FINRA Series_63 問題集

質問 1：
An investment adviser suggests that his client, Arnold, a 74-year old gentleman, should consider a
reallocation of the assets in his portfolio. The adviser tells Arnold that he has far too much invested in
bonds, which don't earn as much as stocks. He advises Arnold to take 80% of the money he has in bonds
and invest it in an aggressive growth mutual fund that has provided an average annual return of 40% over
the past three years. Arnold is impressed and follows this advice. Shortly thereafter, there is a steep drop
in the market in general, and the net asset value of the aggressive growth mutual fund falls 85%. Does
Arnold have any remedies available to him?
A. No. The investment adviser had no way of knowing that the market was going to fall when he provided
the advice, so the adviser did not fail in his fiduciary responsibility to Arnold.
B. Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the
court for "pain and suffering."
C. Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys' fees.
D. No. Arnold had the choice and got greedy. As the old saying goes, "Bulls get rich, and bears get rich,
but pigs get led to slaughter."
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 2：
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. there is no problem as long as Ms. Buxom registers with the state as an agent within thirty days.
C. the Administrator may elect to revoke or suspend Joe Romeo's registration, and Joe may also face
both civil and criminal penalties.
D. the Administrator is required by the Uniform Securities Act to revoke Joe Romeo's registration and file
criminal and civil charges against him.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 3：
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. I and II only
B. I and III only
C. II and III only
D. I, II, and III
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 4：
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?
A. You tell her you can enter it for her as a "market not held" order.
B. You tell her that you can do this for her, but only if you execute it as a margin transaction.
C. 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.
D. You have to tell her that you can't do this without a signed discretionary authorization from her, and
there's none on file.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 5：
Cal Turner calls his client and recommends that the client sell his shares in the Alpha High Quality Bond
Fund and use the proceeds to buy shares in the Omega High Quality Bond Fund. Cal has done nothing
unethical if his recommendation is based on the fact that
A. It would always be unethical for Cal to recommend that a client sell shares in one fund in order to buy
shares of another fund that has the same investment objective.
B. the Alpha Fund has a back-end load.
C. the Alpha Fund has been performing poorly relative to other funds in the same category.
D. the Omega Fund has a front-end load.
正解：C
解説: (Topexam メンバーにのみ表示されます)

質問 6：
To say a security is "exempt," means that
I. it is exempt from the state's anti-fraud laws.
II. it is exempt from state registration requirements.
III. any transaction involving it is considered to be an exempt transaction.
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 7：
Cassie Clueless has recommended that a client purchase shares of a mutual fund prior to its ex-dividend
date, so that the client will receive the dividends when they are distributed. In which of the following
situations might this recommendation be justifiable and not in violation of NASAA rules?
I. The investor has refused to provide Cassie any information regarding his investment goals.
II. The investor is a young professional with an investment goal of long-term capital appreciation.
III. The investor is a retiree in a low tax bracket and needs current income to augment her social security
check.
A. I and II only
B. I only
C. It is always in violation of NASAA rules to recommend that a client purchase shares of a mutual fund
prior to its ex-dividend date.
D. III only
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 a firm not be expected to provide to the Administrator when registering an
issue of securities with the state?
A. The firm will be expected to provide all of the above to the Administrator when registering an issue of
securities with the state.
B. the agreement between the issuing firm and the underwriters
C. the agreement among the underwriters themselves
D. all sales and advertising materials that will be used in conjunction with the offering.
正解：A
解説: (Topexam メンバーにのみ表示されます)

質問 9：
Sam Shade had his agent's license revoked by the state of Washington for repeatedly making misleading
claims about various investment to investors. He had had it with all the rain anyway and decided to move
to the sunshine state of Florida. His brother-in-law was a computer whiz who made money on the side
(more than his day job provided, in fact) by supplying illegal immigrants with official-looking
documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the
mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm located
in the Florida Keys, in a clerical role. As such, Sam/Ian had access to the confidential information of the
firm's clients, which he and his brother-in-law utilized for the purpose of identity theft. Under the Uniform
Securities Act guidelines, when Sam and his brother-in-law are caught in their illegal activities,
A. Sunny Investment Advisers will be subject to both criminal prosecution and civil penalties for
employing an individual whose license had been revoked by the Administrator of another state since it
obviously did not use due diligence in hiring Ian Creed, aka Sam Shade.
B. Sunny Investment Advisers will be subject to criminal prosecution for employing an individual whose
license had been revoked by the Administrator of another state since it obviously did not use due
diligence in hiring Ian Creed, aka Sam Shade.
C. Sunny Investment Advisers will be subject to civil penalties for employing an individual whose license
had been revoked by the Administrator of another state.
D. Sunny Investment Advisers will not be held liable if it can prove that there was no way it could have or
should have known of the revocation of Sam Shade's (aka Ian Creed) license.
正解：D
解説: (Topexam メンバーにのみ表示されます)