{"id":125820,"date":"2026-05-12T07:51:14","date_gmt":"2026-05-12T07:51:14","guid":{"rendered":"https:\/\/www.dumpsbase.com\/freedumps\/?p=125820"},"modified":"2026-05-12T07:51:57","modified_gmt":"2026-05-12T07:51:57","slug":"finra-series-63-exam-dumps-v8-02-with-expert-reviewed-questions-and-answers-check-series-63-free-dumps-part-1-q1-q40-first","status":"publish","type":"post","link":"https:\/\/www.dumpsbase.com\/freedumps\/finra-series-63-exam-dumps-v8-02-with-expert-reviewed-questions-and-answers-check-series-63-free-dumps-part-1-q1-q40-first.html","title":{"rendered":"FINRA Series 63 Exam Dumps (V8.02) with Expert-Reviewed Questions and Answers &#8211; Check Series 63 Free Dumps (Part 1, Q1-Q40) First"},"content":{"rendered":"\n<p>You need to know the Uniform Securities State Law Examination (Series 63) exam before attending it. It is created by the North American Securities Administrators Association (NASAA) and administered by FINRA to test whether you understand state securities regulations, especially the rules that apply to securities agents, broker-dealers, investment advisers, and investor protection. If you are preparing for the Series 63 exam, DumpsBase provides the latest dumps that match the actual exam. There are 251 practice questions and answers in the Series 63 exam dumps (V8.02). Each question maps directly to the live Uniform Securities State Law Examination blueprint. At DumpsBase, you can practice these questions and answers in a PDF file, making it perfect for studying on the commute or during breaks. Also, you will have a simulated software to make you feel completely familiar before you ever sit for the real exam. Start your Series 63 exam preparation with DumpsBase today. You can first access quality by reading our free dumps.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Below are the FINRA Series 63 free dumps (Part 1, Q1-Q40) of V8.02 for reading:<\/h2>\n\n\n<script>\n\t  window.fbAsyncInit = function() {\n\t    FB.init({\n\t      appId            : '622169541470367',\n\t      autoLogAppEvents : true,\n\t      xfbml            : true,\n\t      version          : 'v3.1'\n\t    });\n\t  };\n\t\n\t  (function(d, s, id){\n\t     var js, fjs = d.getElementsByTagName(s)[0];\n\t     if (d.getElementById(id)) {return;}\n\t     js = d.createElement(s); js.id = id;\n\t     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n\t     fjs.parentNode.insertBefore(js, fjs);\n\t   }(document, 'script', 'facebook-jssdk'));\n\t<\/script><script type=\"text\/javascript\" >\ndocument.addEventListener(\"DOMContentLoaded\", function(event) { \nif(!window.jQuery) alert(\"The important jQuery library is not properly loaded in your site. Your WordPress theme is probably missing the essential wp_head() call. You can switch to another theme and you will see that the plugin works fine and this notice disappears. If you are still not sure what to do you can contact us for help.\");\n});\n<\/script>  \n  \n<div  id=\"watupro_quiz\" class=\"quiz-area single-page-quiz\">\n<p id=\"submittingExam12266\" style=\"display:none;text-align:center;\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\"><\/p>\n\n<div class=\"watupro-exam-description\" id=\"description-quiz-12266\"><\/div>\n\n<form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-12266\"  enctype=\"multipart\/form-data\" >\n<div class='watu-question ' id='question-1' style=';'><div id='questionWrap-1'  class='   watupro-question-id-479420'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>1. <\/span>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 10% 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\u2019t quite the programmer he thought he was, and he wasn\u2019t able to get all the bugs out of the program to make it marketable within the promised two months. <br \/>\r<br>Within a year, George had tired of the project and was too busy picking up chicks in his new Corvette when he wasn\u2019t 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 \u201csalary\u201d he paid himself from the investors\u2019 monies. <br \/>\r<br>Under the Uniform Securities Act, do the investors have any civil claims against George?<\/div><input type='hidden' name='question_id[]' id='qID_1' value='479420' \/><input type='hidden' id='answerType479420' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479420[]' id='answer-id-1852623' class='answer   answerof-479420 ' value='1852623'   \/><label for='answer-id-1852623' id='answer-label-1852623' class=' answer'><span>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\u2019 fees and any amounts assessed by the court for \u201cpain and suffering\u201d on the parts of the clients.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479420[]' id='answer-id-1852624' class='answer   answerof-479420 ' value='1852624'   \/><label for='answer-id-1852624' id='answer-label-1852624' class=' answer'><span>No. It wasn\u2019t George\u2019s fault that he was unable to do what he promised. Even if it wasn\u2019t for.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479420[]' id='answer-id-1852625' class='answer   answerof-479420 ' value='1852625'   \/><label for='answer-id-1852625' id='answer-label-1852625' class=' answer'><span>Yes. They can sue George for the return of their original investment, plus interest. George would.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479420[]' id='answer-id-1852626' class='answer   answerof-479420 ' value='1852626'   \/><label for='answer-id-1852626' id='answer-label-1852626' class=' answer'><span>No. The Uniform Securities Act only involves securities laws and partnership interests are not.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-2' style=';'><div id='questionWrap-2'  class='   watupro-question-id-479421'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>2. <\/span>Which of the following statements best explains the difference between an agent and a broker-dealer?<\/div><input type='hidden' name='question_id[]' id='qID_2' value='479421' \/><input type='hidden' id='answerType479421' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479421[]' id='answer-id-1852627' class='answer   answerof-479421 ' value='1852627'   \/><label for='answer-id-1852627' id='answer-label-1852627' class=' answer'><span>An agent is an individual who represents a broker-dealer or an issuer and buys and sells securities he does not own in return for a commission on the transactions he executes. A broker-dealer may also buy and sell securities for his own portfolio, in which case the broker-dealer enjoys any price appreciation on those securities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479421[]' id='answer-id-1852628' class='answer   answerof-479421 ' value='1852628'   \/><label for='answer-id-1852628' id='answer-label-1852628' class=' answer'><span>A broker-dealer must be licensed in the state in which he conducts business, but there are no separate licensing requirements for agents.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479421[]' id='answer-id-1852629' class='answer   answerof-479421 ' value='1852629'   \/><label for='answer-id-1852629' id='answer-label-1852629' class=' answer'><span>Agents are engaged exclusively in the purchase and sale of stocks whereas broker-dealers also buy and sell bonds and option contracts.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479421[]' id='answer-id-1852630' class='answer   answerof-479421 ' value='1852630'   \/><label for='answer-id-1852630' id='answer-label-1852630' class=' answer'><span>Agents conduct their business exclusively in the secondary market, while broker-dealers also operate in the primary market.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-3' style=';'><div id='questionWrap-3'  class='   watupro-question-id-479422'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>3. <\/span>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,<\/div><input type='hidden' name='question_id[]' id='qID_3' value='479422' \/><input type='hidden' id='answerType479422' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479422[]' id='answer-id-1852631' class='answer   answerof-479422 ' value='1852631'   \/><label for='answer-id-1852631' id='answer-label-1852631' class=' answer'><span>MoeMoney will need to apply for and be granted registration as an investment adviser in the state of Colorado.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479422[]' id='answer-id-1852632' class='answer   answerof-479422 ' value='1852632'   \/><label for='answer-id-1852632' id='answer-label-1852632' class=' answer'><span>each client will have to write a letter to the Administrator of the state of Colorado on MoeMoney\u2019s behalf.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479422[]' id='answer-id-1852633' class='answer   answerof-479422 ' value='1852633'   \/><label for='answer-id-1852633' id='answer-label-1852633' class=' answer'><span>MoeMoney will need to apply for and be granted registration as an investment adviser representative in the state of Colorado.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479422[]' id='answer-id-1852634' class='answer   answerof-479422 ' value='1852634'   \/><label for='answer-id-1852634' id='answer-label-1852634' class=' answer'><span>Neither MoeMoney nor its clients need do anything.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-4' style=';'><div id='questionWrap-4'  class='   watupro-question-id-479423'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>4. <\/span>Once a person has filed an application with the Administrator, and in doing so has truthfully disclosed every material fact, how long does the Administrator have after the effective date of the registration to commence a proceeding to deny, suspend, or revoke that person\u2019s license based on those facts?<\/div><input type='hidden' name='question_id[]' id='qID_4' value='479423' \/><input type='hidden' id='answerType479423' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479423[]' id='answer-id-1852635' class='answer   answerof-479423 ' value='1852635'   \/><label for='answer-id-1852635' id='answer-label-1852635' class=' answer'><span>30 days.