to open a joint account to invest in this partnership since he is a family member, but it will require the written consent of both your brother and your firm, and your firm is under no obligation to give its consent.
質問 # 49
No: 192
The maximum monetary civil liability that a person who has violated a securities law can be expected to pay is
- A. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees - any income the victim has received on the investment.
- B. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any state-determined "pain and suffering" award - any income the victim has received on the investment.
- C. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any state-determined "pain and suffering" award.
- D. the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees + any income the victim has received on the investment.
正解：A
解説：
Explanation
The maximum monetary civil liability that a person who has violated a securities law can be expected to pay is the original investment + a state-deemed appropriate interest rate + court costs and reasonable attorneys' fees - any income the victim has received on the investment. The monetary liability is reduced by any dividends, interest income, or capital gains the investor may have received. Monetary awards for pain and suffering are not considered.
質問 # 50
Layered Corporation wants to issue a bond that will have warrants attached. Each warrant gives the holder the right to buy 5 shares of Layered's common stock at a price stipulated on the warrant.
In this instance, Layered must file to register which of the following securities with the state?
I. the bonds
II. the warrants
III. the common stock
- A. I, II, and III
- B. I and III only
- C. I and II only
- D. I only
正解：A
解説：
Explanation
If Layered issues a bond with warrants attached that give the holder the right to buy shares of its common stock, Layered must register all three securities. The bond is being offered for sale with the warrants attached, so both the bond and the warrant are being offered for sale and must be registered.
Furthermore, the Uniform Securities Act stipulates that the "sale or offer for sale of the right" to buy another security "is considered to include an offer of the other security." Therefore, offering the warrant for sale is effectively an offer to sell the stock as well, so the stock must be registered.
質問 # 51
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. Mr. Bigwig
- D. GetErDone Broker-Dealers
正解：B
解説：
BigFee Investment Bankers is acting as a dealer. In underwriting the securities, the firm is
purchasing them from HiGrowth and selling the securities to the public. If the securities don't sell for the
amount that BigFee thinks they can, BigFee takes the loss as owner of the securities.
質問 # 52
Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack will need to
register as a sales representative if he:
- A. participates in the selling of the new stock to individual investors.
- B. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
- C. represents NewCorp in any transactions with financial institutions.
- D. Jack will need to register as a sales representative if he performs any one of the above activities.
正解：A
解説：
Jack will need to register as a sales representative if he participates in the sale of new stock
to individual investors. Those who deal directly with the public need to register as sales representatives
under the Uniform Securities Act. If Jack limits his involvement to transactions with the underwriters or
financial institutions, he need not register.
質問 # 53
Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect & Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated with one of Connect's subsidiaries, a broker-dealer registered in the state. Trevor has applied to the Administrator of Massachusetts for registration as an agent.
Can Trevor execute purchases and sales for clients while his registration is still pending?
- A. Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration is pending.
- B. Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is registered in the state of Massachusetts, he is not restricted from executing trades.
- C. No. Until he is informed by the Administrator of Massachusetts that his application has been accepted, Trevor may not affect any securities transactions in Massachusetts.
- D. It depends. Trevor can execute some purchases and sales, but only for clients that he already had who may have recently relocated to Massachusetts and only for sixty days while his registration is pending.
正解：D
解説：
Explanation
It depends. Because he is a registered agent in another state and the broker-dealer he is now affiliated with is registered in the state of Massachusetts, Trevor can execute purchases and sales, but only for existing clients while his registration with the Massachusetts Administrator is still pending and only for sixty days. This assumes, of course, Trevor has no violations that would restrict him from registering in Massachusetts.
質問 # 54
Rich Quick is a broker-dealer licensed in the state of Massachusetts and has offices only within the state.
Two of Rich Quick's clients regularly vacation in Florida during the winter months, and Rich Quick
executes trades for them when they call him from out-of-state. Based on these facts,
I. Rich Quick needs to register as a broker-dealer in the state of Florida as well.
II. Rich Quick needs to register only as an agent in the state of Florida.
III. Rich Quick needs to establish an office in the state of Florida in order to transact business.
IV. Rich Quick need not register in Florida.
- A. Only Statement IV is true.
- B. Statements I and III are true.
- C. Statements II and III are true.
- D. Only Statement I is true.
正解：A
解説：
Based on the facts provided, Rich Quick need not register in Florida since he has no offices
in the state of Florida, and he is conducting business for existing clients who are merely vacationing in
Florida and are not residents of the state.
質問 # 55
Which of the following are accurate statements regarding the minimum financial requirements for investment advisers according to the NASAA Model Rules?
