FINRA Series_63 問題集

質問 1：
Which of the following persons is required to maintain its records in accordance with state dictates and
meet the minimum net capital requirement imposed by the state?
I. federal covered adviser
II. state-registered investment adviser
III. investment adviser representative
A. I and II only
B. II only
C. II and III only
D. I, II, and III
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 2：
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. Yes. An investment adviser's compensation cannot be based on the capital appreciation of the
portfolio.
B. 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.
C. Yes. Under no circumstances can a bonus be part of an investment adviser's compensation package
according to the Uniform Securities Act.
D. 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.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 3：
Which of the following describes an "exempt security," as defined by the Uniform Securities Act (USA)?
A. An exempt security is any security being sold as a private placement.
B. An exempt security is any security that is being sold in an isolated non-issuer transaction.
C. 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.
D. An exempt security is one that need not be registered in the state in which it is sold.
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 4：
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. The investment adviser will receive 0.1% of the gross capital gains earned on the portfolio each
quarter.
B. The client agrees to pay the investment adviser an hourly fee of $60.00.
C. All of the above are legitimate compensation arrangements between and investment adviser and an
individual client with a net worth of $600,000.
D. 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.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 5：
MoeMoney Investment Advisers, LLC is registered in the state of Texas, and its three offices are all
located in the greater Dallas-Fort Worth area. Five of its clients-all individuals-have relocated to Colorado
and all have indicated a desire to retain the services of MoeMoney. In order for this to be possible,
A. each client will have to write a letter to the Administrator of the state of Colorado on MoeMoney's
behalf.
B. Neither MoeMoney nor its clients need do anything.
C. MoeMoney will need to apply for and be granted registration as an investment adviser in the state of
Colorado.
D. MoeMoney will need to apply for and be granted registration as an investment adviser representative in
the state of Colorado.
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 6：
Under which of the following scenarios can a client legitimately sue a purported professional in the
securities industry and expect an award for damages?
I. The securities were sold by an agent whose registration was not yet effective with the state, but who
had already applied for registration.
II. The security was a variable annuity, and the sales representative neglected to reveal the details of the
surrender clause to the client.
III. The security was the stock of a company, the stock had recently been registered with the state for sale,
had been granted registration, and the selling agent had told his client that the security had been
state-approved for sale.
A. I and III only
B. II and III only
C. I only
D. I, II, and III
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 7：
George Geek is a computer programmer who tired of working for others and started his own company. He
convinced forty investors that he could design software that would rival Microsoft, and sold them each a
1 0% partnership interest in his firm for $25,000. He designed and printed up the partnership certificates
himself. George told the investors that he had a product that was on the verge of being marketable and
that when it did-within the next two months-revenues would pour into the company, and he would begin
paying dividends. He told them they could expect a 20% return on their money this year, with even higher
returns in the years to come. As it turned out, George wasn't quite the programmer he thought he was,
and he wasn't able to get all the bugs out of the program to make it marketable within the promised two
months. Within a year, George had tired of the project and was too busy picking up chicks in his new
Corvette when he wasn't on the island of St. Bart overseeing the construction of his new beach
mansion-and picking up chicks. His activities, of course, were financed by the extremely generous
"salary" he paid himself from the investors' monies. Under the Uniform Securities Act, do the investors
have any civil claims against George?
A. Yes. They can sue George for the return of their original investment, plus interest. George would also
have to pay their court costs and attorneys' fees and any amounts assessed by the court for "pain and
suffering" on the parts of the clients.
B. No. The Uniform Securities Act only involves securities laws and partnership interests are not
C. No. It wasn't George's fault that he was unable to do what he promised. Even if it wasn't for
D. Yes. They can sue George for the return of their original investment, plus interest. George would
正解：D
解説: (Topexam メンバーにのみ表示されます)

質問 8：
Which of the following would not be a prohibited activity for a broker-dealer?
I. A broker-dealer tells a client that a municipal revenue bond offered by the city of Boston, Massachusetts
is almost risk-free because it is backed by the taxes paid to the city, and the city generates a lot of tax
dollars.
II. A broker-dealer sells a client some bonds that the broker-dealer has in its portfolio, after informing the
client that it is acting as a seller in the transaction.
III. A broker-dealer purchases some stock that a client is selling for its own portfolio, after informing the
client that it is acting as a buyer in the transaction.
IV. A broker-dealer purchases 1,000 shares of Southwest Airlines for a client who calls and asks the
broker-dealer to buy some shares of a domestic airline stock at a good price for him and receives written
discretionary authority from the client two days later, prior to the settlement date.
A. I and IV only
B. II and III only
C. I only
D. II, III and IV only
正解：B
解説: (Topexam メンバーにのみ表示されます)

質問 9：
The maximum monetary civil liability that a person who has violated a securities law can be expected to
pay is
A. the original investment + a state-deemed appropriate interest rate + court costs and reasonable
attorneys' fees - any income the victim has received on the investment.
B. the original investment + a state-deemed appropriate interest rate + court costs and reasonable
attorneys' fees + any income the victim has received on the investment.
C. the original investment + a state-deemed appropriate interest rate + court costs and reasonable
attorneys' fees + any state-determined "pain and suffering" award.
D. the original investment + a state-deemed appropriate interest rate + court costs and reasonable
attorneys' fees + any state-determined "pain and suffering" award - any income the victim has received on
the investment.
正解：A
解説: (Topexam メンバーにのみ表示されます)