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479423[]' id='answer-id-1852636' class='answer   answerof-479423 ' value='1852636'   \/><label for='answer-id-1852636' id='answer-label-1852636' class=' answer'><span>60 days.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479423[]' id='answer-id-1852637' class='answer   answerof-479423 ' value='1852637'   \/><label for='answer-id-1852637' id='answer-label-1852637' class=' answer'><span>90 days.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479423[]' id='answer-id-1852638' class='answer   answerof-479423 ' value='1852638'   \/><label for='answer-id-1852638' id='answer-label-1852638' class=' answer'><span>one year.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-5' style=';'><div id='questionWrap-5'  class='   watupro-question-id-479424'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>5. <\/span>Which of the following is not considered to be a security, as defined by the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_5' value='479424' \/><input type='hidden' id='answerType479424' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479424[]' id='answer-id-1852639' class='answer   answerof-479424 ' value='1852639'   \/><label for='answer-id-1852639' id='answer-label-1852639' class=' answer'><span>a debenture<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479424[]' id='answer-id-1852640' class='answer   answerof-479424 ' value='1852640'   \/><label for='answer-id-1852640' id='answer-label-1852640' class=' answer'><span>a certificate of deposit (CD)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479424[]' id='answer-id-1852641' class='answer   answerof-479424 ' value='1852641'   \/><label for='answer-id-1852641' id='answer-label-1852641' class=' answer'><span>a put option<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479424[]' id='answer-id-1852642' class='answer   answerof-479424 ' value='1852642'   \/><label for='answer-id-1852642' id='answer-label-1852642' class=' answer'><span>an annuity contract wherein an insurance company promises to pay a fixed sum, either in a lump amount or through periodic payments.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-6' style=';'><div id='questionWrap-6'  class='   watupro-question-id-479425'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>6. <\/span>You have passed the necessary exams (congratulations!) and are applying for registration as a securities agent. It is already the end of September. Therefore, you must pay<\/div><input type='hidden' name='question_id[]' id='qID_6' value='479425' \/><input type='hidden' id='answerType479425' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479425[]' id='answer-id-1852643' class='answer   answerof-479425 ' value='1852643'   \/><label for='answer-id-1852643' id='answer-label-1852643' class=' answer'><span>one-fourth of the annual fee required since only one quarter of the year remains.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479425[]' id='answer-id-1852644' class='answer   answerof-479425 ' value='1852644'   \/><label for='answer-id-1852644' id='answer-label-1852644' class=' answer'><span>the full annual fee, and your license will expire on September 30th next year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479425[]' id='answer-id-1852645' class='answer   answerof-479425 ' value='1852645'   \/><label for='answer-id-1852645' id='answer-label-1852645' class=' answer'><span>the full annual fee, and your license will expire on December 31st next year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479425[]' id='answer-id-1852646' class='answer   answerof-479425 ' value='1852646'   \/><label for='answer-id-1852646' id='answer-label-1852646' class=' answer'><span>the full annual fee, and your license will expire on December 31st this year.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-7' style=';'><div id='questionWrap-7'  class='   watupro-question-id-479426'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>7. <\/span>S. White and Associates is an investment adviser registered in the state of Kentucky and, as such, is meeting Kentucky\u2019s minimum net capital requirement for investment advisers. The firm recently registered with the state of Virginia and has opened an office there. Virginia has a significantly higher net capital requirement for its investment advisers. <br \/>\r<br>Which of the following statements is true?<\/div><input type='hidden' name='question_id[]' id='qID_7' value='479426' \/><input type='hidden' id='answerType479426' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852647' class='answer   answerof-479426 ' value='1852647'   \/><label for='answer-id-1852647' id='answer-label-1852647' class=' answer'><span>According to the Uniform Securities Act,<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852648' class='answer   answerof-479426 ' value='1852648'   \/><label for='answer-id-1852648' id='answer-label-1852648' class=' answer'><span>White will have to meet Virginia\u2019s higher requirement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852649' class='answer   answerof-479426 ' value='1852649'   \/><label for='answer-id-1852649' id='answer-label-1852649' class=' answer'><span>According to the Investment Advisers Act of 1940,<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852650' class='answer   answerof-479426 ' value='1852650'   \/><label for='answer-id-1852650' id='answer-label-1852650' class=' answer'><span>White needs only to meet the net capital requirement of Kentucky.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852651' class='answer   answerof-479426 ' value='1852651'   \/><label for='answer-id-1852651' id='answer-label-1852651' class=' answer'><span>According to the Securities Exchange Act of 1934,<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852652' class='answer   answerof-479426 ' value='1852652'   \/><label for='answer-id-1852652' id='answer-label-1852652' class=' answer'><span>White needs to meet at least the minimum net capital requirement specified by that Act since it is now operating in multiple states.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852653' class='answer   answerof-479426 ' value='1852653'   \/><label for='answer-id-1852653' id='answer-label-1852653' class=' answer'><span>According to the Investment Advisers Act of 1940,<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479426[]' id='answer-id-1852654' class='answer   answerof-479426 ' value='1852654'   \/><label for='answer-id-1852654' id='answer-label-1852654' class=' answer'><span>White will have to maintain a minimum net capital equal to the average of the net capital requirements of the two states.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-8' style=';'><div id='questionWrap-8'  class='   watupro-question-id-479427'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>8. <\/span>A variable annuity is:<\/div><input type='hidden' name='question_id[]' id='qID_8' value='479427' \/><input type='hidden' id='answerType479427' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479427[]' id='answer-id-1852655' class='answer   answerof-479427 ' value='1852655'   \/><label for='answer-id-1852655' id='answer-label-1852655' class=' answer'><span>not a security and, therefore, does not have to be registered with the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479427[]' id='answer-id-1852656' class='answer   answerof-479427 ' value='1852656'   \/><label for='answer-id-1852656' id='answer-label-1852656' class=' answer'><span>not a security, but is still required to be registered with the state before it can be offered for sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479427[]' id='answer-id-1852657' class='answer   answerof-479427 ' value='1852657'   \/><label for='answer-id-1852657' id='answer-label-1852657' class=' answer'><span>a security and, therefore, has to be registered with the state before it can be offered for sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479427[]' id='answer-id-1852658' class='answer   answerof-479427 ' value='1852658'   \/><label for='answer-id-1852658' id='answer-label-1852658' class=' answer'><span>a security, but is exempt from state registration.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-9' style=';'><div id='questionWrap-9'  class='   watupro-question-id-479428'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>9. <\/span>The net worth of a broker-dealer has fallen below the minimum net capital requirement specified by the state in which the broker-dealer is registered. This broker-dealer must notify the Administrator of this fact<\/div><input type='hidden' name='question_id[]' id='qID_9' value='479428' \/><input type='hidden' id='answerType479428' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479428[]' id='answer-id-1852659' class='answer   answerof-479428 ' value='1852659'   \/><label for='answer-id-1852659' id='answer-label-1852659' class=' answer'><span>before the beginning of the next quarter.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479428[]' id='answer-id-1852660' class='answer   answerof-479428 ' value='1852660'   \/><label for='answer-id-1852660' id='answer-label-1852660' class=' answer'><span>before the end of the month.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479428[]' id='answer-id-1852661' class='answer   answerof-479428 ' value='1852661'   \/><label for='answer-id-1852661' id='answer-label-1852661' class=' answer'><span>by the close of business on the next business day.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479428[]' id='answer-id-1852662' class='answer   answerof-479428 ' value='1852662'   \/><label for='answer-id-1852662' id='answer-label-1852662' class=' answer'><span>within a week\u2019s time.