FINRA Series63日常練習試験は2024年最新のに更新された251問あります
有効問題を試そう！Series63試験で実際の試験問題と解答
質問 # 95
An arrangement wherein a terminally ill person sells a second party his life insurance policy at a discount
from its face value, giving the buyer the right to the policy's face value when the seller dies is called a:
- A. life straddle.
- B. death warrant.
- C. viatical settlement.
- D. deceased option.
正解：C
解説：
A viatical settlement is an arrangement under which a terminally ill person sells a second
party his life insurance policy at a discount from its face value. When the terminally ill person dies, the
buyer of the policy receives its face value. Some states consider viatical settlements to be securities, and
they have come under the scrutiny of the NASAA since there is a significant potential for fraud in the
writing of these contracts.
質問 # 96
A-2-Z Associates advertises itself as a full service brokerage firm that will buy and sell securities for its
clients, as well as provide investment advice to them. Its brochure provides a variety of plans to which a
client can subscribe. The basic plan is the cheapest and allows the client a maximum number of trades
per month for a specified fee. Another, slightly more expensive, plan provides the client with the same
maximum number of trades per month, but the client also receives a personalized quarterly review of his
portfolio along with advice for restructuring his portfolio based on such factors as current market
conditions and specific industry or company information. The most expensive plan is one in which the
client is assigned to an individual portfolio manager, who will take total responsibility for the asset
allocation of the client's portfolio and will provide the client with monthly reports. Based on the services
A-2-Z provides, it must register with the state as:
- A. an investment adviser.
- B. an investment adviser representative.
- C. a broker-dealer.
- D. both a broker-dealer and an investment adviser.
正解：D
解説：
Based on the services A-2-Z provides, it must register with the state as both a broker-dealer
and an investment adviser. It is receiving compensation as a broker-dealer for executing purchases and
sales of securities for its clients under its basic plan, but it is receiving additional compensation for acting
as an investment adviser under the two higher level plans.
質問 # 97
John Ketchum is an investment adviser representative with Load Investment Advisers, which has a family
of load funds that it encourages its representatives to promote. Representatives of the firm that sell
shares in these funds to their clients receive a greater share of the load than they do if they sell load funds
offered by other firms. Based on these facts, which of the following statements is true?
- A. Both A and B are true.
- B. John is obligated to try to sell his clients the funds offered by Load first since he is affiliated with them
and has a fiduciary responsibility to them. - C. If, after reviewing the information form a client has filled out, John believes that one of Load's funds is
an appropriate investment, John can recommend that the client invest in that fund. There is no disclosure
requirement necessary if the recommendation is a sound one that can be proved to be based on the
client's specific situation. - D. John must provide his clients with a written disclosure that he will receive a greater remuneration for
selling shares in the Load family of funds than if he sells them shares in other funds before he provides his
clients with any investment advice.
正解：D
解説：
As a representative for a family of load funds who receives greater remuneration for selling
those funds, John must provide his clients with a written disclosure of this fact before providing any advice,
according to NASAA Model Rules. This constitutes a material conflict of interest that must be disclosed "to
clients in writing before any advice is rendered." John is not obligated to try to sell his clients the funds
offered by Load first. His fiduciary responsibility is to his clients, not his employer.
質問 # 98
Julia Hasty has recently applied with the Administrator to be a registered investment adviser in the state. Eager to open her new business, she has business cards printed that indicate that she is a "state-registered" investment adviser and visits some local businesses, asking them for permission to put some of her cards in their waiting rooms.
Has Julia violated any of the provisions of the Uniform Securities Act by distributing her business cards?
- A. Yes. Julia is not permitted to advertise as a "state-registered" investment adviser until she receives notification of the acceptance of her application by the state Administrator.
- B. No. The provisions of the Uniform Securities Act relate to securities, not people.
- C. No. As long as her application has been submitted and is pending acceptance, Julia has not violated any provisions of the Uniform Securities Act.
- D. No. Julia has merely put her business cards in waiting rooms. She has not opened her business to clients yet.
正解：A
解説：
Explanation
Yes. Julia has violated a provision of the Uniform Securities Act by distributing business cards that indicate she is a "state-registered" investment adviser because she has not yet received notification of the acceptance of her application by the state Administrator. The filing of an application for registration is not the same as registration, and the placement of the cards is, at this early point, false advertising.
