更新済みの2023年11月 Series63試験練習テスト問題
検証済みSeries63問題集と解答100%一発合格保証で更新された問題集
質問 # 131
Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment.
Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the
Administrator?
- A. QuikDeals has the sole responsibility for notifying the Administrator. Maddie is no longer deemed to be
an agent after she terminated her relationship with QuikDeals, so she need do nothing. - B. Maddie has the sole responsibility for notifying the Administrator.
- C. It depends. If Maddie becomes affiliated with another broker-dealer within thirty days, then she must
notify the Administrator of her termination with QuikDeals and her current affiliation with the new firm.
Otherwise, only QuikDeals must notify the Administrator. - D. Both QuikDeals and Maddie are responsible for notifying the Administrator.
正解：D
解説：
Under the guidelines of the USA, when Maddie quits her job as a registered agent with
QuikDeals, both QuikDeals and Maddie are responsible for notifying the Administrator. Both the
broker-dealer and the agent involved are required to notify the Administrator whenever an agent begins or
ends her association with the broker-dealer.
質問 # 132
Alter Advisers & Associates is a small investment adviser partnership registered only in a single state. One of the partners has died, and the surviving spouse has sold that partnership interest to the surviving partners.
Which of the following statements are true?
I. Alter Advisers must inform the state Administrator of this event.
II. Alter Advisers must inform the SEC of this event.
III. Alter Advisers must notify the firm's clients of this event.
- A. I and II only
- B. I only
- C. I and III only
- D. I, II, and III
正解：C
解説：
Explanation
Only Selections I and III are correct. If one of the partners dies, Alter Advisers must inform both the state Administrator and the firm's clients of this event. This represents a change in the partnership. The SEC need not be notified since Alter Advisers is not registered with the SEC.
質問 # 133
An investment adviser
I. provides investment advice to clients.
II. sells securities to clients.
III. buys and sells securities in their clients' accounts for the clients.
- A. I and II only.
- B. I, II, and III.
- C. I only.
- D. I and III only.
正解：D
解説：
Explanation
An investment adviser provides investment advice to clients and may also buy and sell securities in their clients' accounts for the clients. He does not, however, sell securities to his clients.
質問 # 134
Which of the following are examples of the prohibited practice of manipulation in the securities markets?
I. Broker-Dealer Joker is unhappy with its investment in the stock of a speculative firm and engages
another broker-dealer to purchase a large number of shares from it, with the unofficial agreement to buy
back those shares, offer more shares which the second broker-dealer will purchase, and so on.
II. Broker-Dealer Joker has a large short position in the stock of a certain corporation. Joker offers a
bonus to its agents who effect sale transactions in the stock.
III. A client calls Broker-Dealer Joker with a request to purchase 20 bonds issued by Massachusetts
Institute of Technology (MIT.) The bonds are currently selling for their par value of $1,000. Knowing this,
Joker offers to sells the client the bonds for $120 per $100 of par, or $1,200 per $1,000 bond.
- A. I and II only
- B. I and III only
- C. I only
- D. I, II, and III
正解：A
解説：
Only Selections I and II are examples of manipulation in the securities market. It is
considered to be manipulation if one firm engages another firm to make a series of purchases and sales
that will make it appear that there is very active trading in the security; it is also considered manipulation if
a broker-dealer encourages its agents to solicit sales of a security in which it has a short position since
that broker-dealer is hoping that the sales will drive the price of the security down, thereby making the
firm's position profitable. Although the offer to sell a client bonds at a much higher price than their market
price is illegal, it is not an example of price manipulation.
質問 # 135
Which of the following does not describe a prohibited activity by investment advisers and their
representatives, according to NASAA Model Rules?
- A. A new client comes to Simon LaGree for investment advice. The client has $25,000 to invest.Simon
tells the client that it will cost the client $5,000 to have a customized financial plan developed for him, but
after that the client needs to pay only 5% of the total value of the assets under management each quarter. - B. A 72-year-old retired social worker comes to Simon LaGree for investment advice. She has $50,000 to
invest. Simon recommends she invest half of it in an international growth mutual fund and half in a
variable annuity. - C. The agreement that Simon LaGree has his clients sign indicates that LaGree uses SecureMoney
Broker-Dealers in executing trades for his clients and that, in return, LaGree receives software from the
broker-dealer that allows LaGree to perform some fundamental and technical analysis. - D. All of the above describe prohibited practices.
正解：C
解説：
It is not prohibited for LaGree to receive the software from SecureMoney in return for
executing trades through that broker-dealer since LaGree has disclosed this to his clients. An investment
adviser is permitted to receive soft dollars from broker-dealers in return for executing trades through them,
as long as the client is informed of the arrangement and the soft dollars will benefit both the client and the
adviser, which is the case in this instance since the software gives LaGree the ability to do research in
order to better advise his client. Choice A is clearly prohibited since it constitutes an "unreasonable
advisory fee." In Choice B, LaGree is making unsuitable recommendations to his client. A 72-year-old
retired social worker is likely to have a greater-than-average need for liquidity to pay for unexpected items,
such as medical bills. Variable annuities are designed to be long-term investments, not short-term
investments, so they would not meet this need. They typically have high surrender penalties that the client
would be subject to if she needed to make withdrawals within, say, the next 10 years. Likewise,
international growth funds are not liquid investments. International growth mutual funds are invested in
foreign stocks and are riskier than average, and are, thus, not suitable investment vehicles for the typical
7 2-year-old retired social worker.