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-10' style=';'><div id='questionWrap-10'  class='   watupro-question-id-479429'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>10. <\/span>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 \u201cstate-registered\u201d investment adviser and visits some local businesses, asking them for permission to put some of her cards in their waiting rooms. <br \/>\r<br>Has Julia violated any of the provisions of the Uniform Securities Act by distributing her business cards?<\/div><input type='hidden' name='question_id[]' id='qID_10' value='479429' \/><input type='hidden' id='answerType479429' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479429[]' id='answer-id-1852663' class='answer   answerof-479429 ' value='1852663'   \/><label for='answer-id-1852663' id='answer-label-1852663' class=' answer'><span>No. As long as her application has been submitted and is pending acceptance, Julia has not violated any provisions of the Uniform Securities Act.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479429[]' id='answer-id-1852664' class='answer   answerof-479429 ' value='1852664'   \/><label for='answer-id-1852664' id='answer-label-1852664' class=' answer'><span>No. The provisions of the Uniform Securities Act relate to securities, not people.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479429[]' id='answer-id-1852665' class='answer   answerof-479429 ' value='1852665'   \/><label for='answer-id-1852665' id='answer-label-1852665' class=' answer'><span>Yes. Julia is not permitted to advertise as a \u201cstate-registered\u201d investment adviser until she receives notification of the acceptance of her application by the state Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479429[]' id='answer-id-1852666' class='answer   answerof-479429 ' value='1852666'   \/><label for='answer-id-1852666' id='answer-label-1852666' class=' answer'><span>No. Julia has merely put her business cards in waiting rooms. She has not opened her business to clients yet.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-11' style=';'><div id='questionWrap-11'  class='   watupro-question-id-479430'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>11. <\/span>Kevin has a pair of season tickets to the Boston Red Sox games. He and his wife can\u2019t attend all the games themselves, so Kevin has created \u201cpackages\u201d of eight games each that he is listing for sale on Craig\u2019s List. <br \/>\r<br>Do these \u201cpackages\u201d meet the definition of securities, and, if so, does Kevin need to register them with the state before offering them for sale?<\/div><input type='hidden' name='question_id[]' id='qID_11' value='479430' \/><input type='hidden' id='answerType479430' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479430[]' id='answer-id-1852667' class='answer   answerof-479430 ' value='1852667'   \/><label for='answer-id-1852667' id='answer-label-1852667' class=' answer'><span>If Kevin will be profiting from the sale of the packages, the packages are defined to be securities, but since he\u2019s selling the packages to only a few people, he will not have to register them with the state. (Kevin may, however, be guilty of violating ticket scalping laws.)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479430[]' id='answer-id-1852668' class='answer   answerof-479430 ' value='1852668'   \/><label for='answer-id-1852668' id='answer-label-1852668' class=' answer'><span>Only if Kevin will be selling the packages at or below cost are the packages not considered to be securities, in which case Kevin will not have to register them with the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479430[]' id='answer-id-1852669' class='answer   answerof-479430 ' value='1852669'   \/><label for='answer-id-1852669' id='answer-label-1852669' class=' answer'><span>The packages are not considered to be securities since each package is merely a purchase and sale agreement between Kevin and another person. There is no third party involved. Because they do not meet the definition of securities, Kevin does not need to register them with the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479430[]' id='answer-id-1852670' class='answer   answerof-479430 ' value='1852670'   \/><label for='answer-id-1852670' id='answer-label-1852670' class=' answer'><span>Statements A and B are both true statements.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-12' style=';'><div id='questionWrap-12'  class='   watupro-question-id-479431'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>12. <\/span>Until yesterday Maddie was a registered agent employed by the broker-dealer, QuikDeals. Yesterday afternoon, issues that had been brewing between her and another employee of the firm came to a head, and Maddie impulsively quit her job. <br \/>\r<br>At this point,<\/div><input type='hidden' name='question_id[]' id='qID_12' value='479431' \/><input type='hidden' id='answerType479431' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479431[]' id='answer-id-1852671' class='answer   answerof-479431 ' value='1852671'   \/><label for='answer-id-1852671' id='answer-label-1852671' class=' answer'><span>Maddie has thirty days to find a job with another broker-dealer, or she will need to file a new registration application.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479431[]' id='answer-id-1852672' class='answer   answerof-479431 ' value='1852672'   \/><label for='answer-id-1852672' id='answer-label-1852672' class=' answer'><span>Maddie has sixty days to find a job with another broker-dealer, or she will need to file a new registration application.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479431[]' id='answer-id-1852673' class='answer   answerof-479431 ' value='1852673'   \/><label for='answer-id-1852673' id='answer-label-1852673' class=' answer'><span>Maddie will have to file a new application for registration with the Administrator upon finding employment with another broker-dealer since she is no longer considered to be a registered agent by the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479431[]' id='answer-id-1852674' class='answer   answerof-479431 ' value='1852674'   \/><label for='answer-id-1852674' id='answer-label-1852674' class=' answer'><span>Maddie is required to call all of her clients at QuikDeals to inform them she is no longer employed there.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-13' style=';'><div id='questionWrap-13'  class='   watupro-question-id-479432'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>13. <\/span>The 2003 NASAA Model Rule requires that investment advisers that are not federal covered maintain their records for at least<\/div><input type='hidden' name='question_id[]' id='qID_13' value='479432' \/><input type='hidden' id='answerType479432' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479432[]' id='answer-id-1852675' class='answer   answerof-479432 ' value='1852675'   \/><label for='answer-id-1852675' id='answer-label-1852675' class=' answer'><span>three years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479432[]' id='answer-id-1852676' class='answer   answerof-479432 ' value='1852676'   \/><label for='answer-id-1852676' id='answer-label-1852676' class=' answer'><span>five years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479432[]' id='answer-id-1852677' class='answer   answerof-479432 ' value='1852677'   \/><label for='answer-id-1852677' id='answer-label-1852677' class=' answer'><span>seven years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479432[]' id='answer-id-1852678' class='answer   answerof-479432 ' value='1852678'   \/><label for='answer-id-1852678' id='answer-label-1852678' class=' answer'><span>Investment advisers must maintain their records for as long as they remain registered with the state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-14' style=';'><div id='questionWrap-14'  class='   watupro-question-id-479433'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>14. <\/span>Which of the following describes an investment adviser that is not required to register with the state Administrator?<\/div><input type='hidden' name='question_id[]' id='qID_14' value='479433' \/><input type='hidden' id='answerType479433' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479433[]' id='answer-id-1852679' class='answer   answerof-479433 ' value='1852679'   \/><label for='answer-id-1852679' id='answer-label-1852679' class=' answer'><span>MoeMoney Investment Advisers, LLC has an office in the state with a client base of fifty individuals.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479433[]' id='answer-id-1852680' class='answer   answerof-479433 ' value='1852680'   \/><label for='answer-id-1852680' id='answer-label-1852680' class=' answer'><span>Financial Freedom Investment Advisers has no offices in the state although it does advise six wealthy individuals who are residents of the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479433[]' id='answer-id-1852681' class='answer   answerof-479433 ' value='1852681'   \/><label for='answer-id-1852681' id='answer-label-1852681' class=' answer'><span>CanDo Broker-Dealers is a state-registered broker-dealer. It has begun to offer asset management services to a few of its wealthier clients for a small management fee equal to 0.1% of the assets under management.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479433[]' id='answer-id-1852682' class='answer   answerof-479433 ' value='1852682'   \/><label for='answer-id-1852682' id='answer-label-1852682' class=' answer'><span>Buckeye Investment Advisers has no offices in the state, but it provides portfolio management services to an insurance company located in the state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-15' style=';'><div id='questionWrap-15'  class='   watupro-question-id-479434'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>15. <\/span>Which of the following would fall under the definition of \u201cagent,\u201d as defined by the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_15' value='479434' \/><input type='hidden' id='answerType479434' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479434[]' id='answer-id-1852683' class='answer   answerof-479434 ' value='1852683'   \/><label for='answer-id-1852683' id='answer-label-1852683' class=' answer'><span>Joe works as an administrative assistant for broker-dealer GetErDone, doing data entry, filing client forms that contain confidential information, and directing calls to registered representatives of the firm.