質問 # 99
An investment adviser or its representative may
- A. only exercise any discretionary power in the purchase or sale of securities for a client's account after
receiving written authority prior to the execution of the transactions. - B. exercise discretionary power in the purchase or sale of securities for a client's account as long as it
receives written discretionary authority over the account within 10 business days of the first discretionary
transaction placed, assuming oral authority has already been given. - C. exercise discretionary power in the purchase or sale of securities for a client's account as long as
- D. exercise discretionary power in the purchase or sale of securities for a client's account only after
正解：B
解説：
An investment adviser or its representative may exercise discretionary power in the
purchase or sale of securities for a client's account as long as it receives written discretionary authority
over the account within 10 business days of the first transaction placed, assuming oral authority has
already been given.
質問 # 100
In which of the following instances is it permissible for an investment adviser to borrow money from a client?
- A. The investment adviser may borrow money in either of the scenarios described in B or C.
- B. It is never permissible for an investment adviser to borrow money from a client.
- C. The investment adviser may borrow money from a client if the client is a bank.
- D. The investment adviser may borrow money from a client if the client is a close friend of the majority owner of the investment advisory firm.
正解：C
解説：
Explanation
It is only permissible for an investment adviser to borrow money from a client if that client is in the business of loaning money, as would be the case if the client is a bank, but not if the client is merely a close friend of the majority owner of the investment advisory firm.
質問 # 101
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. overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.
- B. fraud.
- 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：A
解説：
Explanation
BondsRUs is guilty of overcharging its clients by unreasonable markups. A $9 dealer's spread on a risk-free investment such as a Treasury bond is unwarranted, and this practice is prohibited.
Based on the information provided, BondsRUs is not guilty of fraud since it appears that the firm is revealing the markup in its confirmation statements. The clients just aren't paying attention.
質問 # 102
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, II, III, and IV
- B. I, II, and III only
- C. I, II, and IV only
- D. I and II only
正解：C
解説：
When selling shares of an investment company to a client, the agent must provide the client
with the fund's prospectus and provide the client with an explanation of the various loads and fees and
any breakpoints that, if reached, will result in a lower load charge for the client, along with information on a
letter of intent, which the client can execute. The agent need not provide any information regarding the
investment adviser used by the fund although that information is contained in the prospectus as well.
質問 # 103
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 and III only
- C. I only
- D. II only
正解：D
解説：
Explanation
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 # 104
Which of the following would be considered an "issuer" transaction?
- A. Maria purchases 500 shares of Dodge and Cox's International Fund, a mutual fund investing in foreign
securities. - B. None of the above is an "issuer" transaction.
- C. Jacob calls his broker and places an order to purchase 100 shares of Hasbro, Inc. on the open market.
- D. Kim sells an AT&T bond she holds that still has three years remaining to maturity.
正解：A
解説：
When Maria purchases shares of Dodge and Cox's International Fund, it is an "issuer"
transaction. Shares of mutual funds are bought and sold through the fund itself, so the money she pays
for the shares is received by Dodge and Cox, the issuer of the shares. Jacob's purchase of Hasbro stock
and Kim's sale of her AT&T bond are non-issuer transactions. Neither Hasbro nor AT&T receive the
proceeds from these transactions. In Jacob's case, another investor receives the cash; and in Kim's cash,
she receives the cash.
質問 # 105
Under the NASAA Model Rules, the statute of limitations for civil liabilities is
- A. three years after the discovery of the facts and four years after the violation, whichever is greater.
- B. the earlier of three years after the discovery of facts and five years after the violation.
- C. the earlier of two years after the discovery of the facts and four years after the violation.
- 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 # 106
Which of the following statements regarding "registration by qualification" is true?
- A. Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA
rating, are exempt from registration with the state. - B. In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of
information about both the firm and its directors, officers, and major shareholders. - C. Registration by qualification refers to the fact that certain categories of securities are exempt from state
registration requirements. - D. Registration by qualification is the preferred method used by issuers since it requires the least amount
of paperwork.
正解：B
解説：
Registration by qualification, in its simplest form, requires the issuer to supply voluminous
amounts of information about both the firm and its directors, officers, and major shareholders. The state
Administrator also has the authority to require even more documentation. It is the least favorite method of
registration for obvious reasons.