質問 # 136
Joe Romeo is a broker-dealer registered with the state. He has recently hired Betty Buxom as his
administrative assistant. As part of her duties, he has given her the responsibility for effecting the
purchases and sales of securities for some of his firm's smaller accounts. Ms. Buxom has never applied
for nor been granted registration as a broker-dealer or agent. Based on these facts,
- A. the Administrator is required to turn the case over to the state's district attorney, who will file criminal
charges against both Joe Romeo and Betty Buxom. - B. the Administrator is required by the Uniform Securities Act to revoke Joe Romeo's registration and file
criminal and civil charges against him. - C. the Administrator may elect to revoke or suspend Joe Romeo's registration, and Joe may also face
both civil and criminal penalties. - D. there is no problem as long as Ms. Buxom registers with the state as an agent within thirty days.
正解：C
解説：
Since Joe Romeo has allowed Betty Buxom to execute trades, a duty that can legally be
performed only by a registered broker-dealer or agent, the Administrator may elect to revoke or suspend
Joe Romeo's registration, and Joe may also face civil and criminal penalties. Ms. Buxom needed to be
registered as an agent prior to effecting any transactions in the securities markets; there is no grace
period. The Administrator is not required to take any action, however.
質問 # 137
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. No. Diversification should, in fact, be the goal, and he has advised a well-diversified plan for his clients.
- B. 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.
- C. Yes. Mr. Eddie is guilty of misappropriation, a prohibited practice.
- D. Yes. Mr. Eddie has advised his clients to invest in load funds when no load funds are clearly better investments.
正解：B
解説：
Explanation
Yes. In recommending that Mr. and Mrs. Cleaver and their son allocate their assets in identical fashions, Mr.
Eddie has made an unsuitable recommendation since investors with different investment time horizons have different investment needs. Making unsuitable recommendations is a prohibited practice, and Mr. Eddie could have his license suspended or revoked.
質問 # 138
Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday afternoon, issues that had been brewing between her and another employee of the firm came to a head, and Maddie impulsively quit her job.
At this point,
- A. Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration application.
- B. Maddie will have to file a new application for registration with the Administrator upon finding employment with another broker-dealer since she is no longer considered to be a registered agent by the state.
- C. Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed there.
- D. Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration application.
正解：B
解説：
Explanation
When Maddie quit her job, her status as a state-registered securities agent was automatically terminated, and she will need to file a new application for registration with the Administrator upon obtaining a position with another broker-dealer. If she does so within thirty days, her registration will become effective as soon as she has filed her application and paid her application fee. While she is required to notify the Administrator that she has terminated her employment with QuikDeals, there is no requirement that she contact any of her clients at QuikDeals.
質問 # 139
After passing the necessary exams, you must submit which of the following to the state Administrator
when applying for registration as an agent?
- A. proof that you meet the state's minimum net capital requirement
- B. Form ADV
- C. a recent photograph of yourself
- D. U-4
正解：D
解説：
When applying for registration as an agent, you will need to submit a U-4. No photograph is
necessary. Form ADV is used to register as an investment adviser, and only broker-dealers and
investment advisers must meet the state's minimum net capital requirement.
質問 # 140
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
- C. 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.
- D. Record what securities were sent, when he received them, and when he forwarded them--which must be within three business days-to his client.
正解：A
解説：
Explanation
In order to avoid being considered custodian of his client's account, the investment adviser needs to record what securities he had been sent, when he received them, and when he returned them-which must be within three business days-to the sender.
質問 # 141
An investment adviser may act as a custodian for a client's securities if
I. the Administrator of the state doesn't have a rule prohibiting custodial arrangements.
II. he informs the state Administrator in writing that he will be acting as a custodian for the client.
III. he arranges to pay an independent certified public accountant to perform an unannounced audit of his
books each year so that the accountant can report his findings to the state Administrator.
- A. I, II and III
- B. I and III only
- C. I and II only
- D. I only
正解：A
解説：
Selections I, II, and III are true statements. In order for an investment adviser to act as a
custodian for a client's securities, he must first make certain that the Administrator of the state in which
he's registered does not prohibit it. Then he must inform the Administrator in writing that he will be acting
as a custodian for the client, and he has to pay for an independent CPA to audit his books once a year to
make certain that everything is copasetic, upon which the CPA reports his findings to the state
Administrator. There are also other requirements that must be met.
質問 # 142
Under the NASAA Model Rules, the statute of limitations for civil liabilities is
- A. the earlier of three years after the discovery of facts and five years after the violation.
