FINRA Series63リアル試験問題テストエンジン問題集トレーニングには251問あります
Series63実際の問題解答PDFには100%カバー率リアル試験問題
質問 # 107
A variable annuity is:
- A. a security and, therefore, has to be registered with the state before it can be offered for sale.
- B. not a security and, therefore, does not have to be registered with the state.
- C. not a security, but is still required to be registered with the state before it can be offered for sale.
- D. a security, but is exempt from state registration.
正解：D
解説：
Explanation
A variable annuity is defined as a security, but is exempt from state registration in the opinion of the North American Securities Administrators Association (NASAA.) The Supreme Court of the U.S. passed a ruling that deemed a variable annuity to be a security. The National Securities Market Improvement Act of 1996 (NSMIA) established variable annuities to be federal covered securities, however, since they are, for all intents and purposes, mutual funds. Federal covered securities are exempt from state registration.
質問 # 108
Jack and Jill are a newly married couple in their mid-20s. They are determined to retire by the time they
are 50 and have arranged a meeting with a representative of Professional Investment Advisers to
structure a financial plan that will allow them to achieve this goal.
The representative, Mr. Hill, advises them to invest at least 60% of their money in bond funds to minimize
the risk of loss on the way to their goal. Mr. Hill has
- A. made an unsuitable recommendation for these clients and is subject to license suspension or
revocation. - B. advised Jack and Jill well with a conservative allocation of their money to preserve principal.
- C. has committed fraud in promoting their delusion that they can possibly expect to retire by the time they
turn 50, regardless of their investment strategy. - D. committed fraud in indicating that bonds are less risky than stocks.
正解：A
解説：
Mr. Hill has made an unsuitable recommendation in recommending a 60% investment in
bonds to clients in their mid-20s with an investment goal of early retirement, and his license can be
suspended or revoked because of this. Bonds do not generate the returns that stocks do, and Jack and
Jill are unlikely to be able to retire by the time they are 50 with such a high percentage invested in bonds.
Given their investment time horizon, they can invest in growth and aggressive growth stocks, which offer
significantly higher returns and will advance them toward their goal, since they can ride the waves of the
up and down markets. This, of course, assumes that they are risk-tolerant enough to do so. There has
been no fraud since a couple in their mid-20s can retire by the time they turn 50 if they have reasonably
well-paying jobs, are frugal, and invest wisely.
質問 # 109
Which of the following may be given to prospective investors during the "cooling off period?"
- A. a copy of the registration statement
- B. a final prospectus
- C. all of the above
- D. a tombstone advertisement
正解：D
解説：
Explanation
During the "cooling off period" prospective investors may be given only a tombstone advertisement for the security.
質問 # 110
A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of
- A. five.
- B. eight.
- C. four.
- D. There is no specified turnover ratio assigned to the prohibited practice of churning.
正解：D
解説：
There is no specified turnover ratio assigned to the prohibited practice of churning since
some investors are simply more frequent traders than others.
質問 # 111
Which of the following does not necessarily have to be included in the contract between an investment
adviser and an individual client, according to the Uniform Securities Act (USA)?
- A. a statement of the investment policy that has been agreed upon between the adviser and the client
- B. if the investment adviser is a partnership, a statement indicating that the client will be notified if there is
any change in the partners within a reasonable time period - C. the compensation agreement, which cannot be a percentage of the capital gains or capital appreciation
earned on the portfolio for all but the wealthiest of individual clients. - D. a statement stipulating that the contract cannot be assigned to another party without the client's
consent
正解：A
解説：
A statement of the investment policy does not have to be included in the contract between an
investment adviser and an individual client. The statement of investment policy is generally developed
after the contract is signed.
質問 # 112
Which of the following is not considered to be a security, as defined by the Uniform Securities Act (USA)?
- A. a certificate of deposit (CD)
- B. an annuity contract wherein an insurance company promises to pay a fixed sum, either in a lump amount or through periodic payments.
- C. a put option
- D. a debenture
正解：B
解説：
Explanation
The Uniform Securities Act excludes annuity contracts wherein an insurance company promises either to pay a fixed sum, either in a lump amount or through periodic payments, from its definition of a security. Debentures, CDs, and option contracts are all classified as securities under the USA.
質問 # 113
If a person has had its license revoked by the Administrator of the state and has appealed the decision to
a court of law, that person
- A. Both B and C are true statements.
- B. can continue business as usual pending the resolution of the appeal.