質問 # 107
Which of the following persons falls under the definition of "broker-dealer," as defined by the Uniform Securities Act (USA)?
- A. Marge is a loan officer at Treadwater Bank and Trust.
- B. Michaela is employed by GetErDone broker-dealers and sells both exempt and non-exempt securities to GetErDone's clients.
- C. Juan 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. MyTrades is a sole proprietorship owned by Nathan Newmoney, who has established the firm solely to make trades on his own account, thereby avoiding the commissions he would have to pay a middleman.
正解：D
解説：
Explanation
MyTrades falls under the definition of "broker-dealer," as defined by the Uniform Securities Act since Nathan Newmoney is engaged in trading on his own account. The USA defines a broker-dealer as any person that conducts securities transactions on its own account or for others. Both Juan and Michaela are "agents" under the USA definition, and agents are specifically excluded from the definition of a broker-dealer. Marge is also excluded from the definition since she is a loan officer at a bank.
質問 # 108
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
5 00 Index. If the return on the fund exceeds the return on the index, MoeMoney gets a bonus. The S&P
5 00 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. 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. - B. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio. - C. 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. - D. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act.
正解：A
解説：
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 # 109
Which of the following is an example of a non-issuer transaction?
- A. Google offers more shares of its stock for sale to the public.
- B. IBM sells a new issue of bonds to an insurance company.
- C. NewCorp, which has been a privately held company, is engaging in an initial public offering (IPO) of its
stock. - D. Jose purchases a 10-year bond issued by Progress Energy when it has 6 years remaining to maturity.
正解：D
解説：
When Jose buys a 10-year bond that has 6 years remaining to maturity, it is a non-issuer
transaction since he is buying it in the secondary market from another investor, and Progress Energy
does not benefit from the transaction. If a firm receives money when its securities are sold, it is considered
an issuer transaction; otherwise it is a non-issuer transaction. When Progress Energy originally issued the
bond, it had ten years to maturity, and Progress Energy received the proceeds from the bond issue; that
was an issuer transaction. When Jose buys the bond, another investor is receiving the proceeds. When
IBM sells new bonds, regardless of whether it is to the general public or to an institutional investor, IBM
receives the proceeds from the transaction, so it is an issuer transaction. Similarly, when a firm that is
already publicly held, like Google, sells more shares, the firm receives money from the sale, just as when
a firm that is going public for the first time, like NewCorp, receives the proceeds generated through the
IPO. Those are examples of issuer transactions.
質問 # 110
Finn Nance has recently passed his CFP exam and is now a certified financial planner. He has new business cards printed that have the words "Certified Financial Planner" printed under his picture. In doing so,
- A. Finn has possibly violated a state securities regulation. The Administrator in many states prohibits the use of the word "certified" on any advertisement for services.
- B. Finn has violated a securities law. The Uniform Securities Act prohibits anyone from using the word
"certified" on any advertisement for services. - C. Finn has not violated any laws or engaged in any prohibited practices.
- D. Finn is not in violation of any laws as long as he has notified the state Administrator of his new designation and his new logo.
正解：C
解説：
Explanation
Finn has not violated any laws or engaged in any prohibited practices in using the words "Certified Financial Planner" on his business cards. Had he indicated he had been certified or approved by the state, he would have been in violation, but he is allowed to indicate a certification with a professional organization in any advertising literature.
質問 # 111
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, II, and III
- D. I and II only
正解：A
解説：
The scenarios described in Selections II and III only would be prohibited. Five S&P 500
Index mutual funds, even if offered by different fund families, all have the same investment
objective-duplicating the returns earned on the S&P 500 Index, and they will be invested in very similar
stocks. Therefore, the client is getting little or no more diversification of risk by investing in five funds over
investing in just one. The agent is just getting richer from more commissions. Encouraging a client to
swap his money between two funds in the same family without informing the client that this creates a
taxable event is not providing the client with "full and fair disclosure." It may well be in the client's best
interest to make the switch, but he needs to be made aware of the tax consequences. It is not necessarily
prohibited to sell a client shares of a load stock fund when a no load stock fund with the same investment
objective exists as long as the agent believes that the load stock fund is a better investment for his client.
質問 # 112
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