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479434[]' id='answer-id-1852684' class='answer   answerof-479434 ' value='1852684'   \/><label for='answer-id-1852684' id='answer-label-1852684' class=' answer'><span>Freedom broker-dealers executes the purchase and sale of securities for its customers.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479434[]' id='answer-id-1852685' class='answer   answerof-479434 ' value='1852685'   \/><label for='answer-id-1852685' id='answer-label-1852685' class=' answer'><span>TrustUs Bank has a subsidiary operation that sells mutual funds to the public.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479434[]' id='answer-id-1852686' class='answer   answerof-479434 ' value='1852686'   \/><label for='answer-id-1852686' id='answer-label-1852686' class=' answer'><span>None of the above would fall under the definition of \u201cagent,\u201d as defined by the Uniform Securities Act (US<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479434[]' id='answer-id-1852687' class='answer   answerof-479434 ' value='1852687'   \/><label for='answer-id-1852687' id='answer-label-1852687' class=' answer'><span>)<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-16' style=';'><div id='questionWrap-16'  class='   watupro-question-id-479435'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>16. <\/span>Which of the following describes an \u201cexempt security,\u201d as defined by the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_16' value='479435' \/><input type='hidden' id='answerType479435' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479435[]' id='answer-id-1852688' class='answer   answerof-479435 ' value='1852688'   \/><label for='answer-id-1852688' id='answer-label-1852688' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479435[]' id='answer-id-1852689' class='answer   answerof-479435 ' value='1852689'   \/><label for='answer-id-1852689' id='answer-label-1852689' class=' answer'><span>An exempt security is one that need not be registered in the state in which it is sold.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479435[]' id='answer-id-1852690' class='answer   answerof-479435 ' value='1852690'   \/><label for='answer-id-1852690' id='answer-label-1852690' class=' answer'><span>An exempt security is any security being sold as a private placement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479435[]' id='answer-id-1852691' class='answer   answerof-479435 ' value='1852691'   \/><label for='answer-id-1852691' id='answer-label-1852691' class=' answer'><span>An exempt security is any security that is being sold in an isolated non-issuer transaction.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-17' style=';'><div id='questionWrap-17'  class='   watupro-question-id-479436'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>17. <\/span>A broker-dealer is required to keep his records for how long?<\/div><input type='hidden' name='question_id[]' id='qID_17' value='479436' \/><input type='hidden' id='answerType479436' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479436[]' id='answer-id-1852692' class='answer   answerof-479436 ' value='1852692'   \/><label for='answer-id-1852692' id='answer-label-1852692' class=' answer'><span>at least three years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479436[]' id='answer-id-1852693' class='answer   answerof-479436 ' value='1852693'   \/><label for='answer-id-1852693' id='answer-label-1852693' class=' answer'><span>at least five years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479436[]' id='answer-id-1852694' class='answer   answerof-479436 ' value='1852694'   \/><label for='answer-id-1852694' id='answer-label-1852694' class=' answer'><span>at least seven years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479436[]' id='answer-id-1852695' class='answer   answerof-479436 ' value='1852695'   \/><label for='answer-id-1852695' id='answer-label-1852695' class=' answer'><span>broker-dealer is required to keep his records for as long as he is registered in the state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-18' style=';'><div id='questionWrap-18'  class='   watupro-question-id-479437'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>18. <\/span>Which of the following actions is the Administrator of a state empowered to take?<\/div><input type='hidden' name='question_id[]' id='qID_18' value='479437' \/><input type='hidden' id='answerType479437' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479437[]' id='answer-id-1852696' class='answer   answerof-479437 ' value='1852696'   \/><label for='answer-id-1852696' id='answer-label-1852696' class=' answer'><span>gather evidence<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479437[]' id='answer-id-1852697' class='answer   answerof-479437 ' value='1852697'   \/><label for='answer-id-1852697' id='answer-label-1852697' class=' answer'><span>require restitution for the victims of a scam<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479437[]' id='answer-id-1852698' class='answer   answerof-479437 ' value='1852698'   \/><label for='answer-id-1852698' id='answer-label-1852698' class=' answer'><span>impose civil penalties in cases of fraud<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479437[]' id='answer-id-1852699' class='answer   answerof-479437 ' value='1852699'   \/><label for='answer-id-1852699' id='answer-label-1852699' class=' answer'><span>The Administrator of a state has the authority to take all of the above actions.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-19' style=';'><div id='questionWrap-19'  class='   watupro-question-id-479438'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>19. <\/span>Newbie Corporation is considering the possibility of an interstate initial public offering (IPO) of its stock. In the initial meetings with BigFee Investment Bankers, Newbie has learned that the underwriting spread will be 15%. Although the actual offering price won\u2019t be set until Newbie\u2019s registration statement is approved by the SEC, BigFee has indicated that the offer price will probably be between $3 and $4 a share and that the stock will initially be listed on the OTC Bulletin Board. <br \/>\r<br>What methods for state registration does Newbie have available? <br \/>\r<br>I. registration by coordination <br \/>\r<br>II. registration by notification <br \/>\r<br>III. registration by qualification<\/div><input type='hidden' name='question_id[]' id='qID_19' value='479438' \/><input type='hidden' id='answerType479438' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479438[]' id='answer-id-1852700' class='answer   answerof-479438 ' value='1852700'   \/><label for='answer-id-1852700' id='answer-label-1852700' class=' answer'><span>Newbie may elect to register by any one of the above methods although registration by qualification would be the most burdensome choice.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479438[]' id='answer-id-1852701' class='answer   answerof-479438 ' value='1852701'   \/><label for='answer-id-1852701' id='answer-label-1852701' class=' answer'><span>Method I only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479438[]' id='answer-id-1852702' class='answer   answerof-479438 ' value='1852702'   \/><label for='answer-id-1852702' id='answer-label-1852702' class=' answer'><span>Methods I and III only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479438[]' id='answer-id-1852703' class='answer   answerof-479438 ' value='1852703'   \/><label for='answer-id-1852703' id='answer-label-1852703' class=' answer'><span>Method II only<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-20' style=';'><div id='questionWrap-20'  class='   watupro-question-id-479439'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>20. <\/span>Which of the following statements regarding the registration of broker-dealers and investment advisers is true?<\/div><input type='hidden' name='question_id[]' id='qID_20' value='479439' \/><input type='hidden' id='answerType479439' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479439[]' id='answer-id-1852704' class='answer   answerof-479439 ' value='1852704'   \/><label for='answer-id-1852704' id='answer-label-1852704' class=' answer'><span>Investment advisers are required to register with both the state and the SEC, while broker-dealers may be registered with only one or the other.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479439[]' id='answer-id-1852705' class='answer   answerof-479439 ' value='1852705'   \/><label for='answer-id-1852705' id='answer-label-1852705' class=' answer'><span>Investment advisers must always be registered with the SEC to conduct business; broker-dealers may be registered with either an individual state or the SEC or both.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479439[]' id='answer-id-1852706' class='answer   answerof-479439 ' value='1852706'   \/><label for='answer-id-1852706' id='answer-label-1852706' class=' answer'><span>Investment advisers are required either to be registered with a state or with the SEC, while broker-dealers must be registered both with the SEC and the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479439[]' id='answer-id-1852707' class='answer   answerof-479439 ' value='1852707'   \/><label for='answer-id-1852707' id='answer-label-1852707' class=' answer'><span>Both investment advisers and broker-dealers must be registered with the SEC and with the states in which they have offices.