最新的Uniform Securities State Law認證 Series63考試題庫

問題1

Which of the following compensation arrangements between an investment adviser and an individual client with a net worth of $600,000 would be disallowed?

A. All of the above are legitimate compensation arrangements between and investment adviser and an individual client with a net worth of $600,000.

B. The investment adviser will receive 0.1% of the gross capital gains earned on the portfolio each quarter.

C. The investment adviser will receive 0.1% of the total value of the client's assets under management as of the end of each month.

D. The client agrees to pay the investment adviser an hourly fee of $60.00.

正確答案: B

說明：（僅 VCESoft 成員可見）

問題2

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

A. 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.

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. 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.

正確答案: A

說明：（僅 VCESoft 成員可見）

問題3

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.

A. I and III only

B. III only

C. II and III only

D. None of the selections are prohibited practices.

正確答案: C

說明：（僅 VCESoft 成員可見）

問題4

In which of the following cases is an investment adviser allowed to be compensated with a share of the capital gains of the client's portfolio?
I. The client is a mutual fund.
II. The client is a credit union.
III. The client is a private client whose minimum net worth is $1 million or more.
IV. The client is a private client who has at least $750,000 invested through the investment adviser.

A. I, II, and III only

B. I and II only

C. I, II, and IV only

D. none of the above. An investment adviser is never allowed to share in the capital gains earned on

正確答案: C

說明：（僅 VCESoft 成員可見）

問題5

Which of the following is not a method that can be used to register securities with the state?

A. registration by notification

B. registration by coordination

C. registration by qualification

D. registration by exception

正確答案: D

說明：（僅 VCESoft 成員可見）

問題6

Which of the following is not one of the criteria for a security to be eligible for registration by notification?

A. The issuer must have a net worth of $4 million, or its net income before tax for at least two of the

B. If the security to be issued is an equity interest in the firm, its offer price has to be at least $5 a

C. The issuer must never have defaulted on any bond or long-term lease obligation.

D. The issuer must have preferred stockholders as well as common stockholders.

正確答案: D

說明：（僅 VCESoft 成員可見）

問題7

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. All of the above describe prohibited practices.

D. 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.

正確答案: D

說明：（僅 VCESoft 成員可見）

問題8

Joe Treader is the owner of a small, state-registered investment advisory firm that is on the verge of becoming insolvent. One of his clients who has become like a mother to him is aware of his financial difficulties and has offered to sell off some of the assets that he manages for her and loan him the money to get him through this period of economic uncertainty until he is able to get on his feet again.
Can Joe take her up on her offer?

A. Yes. Based on the facts presented, it is an unsolicited offer and, as such, Joe can (and should) accept it.

B. Both A and B are true.

C. No. As the client's investment adviser, he has a fiduciary relationship with the client. Entering a loan agreement with this client could lead to conflicts of interest.

D. Yes, but only if Joe draws up a formal loan agreement with a fair interest rate, based on the going market rates, stated in the agreement as well as a firm date for principal repayment.

正確答案: C

說明：（僅 VCESoft 成員可見）

問題9

Which of the following describes an "exempt security," as defined by the Uniform Securities Act (USA)?

A. An exempt security is any security that is being sold by an institutional investor, such as a bank, to another institutional investor, such as another bank or an insurance company.

B. An exempt security is any security that is being sold in an isolated non-issuer transaction.

C. An exempt security is any security being sold as a private placement.

D. An exempt security is one that need not be registered in the state in which it is sold.

正確答案: D

說明：（僅 VCESoft 成員可見）

問題10

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. if the investment adviser is a partnership, a statement indicating that the client will be notified

B. 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.

C. if there is any change in the partners within a reasonable time perioda statement of the investment policy that has been agreed upon between the adviser and the client

D. a statement stipulating that the contract cannot be assigned to another party without the client's consent

正確答案: C

說明：（僅 VCESoft 成員可見）

問題11

Desi Genuos is an agent with Broker-Dealer CanDo. A client has asked Desi to recommend a mutual fund that does not have a sales charge. Desi recommends a fund that has no front-end load although it does have a deferred sales load if the investor redeems his shares within the first three years of ownership, but the client has informed Desi that he is looking at this as a long-term investment. Based on these facts, Desi

A. is not in violation of any rules because he is an agent of a broker-dealer and is not affiliated with the fund he has recommended in any manner.

B. is in violation of NASAA rules regarding investment company shares.

C. is not in violation of any rules since the fund has no front-end load and the deferred sales load will not apply to this client, given his indication that this is meant to be a long-term investment.

D. will not be in violation of any NASAA rules as long as he has his client sign a "letter of intent."

正確答案: B

說明：（僅 VCESoft 成員可見）

問題12

You are employed as an agent with CanDo Broker-Dealers. Your brother is software engineer with VideoMagic. When you were talking to him on the phone the other day, he told you that he overheard a conversation by some of the firm's executives that indicated that VideoMagic was about to take over another software company.
Which of the following would violate insider trading rules?
I. The next day, you get an unsolicited call from a client requesting that you sell his shares in Video Magic, and you execute the trade.
II. You buy stock in Video Magic's target firm in anticipation that its stock price will rise when the information becomes public.
III. You recommend the stock of Video Magic's target firm to investors based on the fact that, on average, the stock price of target firms increases.

A. I and III only

B. I and II only

C. I, II and III

D. II and III only

正確答案: D

說明：（僅 VCESoft 成員可見）

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