I. Any investment adviser who has discretionary authority over a client's assets, but who does not have actual custody of client funds or securities, is required to maintain a minimum net worth of $10,000 at all times.
II. An investment adviser who requires that a fee of more than $500 from his clients be paid six months or more in advance must maintain a positive net worth at all times.
III. Only an investment adviser who has actual custody of client assets is subject to a minimum net worth requirement, which the NASAA Model Rules specifies is $10,000.
- A. I and II only
- B. I only
- C. III only
- D. II and III only
正解：A
解説：
Explanation
Only Selections I and II are accurate statements of the NASAA Model Rules regarding minimum financial requirements for investment advisers. The NASAA rules stipulate that an adviser who has only discretionary authority, but does not take custody of a client's assets, must maintain a minimum net worth of $10,000 at all times. Furthermore, any investment adviser who requires a fee of more than $500 from his clients to be paid six months or more in advance must maintain a positive net worth at all times.
質問 # 56
Mina is a new agent with SecureMoney Broker-Dealers and is struggling to make ends meet. She gets a
job as a receptionist at a fitness club on the weekends to generate more income. Which of the following is
true?
- A. Because the job as a receptionist at a fitness club has nothing to do with the world of finance, Mina has
done nothing inappropriate. - B. Mina needs to send notice to the state Administrator informing him of her extracurricular activity.
- C. Mina should have notified SecureMoney in writing before signing on to work at the fitness club.
- D. Mina simply needs to tell her immediate supervisor at SecureMoney about her new job.
正解：C
解説：
Mina should have notified SecureMoney in writing before taking on the job at the fitness club.
Regardless of whether the job has anything to do with finance, an agent must notify her broker-dealer in
writing prior to engaging in any extracurricular activity for which she gets paid. She is not required to send
any notice to the Administrator, however.
質問 # 57
Which of the following may an investment adviser not use in an attempt to solicit new clients?
- A. testimonials of satisfied clients
- B. a free initial consultation, with no obligation on the part of the potential client
- C. a free financial planning kit, with no obligation on the part of the potential client
- D. a complete list of the stocks they have recommended in the past year, even if a statement is included that states that past performance is no guarantee of future performance
正解：A
解説：
Explanation
Investment advisers may not use testimonials of satisfied clients to solicit new clients. They may provide past stock picks, as long as they provide a complete list, that compilation period for the list is at least a year, and as long as they are careful to note that past performance is no guarantee of future performance. They can also offer freebies, such as a free initial consultation or a free financial planning kit, as long as these are indeed offered "free," with no obligation on the part of the client.
質問 # 58
Under the guidelines of the Bank Secrecy Act (BSA), the Treasury Department now requires broker-dealers to obtain and keep certain information relating to clients that make or receive funds transfers that involve
- A. $3,000 or more.
- B. $100,000 or more.
- C. $5,000 or more.
- D. $10,000 or more.
正解：A
解説：
Explanation
Under the guidelines of the BSA, the Treasury Department now requires broker-dealers to obtain and keep information relating to clients that make or receive funds transfers that involve $3,000 or more. If the transaction is a cash transaction over $10,000, the same rules apply, and a Currency Transaction Report must be filed with FinCEN. Under the USA Patriot Act, if the broker-dealer thinks that a transaction of $5,000 or more is suspect, the broker-dealer must file a suspicious activity report (SAR.)
質問 # 59
Ari Gaunt is a registered agent employed by Small &Associates Broker-Dealers. He has been notified of a
hearing regarding the revocation of his license for making unauthorized trades on some of his clients'
accounts. Which of the following statements is necessarily true?
- A. If Ari is found guilty and has his license revoked, Small & Associates will have its license revoked as
well and must reapply for reinstatement by filling out an application and paying the requisite filing fees. - B. The Administrator of the state can assess Ari with both civil and criminal penalties.
- C. If Ari is found guilty and has his license revoked, Small & Associates will be subject to a fine.
- D. If Ari is found guilty and has his license revoked, he can appeal the decision in a court of law if he files
the appeal within sixty days.
正解：D
解説：
If Ari is found guilty of making unauthorized trades on his clients' accounts and has his
license revoked, he can appeal the decision in a court of law if he files the appeal within sixty days. Small
& Associates license is not in danger as long as the firm has been providing competent supervision of Ari
and its other agents. It will not be required to pay a fine based on Ari's fraudulent activities. Ari may end
up with civil and criminal penalties, but the Administrator cannot assess them. Only a court of law can do
that.
質問 # 60
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