- C. is considered to have a revoked license until the courts rule otherwise.
- D. must notify the Administrator of the state that it has appealed the decision.
正解：A
解説：
If a person has had its license revoked by the Administrator of the state and has appealed
the decision to a court of law, that person must notify the Administrator of the state that it has appealed
the decision, but that person is considered to have a revoked license until the courts rule otherwise and
may not continue "business as usual."
質問 # 114
In an arrangement between MoeMoney Investment Advisers and one of the firm's clients, the YourMoney mutual fund, part of MoeMoney's compensation is based how the fund performs compared to the S&P 500 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P 500 had a return of negative 8% this year, and the fund returned a negative 2%, so MoeMoney invoiced the client for the bonus.
Has MoeMoney violated any securities laws?
- A. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the portfolio.
- B. No. The fund beat the return on the S&P 500 Index, so MoeMoney is entitled to the bonus, based on its agreement with YourMoney.
- C. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package according to the Uniform Securities Act.
- D. Yes. It is a violation of the Uniform Securities Act for an investment adviser to earn a bonus if a portfolio it manages loses money.
正解：B
解説：
Explanation
No. MoeMoney has not violated any securities laws. Even though the fund's return was negative, it still beat the return on the S&P 500 Index, and MoeMoney is entitled to the bonus. The Uniform Securities Act does not prohibit compensation agreements like this one as long as the client is a sophisticated investor, such as a mutual fund. This would not be permitted if the client were your average individual investor.
質問 # 115
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 may be exempt from registering as an investment adviser if he is a lawyer,accountant, engineer,
or teacher. Otherwise, he will have to register. - D. 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.
正解：B
解説：
Rich will not have to register as an investment adviser since he is publishing a legitimate
financial newsletter that will be distributed to the general public. The definition of the term "investment
adviser" excludes publishers of bona fide business or financial publications that are published regularly
and have general circulation.
質問 # 116
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 $100,000 face value and a maturity of five months that is rated AA by Standard and Poors
- C. commercial paper with a $200,000 face value and a maturity of three months that is rated BB by Standard and Poors
- D. a $25,000 promissory note that matures in three months
正解：B
解説：
Explanation
An issue of commercial paper with a $100,000 denomination and a maturity of five months with an AA rating from Standard and Poors meets the requirements for an "exempt security." A short-term security, with no more than 270 days to maturity, that has a denomination of at least $50,000, and has a rating of AAA, AA, or A from a recognized rating agency is exempt from registration with the state Administrator.
質問 # 117
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, II, and IV
- C. I, III, and IV
- D. I, II, III, and IV
正解：C
解説：
Explanation
Prior to revoking Samuel's license, the Administrator will provide Samuel with prior notice (I), an opportunity for a hearing (III), and a written statement regarding the facts and the legal consequences (IV).
質問 # 118
Which of the following statements about agents is (are) false?
- A. 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.
- B. An agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted.
- C. All of the above are false statements.
- D. When an agent has a change of address, both he and his broker-dealer affiliate must inform the Administrator.
正解：B
解説：
Explanation
The statement that an agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted is false. The Administrator may require an agent to post a bond, but there are no specific minimum financial requisites that must be met. The Administrator also has the right to terminate an agent's registration if the agent becomes bankrupt. Both the agent and his broker-dealer affiliate are required to inform the Administrator whenever there is a change in the agent's personal information, such as a name change or a change of address.
質問 # 119
Registration by coordination is provided for by which of the following federal securities acts?
- A. Securities Act of 1933
- B. Investment Company Act of 1940
- C. Securities and Exchange Act of 1934
- D. Investment Advisers Act of 1940
正解：A
解説：
The Securities Act of 1933 is the Act that requires that all new securities be registered and
provides for registration by coordination.
質問 # 120
Nat Smart was employed as an investment adviser representative and sold many of his clients on a
municipal bond fund of which he was fond, telling his clients that the returns earned on it were completely
free from federal taxation. Unfortunately, he had some unhappy clients when, at the end of the year, they
discovered that they had to pay federal tax on the capital gains earned by the fund when it sold some of
the bonds it held. Nat was as surprised as they were. Based on these facts, which of the following
statements is necessarily true?
