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

質問 1

BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of

（A）fraud.

（B）overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.

（C）nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.

（D）both B and C.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 2

The state official who has regulatory authority over the securities industry within the state is known as the

（A）investor-protection officer.

（B）secretary of state.

（C）attorney-general.

（D）administrator.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 3

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. This is permitted since the agreement is between you and a family member.

（B）Maybe. But it will require written consent from both your brother and your firm.

（C）Yes, as long as your brother provides your firm with his written consent.

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 4

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 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 5

Which of the following statements regarding an investment adviser representative who has an office in the state is true?

（A）If the investment adviser is registered with the SEC, then neither the investment adviser nor any of its affiliated investment adviser representative needs to be registered with the state.

（B）If an investment adviser representative is registered with the SEC, he or she need not obtain state registration, regardless of whether the investment adviser representative has an office in the state.

（C）If the investment adviser that the investment adviser representative is affiliated with is itself registered with the state, then the investment adviser representative does not need to apply for a separate registration, regardless of whether the investment adviser representative has an office in the state.

（D）Regardless of whether the investment adviser is registered with the SEC or is registered with the state, all investment adviser representatives of the firm must be registered with the state if they have offices in the state.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 6

Which of the following orders can an Administrator issue without providing prior notice?

（A）license suspension

（B）license revocation

（C）license denial

（D）cease and desist

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 7

Although an Administrator has broad powers, he or she cannot:

（A）formulate rules and orders.

（B）issue subpoenas involving compulsory attendance.

（C）gather evidence.

（D）deliver a judicial injunction.

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 8

When selling shares of an investment company to a client, an agent must provide the client with
I. the fund's prospectus, which provides information on any loads or other fees as well as historical return information.
II. information about any breakpoints if it is a load fund along with an explanation of a letter of intent III. information regarding the investment adviser used by the fund IV. an explanation of the various loads and fees outlined in the fund's prospectus

（A）I and II only

（B）I, II, and III only

（C）I, II, and IV only

（D）I, II, III, and IV

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 9

In which of the following scenarios is an investment adviser representative required to disclose the fact that someone other than the representative performed the research on which his advice to the client is based?
I. The investment adviser representative recommends the same asset allocation for his client that a buddy of his did after his buddy had done some research for a client with similar characteristics.
II. The investment adviser representative provides a recommendation for his client based on research provided by a broker-dealer that provides the investment adviser with its analysts' recommendations in return for trades that the investment adviser executes using the services of the broker-dealer, as well as a couple of other research sources he finds on the internet.
III. The investment adviser representative submitted his client's information to a data base that provided a recommendation for the asset allocation of the client's investment monies that the adviser deemed was sound and, therefore, recommended it to his client.

（A）III only

（B）II only

（C）I and III only

（D）I only

正解：C 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 10

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）It depends. If the church itself is a client of CanDo's, then it is considered to be affiliated with

（B）It depends. As long as the church parishioners are aware of the arrangement between Carrie and

（C）No. Carrie is just donating some of her commissions back to the church, and transactions with

（D）Yes. Carrie is splitting her commissions with an entity that is not affiliated with her broker-dealer

正解：D 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 11

An agent working for a broker-dealer mistakenly sends an investment adviser some bonds that the adviser purchased on behalf of his client instead of directing the bonds to the financial institution that is serving as the qualified custodian of the client's funds.
If the investment adviser wants to avoid being considered custodian of this client's account, what must the adviser do?

（A）Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to his client.

（B）Record what securities were sent, when he received them, and when he forwarded them--which must be within twenty-four hours-to the qualified custodian of the client's funds.

（C）Record what securities were sent, when he received them, and when he forwarded them--which must be within three business days-to his client.

（D）Record what securities were sent, when he received them, and when he forwarded them--which

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 12

Which of the following is an example of commingling?

（A）All of the above are examples of commingling.

（B）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.

（C）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.

（D）Mr. Hawk encourages his clients to leave their securities in "street name" with the broker-dealer for which Mr. Hawk works.

正解：B 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

質問 13

Which of the following practices would be prohibited in connection with the sale of investment company shares?
I. selling a client shares of a load stock fund when a no load stock fund with the same investment objective exists II. selling the client shares of five S&P 500 Index mutual funds, offered by different fund families III. encouraging a client to swap his money between two funds in the same family without informing him that this creates a taxable event

（A）II and III only

（B）I and III only

（C）I and II only

（D）I, II, and III

正解：A 解答を投票する

解説: (JPNTest メンバーにのみ表示されます)

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

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