Series-63 FINRA Uniform Securities State Law Examination exact Exam Questions

Uniform Securities State Law Examination

Last Update 17 hours ago Total Questions : 251

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Question # 51

Elizabeth is the owner of Lizbeth Investment Advisers, a small, state-registered investment advisory firm. She has decided that her firm needs a niche and has learned that a consulting group is coming to the area and offering a 3-day seminar on asset allocation for senior citizens offered by Advantage for Retirement Persons (ARP). The seminar will cost $1,000 per individual, but after attending the seminar, each attendee will receive a certificate verifying their involvement in the program. Elizabeth decides this is the niche she has been looking for and signs up herself and her three investment adviser representatives for the program. After attending the seminar and receiving their certificates, Elizabeth and her team can

represent themselves as certified senior citizen investment advisers.

have the words “Senior-Citizen Investment Specialists” printed on their business cards.

indicate that they are certified by the ARP program since money was paid for their attendance.

do none of the above.

Question # 52

According to the NASAA Model Rules, which of the following institutions would not be considered a qualified custodian?

a broker-dealer that is registered with the state

a bank that is insured by a private, state-sponsored insurance company

a foreign financial institution

a savings institution that is insured by the FDIC

Question # 53

Stable Corporation registered a bond issue that it plans to offer for sale in the state with the Administrator.

The bond has a par value of $1,000 and will pay interest of 7% a year, with the principal to be repaid in 5 years. The registration became effective on September 8th. The registration is effective

until the maturity date on the bond.

for one full year.

until December 31st of the same year

for two full years.

Question # 54

After passing the necessary exams, you must submit which of the following to the state Administrator when applying for registration as an agent?

U-4

Form ADV

a recent photograph of yourself

proof that you meet the state’s minimum net capital requirement

Question # 55

The Uniform Securities Act (USA) is

a body of laws governing the purchase and sale of securities within a single state.

a set of guidelines for individual states to follow when formulating their own securities’ laws.

a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.

federal legislation that requires all states to adopt the same registration requirements for all.

Question # 56

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?

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.

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.

Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration is pending.

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.

Question # 57

Which of the following does not need to be included in an investment advisory contract?

the term of the contract

the total amount of money that the investment adviser currently has under management

the advisory fees and the formula used to compute them

a statement that the contract cannot be assigned to another party without the client’s consent

Question # 58

You are a registered agent with a large brokerage firm. Your client is a very busy woman. She is interested in purchasing 500 shares of Google, but she thinks this morning’s opening price is too high. She’s going to be in meetings and then on a transatlantic flight. She wants the purchase to take place today because she believes Google’s price is just going to keep rising with only the occasional daily ups and downs. She wants you to use your discretion and try to get her the best price for the stock in today’s trading session.

Which of the following statements are true?

You have to tell her that you can’t do this without a signed discretionary authorization from her, and there’s none on file.

You tell her that you can do this for her, but only if you execute it as a margin transaction.

You tell her you can enter it for her as a “market not held” order.

You tell her to have her secretary type up a discretionary authorization for her to sign and drop in the mail before she boards the plane. As long as the written authorization is in the mail, you can place the order.

Question # 59

A broker-dealer will be found guilty of churning an account if the account has a turnover ratio of

four.

five.

eight.

There is no specified turnover ratio assigned to the prohibited practice of churning.

Question # 60

Which of the following does not describe a prohibited practice for broker-dealers under the NASAA Model Rules?

I. SecureMoney Broker-Dealers has received a request from a client who wants SecureMoney to “identify a few solid firms in the Asian market and invest up to $20,000 in them.” SecureMoney executes the purchases and receives the requisite signed discretionary authorization from the client before the settlement date.

II. CanDo Broker-Dealers executes a margin transaction for a client, promptly receiving a signed, written margin agreement from the client after the transaction takes place.

III. GetErDone Broker-Dealers receives a call from a client who wants to purchase some securities on margin. GetErDone has the client come into the office to sign a properly executed margin agreement prior to effecting the transaction.

None of the selections are prohibited practices.

I and III only

II and III only

III only