I. Because Nat was as surprised as they were, he is guiltless.
II. Nat is subject to civil liability payments.
III. Nat will be subject to the criminal penalties for fraud and may spend time in prison.
- A. III only
- B. II only
- C. I only
- D. II and III only
正解：B
解説：
Only Selection II is an accurate statement. In telling his clients that the returns earned on a
municipal bond fund were totally tax-free, Nat misled the clients, whether intentionally or not. This
constitutes fraud, and Nat is, at a minimum subject to civil liability payments, so this is "necessarily" true.
Whether or not Nat will be subject to criminal penalties for fraud and spend time in prison depends on his
ability to prove that he had no knowledge that he was misleading his clients.
質問 # 121
The discretionary powers over a clients' accounts differ between broker-dealers and investment advisers in that
- A. A broker-dealer can execute a discretionary transaction for a client upon receiving only verbal authority initially, followed up by written authority to be received within 10 days of the order, whereas an investment adviser must require that written authority for the transaction is provided before the transaction even takes place.
- B. A broker-dealer can execute a discretionary transaction for a client upon receiving only verbal authority initially, followed up by written authority to be received within 10 days of the order, whereas an investment adviser must require that written authority for the transaction is in the mail before proceeding with the transaction.
- C. An investment adviser can execute a discretionary transaction for a client upon receiving only verbal authority initially, followed up by written authority to be received within 10 days of the order, whereas a broker-dealer must require that written authority for the transaction is provided before the transaction even takes place.
- D. An investment adviser can execute a discretionary transaction for a client upon receiving only verbal authority initially, followed up by written authority to be received within 10 days of the order, whereas a broker-dealer must require that written authority for the transaction is in the mail before proceeding with the transaction.
正解：C
解説：
Explanation
The discretionary powers of a broker-dealer and an investment banker differ in that an investment adviser is allowed to execute a discretionary transaction for a client upon receiving verbal authority only, as long as it is followed up with a written authorization within 10 days, whereas a broker-dealer is prohibited from executing a discretionary transaction unless it has already received written authority for that transaction.
質問 # 122
Under the Uniform Securities Act (USA), the term "investment adviser" does not apply to
I. an investment advisory firm owned and operated by a sole proprietor.
II. a bank or savings institution.
III. an investment adviser representative.
IV. a broker-dealer or its agents if the advice is incidental to the business although there is a nominal charge for any specific investment advice given.
- A. II, III and IV only.
- B. I, II, III, or IV.
- C. I, II, and III only.
- D. II and III only.
正解：D
解説：
Explanation
The term "investment adviser" does not apply to Selections II or III. The term "investment adviser" does not apply to a bank or savings institution or to an investment adviser representative. Those persons are specifically excluded from the definition provided by the USA. Any investment advisory firm, regardless of whether it is owned and operated by a sole proprietor, is considered to be an investment adviser. A broker-dealer that charges for its investment advice, even if it claims that the advice is incidental to its business, would be considered an investment adviser due to the special remuneration the firm receives for its advisory services.
質問 # 123
Which of the following would not be found in a tombstone advertisement?
- A. the name of the issuer
- B. the names of the underwriters
- C. the interest rate and time to maturity of a bond issue
- D. the price at which the security will be offered
正解：D
解説：
The price at which the security will be offered will not be found in a tombstone advertisement.
A tombstone advertisement is not an offer to sell the security and, in any case, it is unlikely that the final
offer price will have even been decided on at this point.
質問 # 124
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. It depends. If the church itself is a client of CanDo's, then it is considered to be affiliated with
- C. It depends. As long as the church parishioners are aware of the arrangement between Carrie and
- D. Yes. Carrie is splitting her commissions with an entity that is not affiliated with her broker-dealer
正解：D
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 # 125
Under the Uniform Securities Act, which of the following does not need to be included when filing to
register a security issue with the state?
- A. a copy of the firm's articles of incorporation and bylaws, or the equivalent
- B. a copy of any indenture applying to the security being registered
- C. All of the above documents must be included when filing to register a security with the state.
- D. copies of the underwriter agreements
正解：C
解説：
The Uniform Securities Act specifies that the initial registration statement should be
accompanied by all of the documents listed in the first three selections-a copy of the firm's articles of
incorporation and bylaws or their equivalent; copies of any underwriter agreements; and a copy of any
indenture that applies to the security being registered. Moreover, these are only some of the documents
that need to be included.
質問 # 126
A hypothecation agreement refers to
- A. 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.
- B. an agreement that a client must sign prior to executing any short sales with the broker-dealer.
- C. 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.
- D. 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.
正解：C
解説：
Explanation
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 # 127
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