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-21' style=';'><div id='questionWrap-21'  class='   watupro-question-id-479440'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>21. <\/span>Sam Shade had his agent\u2019s 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 Florid <br \/>\r<br>a. 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\u2019s 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,<\/div><input type='hidden' name='question_id[]' id='qID_21' value='479440' \/><input type='hidden' id='answerType479440' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479440[]' id='answer-id-1852708' class='answer   answerof-479440 ' value='1852708'   \/><label for='answer-id-1852708' id='answer-label-1852708' class=' answer'><span>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\u2019s (aka Ian Creed) license.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479440[]' id='answer-id-1852709' class='answer   answerof-479440 ' value='1852709'   \/><label for='answer-id-1852709' id='answer-label-1852709' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479440[]' id='answer-id-1852710' class='answer   answerof-479440 ' value='1852710'   \/><label for='answer-id-1852710' id='answer-label-1852710' class=' answer'><span>Sunny Investment Advisers will be subject to civil penalties for employing an individual whose license had been revoked by the Administrator of another state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479440[]' id='answer-id-1852711' class='answer   answerof-479440 ' value='1852711'   \/><label for='answer-id-1852711' id='answer-label-1852711' class=' answer'><span>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.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-22' style=';'><div id='questionWrap-22'  class='   watupro-question-id-479441'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>22. <\/span>Which of the following statements regarding an investment adviser representative who has an office in the state is true?<\/div><input type='hidden' name='question_id[]' id='qID_22' value='479441' \/><input type='hidden' id='answerType479441' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479441[]' id='answer-id-1852712' class='answer   answerof-479441 ' value='1852712'   \/><label for='answer-id-1852712' id='answer-label-1852712' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479441[]' id='answer-id-1852713' class='answer   answerof-479441 ' value='1852713'   \/><label for='answer-id-1852713' id='answer-label-1852713' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479441[]' id='answer-id-1852714' class='answer   answerof-479441 ' value='1852714'   \/><label for='answer-id-1852714' id='answer-label-1852714' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479441[]' id='answer-id-1852715' class='answer   answerof-479441 ' value='1852715'   \/><label for='answer-id-1852715' id='answer-label-1852715' class=' answer'><span>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.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-23' style=';'><div id='questionWrap-23'  class='   watupro-question-id-479442'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>23. <\/span>Jeremy Sly considered himself somewhat of an inventor. The only problem was that his day job interfered with his opportunity to exercise his creativity. He came up with a plan to get outside investors to support his inventive activities. To this end, he produced and distributed a brochure advertising partnership interests with a guaranteed return on investment of at least 15% after the first 12 months, based on what he had allegedly generated from his other (non-existent) inventions. <br \/>\r<br>Given these facts, is Jeremy guilty of any security violations under the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_23' value='479442' \/><input type='hidden' id='answerType479442' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479442[]' id='answer-id-1852716' class='answer   answerof-479442 ' value='1852716'   \/><label for='answer-id-1852716' id='answer-label-1852716' class=' answer'><span>No. The facts don\u2019t indicate whether any partnership interests were actually sold, and there can be no violation unless there is a sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479442[]' id='answer-id-1852717' class='answer   answerof-479442 ' value='1852717'   \/><label for='answer-id-1852717' id='answer-label-1852717' class=' answer'><span>No. An interest in a partnership is not considered a security.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479442[]' id='answer-id-1852718' class='answer   answerof-479442 ' value='1852718'   \/><label for='answer-id-1852718' id='answer-label-1852718' class=' answer'><span>No. It is not against the law to believe in oneself and promote one\u2019s ideas.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479442[]' id='answer-id-1852719' class='answer   answerof-479442 ' value='1852719'   \/><label for='answer-id-1852719' id='answer-label-1852719' class=' answer'><span>Yes. Even an \u201coffer\u201d to sell securities must not contain any untruths.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-24' style=';'><div id='questionWrap-24'  class='   watupro-question-id-479443'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>24. <\/span>After passing the necessary exams, you must submit which of the following to the state Administrator when applying for registration as an agent?<\/div><input type='hidden' name='question_id[]' id='qID_24' value='479443' \/><input type='hidden' id='answerType479443' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479443[]' id='answer-id-1852720' class='answer   answerof-479443 ' value='1852720'   \/><label for='answer-id-1852720' id='answer-label-1852720' class=' answer'><span>U-4<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479443[]' id='answer-id-1852721' class='answer   answerof-479443 ' value='1852721'   \/><label for='answer-id-1852721' id='answer-label-1852721' class=' answer'><span>Form ADV<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479443[]' id='answer-id-1852722' class='answer   answerof-479443 ' value='1852722'   \/><label for='answer-id-1852722' id='answer-label-1852722' class=' answer'><span>a recent photograph of yourself<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479443[]' id='answer-id-1852723' class='answer   answerof-479443 ' value='1852723'   \/><label for='answer-id-1852723' id='answer-label-1852723' class=' answer'><span>proof that you meet the state\u2019s minimum net capital requirement<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-25' style=';'><div id='questionWrap-25'  class='   watupro-question-id-479444'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>25. <\/span>Once you have passed the Series 63 examination, which entity must then approve your application to sell securities?<\/div><input type='hidden' name='question_id[]' id='qID_25' value='479444' \/><input type='hidden' id='answerType479444' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479444[]' id='answer-id-1852724' class='answer   answerof-479444 ' value='1852724'   \/><label for='answer-id-1852724' id='answer-label-1852724' class=' answer'><span>FINRA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479444[]' id='answer-id-1852725' class='answer   answerof-479444 ' value='1852725'   \/><label for='answer-id-1852725' id='answer-label-1852725' class=' answer'><span>NASAA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479444[]' id='answer-id-1852726' class='answer   answerof-479444 ' value='1852726'   \/><label for='answer-id-1852726' id='answer-label-1852726' class=' answer'><span>SEC<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479444[]' id='answer-id-1852727' class='answer   answerof-479444 ' value='1852727'   \/><label for='answer-id-1852727' id='answer-label-1852727' class=' answer'><span>the state administrator<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-26' style=';'><div id='questionWrap-26'  class='   watupro-question-id-479445'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>26. <\/span>Which of the following is not one of the criteria for a security to be eligible for registration by notification?<\/div><input type='hidden' name='question_id[]' id='qID_26' value='479445' \/><input type='hidden' id='answerType479445' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479445[]' id='answer-id-1852728' class='answer   answerof-479445 ' value='1852728'   \/><label for='answer-id-1852728' id='answer-label-1852728' class=' answer'><span>The issuer must have preferred stockholders as well as common stockholders.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479445[]' id='answer-id-1852729' class='answer   answerof-479445 ' value='1852729'   \/><label for='answer-id-1852729' id='answer-label-1852729' class=' answer'><span>The issuer must have a net worth of $4 million, or its net income before tax for at least two of the<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479445[]' id='answer-id-1852730' class='answer   answerof-479445 ' value='1852730'   \/><label for='answer-id-1852730' id='answer-label-1852730' class=' answer'><span>The issuer must never have defaulted on any bond or long-term lease obligation.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479445[]' id='answer-id-1852731' class='answer   answerof-479445 ' value='1852731'   \/><label for='answer-id-1852731' id='answer-label-1852731' class=' answer'><span>If the security to be issued is an equity interest in the firm, its offer price has to be at least $5 a<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-27' style=';'><div id='questionWrap-27'  class='   watupro-question-id-479446'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>27. <\/span>Erin is a registered agent who works for SecureMoney Brokers-dealers. One of her clients, Mrs. McTurk, is a recently-widowed woman who relies on Erin for advice about her investment portfolio. Mrs. McTurk reminds Erin of her own grandmother, and she is happy to provide guidance within the sphere of her own knowledge. <br \/>\r<br>Based on these facts, which of the following statements is true?