- B. the earlier of two years after the discovery of the facts and four years after the violation.
- C. three years after the discovery of the facts and four years after the violation, whichever is greater.
- D. the earlier of two years after the discovery of facts and three years after the sale.
正解：D
解説：
Under the NASAA Model Rules, the statue of limitations for civil liabilities is the earlier of two
years after the discovery of facts and three years after the sale. This follows the recommendations
provided by the Uniform Securities Act of 1956.
質問 # 143
The Administrator of a state can deny an application if
- A. any of the above is true.
- B. the application is missing information.
- C. the Administrator determines the applicant is not financially solvent.
- D. the registrant has been enjoined from engaging in activities involving securities in another state.
正解：A
解説：
Explanation
The Administrator of a state can deny an application if the application is missing information, if the registrant has been enjoined from engaging in activities involving securities in another state, or if the Administrator determines the applicant is not financially solvent.
質問 # 144
You are a registered agent with a broker-dealer. One of your clients visits you and wants you to sell some of the U.S. government bonds she owns and purchase shares of a specific aggressive growth mutual fund for her with the proceeds. Your client is a mentally-competent, 84-year-old woman but, based on your other knowledge of her situation, you believe it to be an unwise move. You should
- A. turn the matter over to your supervisor.
- B. advise her that you don't believe this is in her best interest, but execute the required transactions if she insists.
- C. nod politely, but not execute the transactions since they are not in her best interest.
- D. call the mutual fund and tell them that they must convince this client that an investment in their fund is not in her best interest, under penalty of law.
正解：B
解説：
Explanation
If, as a registered agent with a broker-dealer, you receive an order from a client that you don't believe is in her best interests, you should tell her that, but you must still execute the transactions if she insists. You may not legally ignore her instructions, nor should you bother either the mutual fund or your supervisor with this, given the facts as provided; you should deal with it yourself.
質問 # 145
Which of the following persons would not be required to register with the state as an agent under the guidelines of the Uniform Securities Act (USA)?
- A. Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of securities for the firm's customers.
- B. Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by the county to the public.
- C. John is employed by TrustUs Corporation to sell shares of the firm's stock to the firm's employees and receives a commission on the shares he sells.
- D. Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.
正解：B
解説：
Explanation
Keith would not have to register as an agent since he is a salaried employee of a county in Massachusetts selling county-issued bonds to the public. He is not representing a broker-dealer; he is not receiving a commission on the bonds he sells; and he is selling exempt (government-issued) securities. John receives a commission on his sales, so he is considered to be an agent. Stefan is a sales representative employed by a broker-dealer, which makes him an agent under USA guidelines. Even though Preetham is part-owner of the broker-dealer for which he is effecting transactions, he is acting as an agent in doing so.
質問 # 146
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. three years from discovery or five years from the event, whichever comes first.
- B. two years from discovery or three years from the event, whichever comes first.
- C. one year from discovery.
- D. five years.
正解：B
解説：
Explanation
If you discover that a security you purchased has not been registered with the state and was sold unlawfully, you can file a civil claim against the seller as long as you do so within two years from discovery or three years from the event, whichever comes first, under the guidelines of the Uniform Securities Act. Therefore, if you know about an unlawful sale for more than two years or if the sale took place more than three years ago, you cannot sue. The statute of limitations has expired.
質問 # 147
Noah Scruples, an agent with CanDo Broker-Dealers, just got a copy of the most recent report on a
certain stock. The report was generated by CanDo's analyst department and is hot off the presses. It has
not yet even been put on the firm's website for the firm's clients.
The analyst department has just changed its recommendation on the stock from "Hold" to "Strong Buy"
based on new information that it has obtained on the company. Can Noah
rush to his office to buy shares of the stock before the analysts release their reports to CanDo's clients?
- A. No. It is unethical for him to trade based on this information before the firm's clients have received the
information. - B. Both B and C are true statements.
- C. No. This is a prohibited activity referred to as "painting the tape."
- D. Yes. The firm's analysts used publicly available information to assess the stock and make its
recommendation, so Noah can buy the stock now on his own account.
正解：A
解説：
No. It is unethical for him to trade based on the information that just came from the analysts
before the firm's clients have the information. This is a prohibited practice called "front running."
質問 # 148
A limited power-of-attorney gives the designated person the right to
I. order the sale of an asset owned by the account holder and have a check written to the account holder
for the amount of the proceeds.
II. obtain account statements, including tax statements, on behalf of the account holder.
III. order the purchase of an asset for the account holder's account.
- A. I and III only
- B. I and II only
- C. II and III only
- D. I, II, and III
正解：C
解説：
Only Selections II and III are true. A limited power-of-attorney gives the designated person
the right to obtain account statements, including tax statements, on behalf of the account holder and to
order the purchase of an asset for the account holder's account. Only a full (or unlimited)
power-of-attorney allows the designated person to withdraw any proceeds from the account.
質問 # 149
......
合格できるUniform Securities State Law Series63試験問題集には251問があります：https://jp.fast2test.com/Series63-premium-file.html