<\/div><input type='hidden' name='question_id[]' id='qID_27' value='479446' \/><input type='hidden' id='answerType479446' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479446[]' id='answer-id-1852732' class='answer   answerof-479446 ' value='1852732'   \/><label for='answer-id-1852732' id='answer-label-1852732' class=' answer'><span>SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479446[]' id='answer-id-1852733' class='answer   answerof-479446 ' value='1852733'   \/><label for='answer-id-1852733' id='answer-label-1852733' class=' answer'><span>Erin must register as an investment adviser since she is providing investment advice.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479446[]' id='answer-id-1852734' class='answer   answerof-479446 ' value='1852734'   \/><label for='answer-id-1852734' id='answer-label-1852734' class=' answer'><span>SecureMoney Broker-dealers must register as an investment adviser since one of its employees is providing investment advice, and Erin must register as an investment adviser representative as the firm\u2019s employee.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479446[]' id='answer-id-1852735' class='answer   answerof-479446 ' value='1852735'   \/><label for='answer-id-1852735' id='answer-label-1852735' class=' answer'><span>Neither SecureMoney Broker-dealers nor Erin must register as an investment adviser based on the facts provided.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-28' style=';'><div id='questionWrap-28'  class='   watupro-question-id-479447'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>28. <\/span>Which of the following entities would be required to register with the state as a broker-dealer under the guidelines of the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_28' value='479447' \/><input type='hidden' id='answerType479447' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479447[]' id='answer-id-1852736' class='answer   answerof-479447 ' value='1852736'   \/><label for='answer-id-1852736' id='answer-label-1852736' class=' answer'><span>an underwriter with no offices in the state that is helping a firm that is incorporated within the state with the sale of its new bond issue to insurance companies.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479447[]' id='answer-id-1852737' class='answer   answerof-479447 ' value='1852737'   \/><label for='answer-id-1852737' id='answer-label-1852737' class=' answer'><span>a credit union that operates within the state and provides loans to its members.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479447[]' id='answer-id-1852738' class='answer   answerof-479447 ' value='1852738'   \/><label for='answer-id-1852738' id='answer-label-1852738' class=' answer'><span>an agent who executes the purchase and sale of stocks and bonds for his clients<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479447[]' id='answer-id-1852739' class='answer   answerof-479447 ' value='1852739'   \/><label for='answer-id-1852739' id='answer-label-1852739' class=' answer'><span>None of the above entities would be required to register with the state as a broker-dealer under the guidelines of the Uniform Securities Act.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-29' style=';'><div id='questionWrap-29'  class='   watupro-question-id-479448'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>29. <\/span>While on vacation in Colorado, Mr. Moneybags became interested in the stock of a company called SafeAway, which designs and installs customized high-tech security systems in the multimillion dollar mansions located in Colorado\u2019s pricier ski resort areas, such as Vail and Aspen. Upon returning to his home in Boston, he calls his broker-dealer with an order to purchase 10,000 shares of the stock, which he learned trades in the over-the-counter market. Fast Eddie, a registered agent with his broker-dealer, discovers that SafeAway\u2019s stock is registered only in the states of Colorado and Wyoming. Neither Fast Eddie nor his broker-dealer are registered to do business in either of those states. Under these circumstances,<\/div><input type='hidden' name='question_id[]' id='qID_29' value='479448' \/><input type='hidden' id='answerType479448' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479448[]' id='answer-id-1852740' class='answer   answerof-479448 ' value='1852740'   \/><label for='answer-id-1852740' id='answer-label-1852740' class=' answer'><span>Fast Eddie cannot effect Mr. Moneybags purchase of SafeAway stock since neither he nor his broker are registered to do business in Colorado or Wyoming, and SafeAway stock is not registered for sale in the state of Massachusetts.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479448[]' id='answer-id-1852741' class='answer   answerof-479448 ' value='1852741'   \/><label for='answer-id-1852741' id='answer-label-1852741' class=' answer'><span>Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt transaction because it is a private placement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479448[]' id='answer-id-1852742' class='answer   answerof-479448 ' value='1852742'   \/><label for='answer-id-1852742' id='answer-label-1852742' class=' answer'><span>Fast Eddie should contact a broker-dealer that is registered in either Colorado or Wyoming and negotiate a finder\u2019s fee for referring Mr. Moneybags to them.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479448[]' id='answer-id-1852743' class='answer   answerof-479448 ' value='1852743'   \/><label for='answer-id-1852743' id='answer-label-1852743' class=' answer'><span>Fast Eddie can execute the trade for Mr. Moneybags since this would be considered an exempt transaction because it is an unsolicited transaction.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-30' style=';'><div id='questionWrap-30'  class='   watupro-question-id-479449'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>30. <\/span>Most individual state securities laws today are based on:<\/div><input type='hidden' name='question_id[]' id='qID_30' value='479449' \/><input type='hidden' id='answerType479449' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479449[]' id='answer-id-1852744' class='answer   answerof-479449 ' value='1852744'   \/><label for='answer-id-1852744' id='answer-label-1852744' class=' answer'><span>the Uniform Securities Act of 1956.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479449[]' id='answer-id-1852745' class='answer   answerof-479449 ' value='1852745'   \/><label for='answer-id-1852745' id='answer-label-1852745' class=' answer'><span>the Uniform Securities Act of 2002.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479449[]' id='answer-id-1852746' class='answer   answerof-479449 ' value='1852746'   \/><label for='answer-id-1852746' id='answer-label-1852746' class=' answer'><span>the National Securities Markets Improvement Act of 1996.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479449[]' id='answer-id-1852747' class='answer   answerof-479449 ' value='1852747'   \/><label for='answer-id-1852747' id='answer-label-1852747' class=' answer'><span>the Gramm-Leach-Bliley Act of 1999.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-31' style=';'><div id='questionWrap-31'  class='   watupro-question-id-479450'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>31. <\/span>The Uniform Securities Act (USA) is<\/div><input type='hidden' name='question_id[]' id='qID_31' value='479450' \/><input type='hidden' id='answerType479450' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479450[]' id='answer-id-1852748' class='answer   answerof-479450 ' value='1852748'   \/><label for='answer-id-1852748' id='answer-label-1852748' class=' answer'><span>a body of laws governing the purchase and sale of securities within a single state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479450[]' id='answer-id-1852749' class='answer   answerof-479450 ' value='1852749'   \/><label for='answer-id-1852749' id='answer-label-1852749' class=' answer'><span>a set of guidelines for individual states to follow when formulating their own securities\u2019 laws.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479450[]' id='answer-id-1852750' class='answer   answerof-479450 ' value='1852750'   \/><label for='answer-id-1852750' id='answer-label-1852750' class=' answer'><span>a group of laws requiring state-issued securities, such as municipal bonds, to be registered with.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479450[]' id='answer-id-1852751' class='answer   answerof-479450 ' value='1852751'   \/><label for='answer-id-1852751' id='answer-label-1852751' class=' answer'><span>federal legislation that requires all states to adopt the same registration requirements for all.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-32' style=';'><div id='questionWrap-32'  class='   watupro-question-id-479451'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>32. <\/span>Bootstraps, Inc. is a family-owned business that has experienced enormous growth in the last couple of years. The business needs more cash to support this growth and has decided to issue some promissory notes, each with a face value of $5,000, for sale to the general public. The firm plans to hire three individuals to help them sell these notes. These individuals will earn a commission based on the notes they sell. <br \/>\r<br>Given these facts, which of the following is true?<\/div><input type='hidden' name='question_id[]' id='qID_32' value='479451' \/><input type='hidden' id='answerType479451' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479451[]' id='answer-id-1852752' class='answer   answerof-479451 ' value='1852752'   \/><label for='answer-id-1852752' id='answer-label-1852752' class=' answer'><span>The notes must be registered with the state, and the three individuals hired to sell the notes must be registered as agents with the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479451[]' id='answer-id-1852753' class='answer   answerof-479451 ' value='1852753'   \/><label for='answer-id-1852753' id='answer-label-1852753' class=' answer'><span>The notes must be registered with the state, but the individuals hired to sell them are not required to be registered.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479451[]' id='answer-id-1852754' class='answer   answerof-479451 ' value='1852754'   \/><label for='answer-id-1852754' id='answer-label-1852754' class=' answer'><span>Neither the notes nor the individuals selling the notes need to be registered with the state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479451[]' id='answer-id-1852755' class='answer   answerof-479451 ' value='1852755'   \/><label for='answer-id-1852755' id='answer-label-1852755' class=' answer'><span>Either the firm must register the notes with the state, or the individuals that are hired to sell the notes must be registered as agents with the state, but not both.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-33' style=';'><div id='questionWrap-33'  class='   watupro-question-id-479452'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>33. <\/span>Ms. Naivet\u00e9 gave Mr. Smooth, owner of Smooth Construction, $40,000 in return for a promissory note that promised to pay interest at the rate of 8% a quarter, with a repayment of principal at the end of two years. The money would be used by Mr. Smooth to rehab a few beach condo units that had been severely hurricane-damaged and that Mr. Smooth had been able to purchase for \u201cpennies on the dollar,\u201d or so he said. The first units would be completed within a month, and the rents would be used to make the interest payments. The investment was almost as risk-free as U.S. government bonds, Mr. Smooth claimed. By the end of the second year, Ms. Naivet\u00e9 had received a lot of fast talk and only one of the promised interest payments. <br \/>\r<br>Have there been any violation of securities laws in this instance?<\/div><input type='hidden' name='question_id[]' id='qID_33' value='479452' \/><input type='hidden' id='answerType479452' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479452[]' id='answer-id-1852756' class='answer   answerof-479452 ' value='1852756'   \/><label for='answer-id-1852756' id='answer-label-1852756' class=' answer'><span>No. This was simply a loan transacted between two parties.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479452[]' id='answer-id-1852757' class='answer   answerof-479452 ' value='1852757'   \/><label for='answer-id-1852757' id='answer-label-1852757' class=' answer'><span>Yes. Mr. Smooth was required to register the promissory note before he offered it for sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479452[]' id='answer-id-1852758' class='answer   answerof-479452 ' value='1852758'   \/><label for='answer-id-1852758' id='answer-label-1852758' class=' answer'><span>Yes. Ms. Naivet\u00e9 has been defrauded by Mr. Smooth.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479452[]' id='answer-id-1852759' class='answer   answerof-479452 ' value='1852759'   \/><label for='answer-id-1852759' id='answer-label-1852759' class=' answer'><span>Both B and C are true statements.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-34' style=';'><div id='questionWrap-34'  class='   watupro-question-id-479453'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>34. <\/span>Which of the following statements is false?<\/div><input type='hidden' name='question_id[]' id='qID_34' value='479453' \/><input type='hidden' id='answerType479453' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479453[]' id='answer-id-1852760' class='answer   answerof-479453 ' value='1852760'   \/><label for='answer-id-1852760' id='answer-label-1852760' class=' answer'><span>A state cannot require a higher minimum net capital for broker-dealers than the amount specified by the Securities Exchange Act of 1934.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479453[]' id='answer-id-1852761' class='answer   answerof-479453 ' value='1852761'   \/><label for='answer-id-1852761' id='answer-label-1852761' class=' answer'><span>A state cannot require a higher minimum net capital for investment advisers than the amount specified by the Investment Advisers Act of 1940.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479453[]' id='answer-id-1852762' class='answer   answerof-479453 ' value='1852762'   \/><label for='answer-id-1852762' id='answer-label-1852762' class=' answer'><span>The minimum net capital requirement for investment advisers that take custody of their clients\u2019 assets is higher than the net capital requirement for advisers who do not take custody of the assets.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479453[]' id='answer-id-1852763' class='answer   answerof-479453 ' value='1852763'   \/><label for='answer-id-1852763' id='answer-label-1852763' class=' answer'><span>None of the above statements is false; all are true statements.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-35' style=';'><div id='questionWrap-35'  class='   watupro-question-id-479454'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>35. <\/span>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\u2019s smaller accounts. Ms. Buxom has never applied for nor been granted registration as a broker-dealer or agent. Based on these facts,<\/div><input type='hidden' name='question_id[]' id='qID_35' value='479454' \/><input type='hidden' id='answerType479454' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479454[]' id='answer-id-1852764' class='answer   answerof-479454 ' value='1852764'   \/><label for='answer-id-1852764' id='answer-label-1852764' class=' answer'><span>the Administrator is required by the Uniform Securities Act to revoke Joe Romeo\u2019s registration and file criminal and civil charges against him.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479454[]' id='answer-id-1852765' class='answer   answerof-479454 ' value='1852765'   \/><label for='answer-id-1852765' id='answer-label-1852765' class=' answer'><span>there is no problem as long as Ms. Buxom registers with the state as an agent within thirty days.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479454[]' id='answer-id-1852766' class='answer   answerof-479454 ' value='1852766'   \/><label for='answer-id-1852766' id='answer-label-1852766' class=' answer'><span>the Administrator may elect to revoke or suspend Joe Romeo\u2019s registration, and Joe may also face both civil and criminal penalties.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479454[]' id='answer-id-1852767' class='answer   answerof-479454 ' value='1852767'   \/><label for='answer-id-1852767' id='answer-label-1852767' class=' answer'><span>the Administrator is required to turn the case over to the state\u2019s district attorney, who will file criminal charges against both Joe Romeo and Betty Buxom.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-36' style=';'><div id='questionWrap-36'  class='   watupro-question-id-479455'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>36. <\/span>It has come to the attention of the Administrator of the state that Samuel Shyster provided false information on his application to become a registered investment adviser with the state. Prior to revoking Samuel\u2019s license, the Administrator will provide Samuel with which of the following? <br \/>\r<br>I. prior notice <br \/>\r<br>II. an opportunity to fill out a new registration statement <br \/>\r<br>III. an opportunity for a hearing <br \/>\r<br>IV. a written statement regarding the facts and the legal consequences<\/div><input type='hidden' name='question_id[]' id='qID_36' value='479455' \/><input type='hidden' id='answerType479455' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479455[]' id='answer-id-1852768' class='answer   answerof-479455 ' value='1852768'   \/><label for='answer-id-1852768' id='answer-label-1852768' class=' answer'><span>I, II, III, and IV<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479455[]' id='answer-id-1852769' class='answer   answerof-479455 ' value='1852769'   \/><label for='answer-id-1852769' id='answer-label-1852769' class=' answer'><span>I, II, and III<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479455[]' id='answer-id-1852770' class='answer   answerof-479455 ' value='1852770'   \/><label for='answer-id-1852770' id='answer-label-1852770' class=' answer'><span>I, III, and IV<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479455[]' id='answer-id-1852771' class='answer   answerof-479455 ' value='1852771'   \/><label for='answer-id-1852771' id='answer-label-1852771' class=' answer'><span>I, II, and IV<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-37' style=';'><div id='questionWrap-37'  class='   watupro-question-id-479456'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>37. <\/span>Which of the following would meet the requirements for an \u201cexempt security?\u201d<\/div><input type='hidden' name='question_id[]' id='qID_37' value='479456' \/><input type='hidden' id='answerType479456' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479456[]' id='answer-id-1852772' class='answer   answerof-479456 ' value='1852772'   \/><label for='answer-id-1852772' id='answer-label-1852772' class=' answer'><span>a $500,000 promissory note that matures in two years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479456[]' id='answer-id-1852773' class='answer   answerof-479456 ' value='1852773'   \/><label for='answer-id-1852773' id='answer-label-1852773' class=' answer'><span>commercial paper with a $100,000 face value and a maturity of five months that is rated AA by Standard and Poors<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479456[]' id='answer-id-1852774' class='answer   answerof-479456 ' value='1852774'   \/><label for='answer-id-1852774' id='answer-label-1852774' class=' answer'><span>a $25,000 promissory note that matures in three months<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479456[]' id='answer-id-1852775' class='answer   answerof-479456 ' value='1852775'   \/><label for='answer-id-1852775' id='answer-label-1852775' class=' answer'><span>commercial paper with a $200,000 face value and a maturity of three months that is rated BB by Standard and Poors<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-38' style=';'><div id='questionWrap-38'  class='   watupro-question-id-479457'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>38. <\/span>The state official who has regulatory authority over the securities industry within the state is known as the<\/div><input type='hidden' name='question_id[]' id='qID_38' value='479457' \/><input type='hidden' id='answerType479457' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479457[]' id='answer-id-1852776' class='answer   answerof-479457 ' value='1852776'   \/><label for='answer-id-1852776' id='answer-label-1852776' class=' answer'><span>attorney-general.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479457[]' id='answer-id-1852777' class='answer   answerof-479457 ' value='1852777'   \/><label for='answer-id-1852777' id='answer-label-1852777' class=' answer'><span>administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479457[]' id='answer-id-1852778' class='answer   answerof-479457 ' value='1852778'   \/><label for='answer-id-1852778' id='answer-label-1852778' class=' answer'><span>investor-protection officer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479457[]' id='answer-id-1852779' class='answer   answerof-479457 ' value='1852779'   \/><label for='answer-id-1852779' id='answer-label-1852779' class=' answer'><span>secretary of state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-39' style=';'><div id='questionWrap-39'  class='   watupro-question-id-479458'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>39. <\/span>Under the Uniform Securities Act (USA), the term \u201cinvestment adviser\u201d does not apply to <br \/>\r<br>I. an investment advisory firm owned and operated by a sole proprietor. <br \/>\r<br>II. a bank or savings institution. <br \/>\r<br>III. an investment adviser representative. <br \/>\r<br>IV. a broker-dealer or its agents if the advice is incidental to the business although there is a nominal charge for any specific investment advice given.<\/div><input type='hidden' name='question_id[]' id='qID_39' value='479458' \/><input type='hidden' id='answerType479458' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479458[]' id='answer-id-1852780' class='answer   answerof-479458 ' value='1852780'   \/><label for='answer-id-1852780' id='answer-label-1852780' class=' answer'><span>I, II, III, or I<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479458[]' id='answer-id-1852781' class='answer   answerof-479458 ' value='1852781'   \/><label for='answer-id-1852781' id='answer-label-1852781' class=' answer'><span>I, II, and III only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479458[]' id='answer-id-1852782' class='answer   answerof-479458 ' value='1852782'   \/><label for='answer-id-1852782' id='answer-label-1852782' class=' answer'><span>II and III only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479458[]' id='answer-id-1852783' class='answer   answerof-479458 ' value='1852783'   \/><label for='answer-id-1852783' id='answer-label-1852783' class=' answer'><span>II, III and IV only.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-40' style=';'><div id='questionWrap-40'  class='   watupro-question-id-479459'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>40. <\/span>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\u2019t 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%. <br \/>\r<br>Does Arnold have any remedies available to him?<\/div><input type='hidden' name='question_id[]' id='qID_40' value='479459' \/><input type='hidden' id='answerType479459' value='radio'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479459[]' id='answer-id-1852784' class='answer   answerof-479459 ' value='1852784'   \/><label for='answer-id-1852784' id='answer-label-1852784' class=' answer'><span>No. Arnold had the choice and got greedy. As the old saying goes, \u201cBulls get rich, and bears get rich, but pigs get led to slaughter.\u201d<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479459[]' id='answer-id-1852785' class='answer   answerof-479459 ' value='1852785'   \/><label for='answer-id-1852785' id='answer-label-1852785' class=' answer'><span>Yes. Arnold can sue for the amount of his losses, plus interest, as well as an amount assessed by the court for \u201cpain and suffering.\u201d<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479459[]' id='answer-id-1852786' class='answer   answerof-479459 ' value='1852786'   \/><label for='answer-id-1852786' id='answer-label-1852786' class=' answer'><span>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.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-479459[]' id='answer-id-1852787' class='answer   answerof-479459 ' value='1852787'   \/><label for='answer-id-1852787' id='answer-label-1852787' class=' answer'><span>Yes. Arnold can sue for the amount of his losses, plus interest, court costs, and attorneys\u2019 fees.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div style='display:none' id='question-41'>\n\t<div class='question-content'>\n\t\t<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/img\/loading.gif\" width=\"16\" height=\"16\" alt=\"Loading...\" title=\"Loading...\" \/>&nbsp;Loading...\t<\/div>\n<\/div>\n\n<br \/>\n\t\n\t\t\t<div class=\"watupro_buttons flex \" id=\"watuPROButtons12266\" >\n\t\t  <div id=\"prev-question\" style=\"display:none;\"><input type=\"button\" value=\"&lt; Previous\" onclick=\"WatuPRO.nextQuestion(event, 'previous');\"\/><\/div>\t\t  \t\t  \t\t   \n\t\t   \t  \t\t<div><input type=\"button\" name=\"action\" class=\"watupro-submit-button\" onclick=\"WatuPRO.submitResult(event)\" id=\"action-button\" value=\"View Results\"  \/>\n\t\t<\/div>\n\t\t<\/div>\n\t\t\n\t<input type=\"hidden\" name=\"quiz_id\" value=\"12266\" id=\"watuPROExamID\"\/>\n\t<input type=\"hidden\" name=\"start_time\" id=\"startTime\" value=\"2026-05-12 09:56:02\" \/>\n\t<input type=\"hidden\" name=\"start_timestamp\" id=\"startTimeStamp\" value=\"1778579762\" \/>\n\t<input type=\"hidden\" name=\"question_ids\" value=\"\" \/>\n\t<input type=\"hidden\" name=\"watupro_questions\" value=\"479420:1852623,1852624,1852625,1852626 | 479421:1852627,1852628,1852629,1852630 | 479422:1852631,1852632,1852633,1852634 | 479423:1852635,1852636,1852637,1852638 | 479424:1852639,1852640,1852641,1852642 | 479425:1852643,1852644,1852645,1852646 | 479426:1852647,1852648,1852649,1852650,1852651,1852652,1852653,1852654 | 479427:1852655,1852656,1852657,1852658 | 479428:1852659,1852660,1852661,1852662 | 479429:1852663,1852664,1852665,1852666 | 479430:1852667,1852668,1852669,1852670 | 479431:1852671,1852672,1852673,1852674 | 479432:1852675,1852676,1852677,1852678 | 479433:1852679,1852680,1852681,1852682 | 479434:1852683,1852684,1852685,1852686,1852687 | 479435:1852688,1852689,1852690,1852691 | 479436:1852692,1852693,1852694,1852695 | 479437:1852696,1852697,1852698,1852699 | 479438:1852700,1852701,1852702,1852703 | 479439:1852704,1852705,1852706,1852707 | 479440:1852708,1852709,1852710,1852711 | 479441:1852712,1852713,1852714,1852715 | 479442:1852716,1852717,1852718,1852719 | 479443:1852720,1852721,1852722,1852723 | 479444:1852724,1852725,1852726,1852727 | 479445:1852728,1852729,1852730,1852731 | 479446:1852732,1852733,1852734,1852735 | 479447:1852736,1852737,1852738,1852739 | 479448:1852740,1852741,1852742,1852743 | 479449:1852744,1852745,1852746,1852747 | 479450:1852748,1852749,1852750,1852751 | 479451:1852752,1852753,1852754,1852755 | 479452:1852756,1852757,1852758,1852759 | 479453:1852760,1852761,1852762,1852763 | 479454:1852764,1852765,1852766,1852767 | 479455:1852768,1852769,1852770,1852771 | 479456:1852772,1852773,1852774,1852775 | 479457:1852776,1852777,1852778,1852779 | 479458:1852780,1852781,1852782,1852783 | 479459:1852784,1852785,1852786,1852787\" \/>\n\t<input type=\"hidden\" name=\"no_ajax\" value=\"0\">\t\t\t<\/form>\n\t<p>&nbsp;<\/p>\n<\/div>\n\n<script type=\"text\/javascript\">\n\/\/jQuery(document).ready(function(){\ndocument.addEventListener(\"DOMContentLoaded\", function(event) { \t\nvar question_ids = \"479420,479421,479422,479423,479424,479425,479426,479427,479428,479429,479430,479431,479432,479433,479434,479435,479436,479437,479438,479439,479440,479441,479442,479443,479444,479445,479446,479447,479448,479449,479450,479451,479452,479453,479454,479455,479456,479457,479458,479459\";\nWatuPROSettings[12266] = {};\nWatuPRO.qArr = question_ids.split(',');\nWatuPRO.exam_id = 12266;\t    \nWatuPRO.post_id = 125820;\nWatuPRO.store_progress = 0;\nWatuPRO.curCatPage = 1;\nWatuPRO.requiredIDs=\"0\".split(\",\");\nWatuPRO.hAppID = \"0.49965300 1778579762\";\nvar url = \"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/plugins\/watupro\/show_exam.php\";\nWatuPRO.examMode = 1;\nWatuPRO.siteURL=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-admin\/admin-ajax.php\";\nWatuPRO.emailIsNotRequired = 0;\nWatuPROIntel.init(12266);\nWatuPRO.inCategoryPages=1;});    \t \n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>You need to know the Uniform Securities State Law Examination (Series 63) exam before attending it. It is created by the North American Securities Administrators Association (NASAA) and administered by FINRA to test whether you understand state securities regulations, especially the rules that apply to securities agents, broker-dealers, investment advisers, and investor protection. 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