{"id":1745,"date":"2018-12-11T09:06:46","date_gmt":"2018-12-11T09:06:46","guid":{"rendered":"https:\/\/dumps.dumpsbase.com\/?p=1745"},"modified":"2019-03-04T09:05:10","modified_gmt":"2019-03-04T09:05:10","slug":"nasaa-certification-series-63-exam-dumps","status":"publish","type":"post","link":"https:\/\/www.dumpsbase.com\/freedumps\/nasaa-certification-series-63-exam-dumps.html","title":{"rendered":"NASAA Certification Series 63 Exam Dumps"},"content":{"rendered":"<p>Uniform Securities State Law Examination Series 63 exam is a North American Securities Administrators Association (NASAA) exam administered by FINRA. Knowing Series 63 exam details can help you prepare for Series 63 exam well:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1746\" src=\"https:\/\/dumps.dumpsbase.com\/wp-content\/uploads\/2018\/12\/Series-63.png\" alt=\"\" width=\"306\" height=\"307\" srcset=\"https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2018\/12\/Series-63.png 306w, https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2018\/12\/Series-63-150x150.png 150w, https:\/\/www.dumpsbase.com\/freedumps\/wp-content\/uploads\/2018\/12\/Series-63-300x300.png 300w\" sizes=\"auto, (max-width: 306px) 100vw, 306px\" \/><\/p>\n<p>You can use Series 63 exam dumps with 100% Pass Guarantee on Uniform Securities State Law Examination Exam and pass Series 63 exam in the first attempt. To eliminate your doubts about NASAA Certification Series 63 Exam Dumps, here provides you the free demo. <span style=\"color: #ff0000;\"><em><span style=\"font-size: 18pt;\"><strong>Series 63 demo<\/strong><\/span><\/em><\/span> will help you to check the quality before buying NASAA Certification Series 63 Exam Dumps.<\/p>\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=\"submittingExam677\" 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-677\"><\/div>\n\n<form action=\"\" method=\"post\" class=\"quiz-form\" id=\"quiz-677\"  enctype=\"multipart\/form-data\" >\n<div class='watu-question ' id='question-1' style=';'><div id='questionWrap-1'  class='   watupro-question-id-17217'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>1. <\/span>The Uniform Securities Act (USA) is<\/div><input type='hidden' name='question_id[]' id='qID_1' value='17217' \/><input type='hidden' id='answerType17217' 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-17217[]' id='answer-id-71343' class='answer   answerof-17217 ' value='71343'   \/><label for='answer-id-71343' id='answer-label-71343' 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-17217[]' id='answer-id-71344' class='answer   answerof-17217 ' value='71344'   \/><label for='answer-id-71344' id='answer-label-71344' 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-17217[]' id='answer-id-71345' class='answer   answerof-17217 ' value='71345'   \/><label for='answer-id-71345' id='answer-label-71345' 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-17217[]' id='answer-id-71346' class='answer   answerof-17217 ' value='71346'   \/><label for='answer-id-71346' id='answer-label-71346' 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-2' style=';'><div id='questionWrap-2'  class='   watupro-question-id-17218'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>2. <\/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_2' value='17218' \/><input type='hidden' id='answerType17218' 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-17218[]' id='answer-id-71347' class='answer   answerof-17218 ' value='71347'   \/><label for='answer-id-71347' id='answer-label-71347' class=' answer'><span>FINRA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17218[]' id='answer-id-71348' class='answer   answerof-17218 ' value='71348'   \/><label for='answer-id-71348' id='answer-label-71348' class=' answer'><span>NASAA<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17218[]' id='answer-id-71349' class='answer   answerof-17218 ' value='71349'   \/><label for='answer-id-71349' id='answer-label-71349' class=' answer'><span>SEC<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17218[]' id='answer-id-71350' class='answer   answerof-17218 ' value='71350'   \/><label for='answer-id-71350' id='answer-label-71350' class=' answer'><span>the state administrator<\/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-17219'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>3. <\/span>Which of the following securities would not necessarily be exempt from state registration?<\/div><input type='hidden' name='question_id[]' id='qID_3' value='17219' \/><input type='hidden' id='answerType17219' 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-17219[]' id='answer-id-71351' class='answer   answerof-17219 ' value='71351'   \/><label for='answer-id-71351' id='answer-label-71351' class=' answer'><span>a stock listed on the Tokyo Stock Exchange<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17219[]' id='answer-id-71352' class='answer   answerof-17219 ' value='71352'   \/><label for='answer-id-71352' id='answer-label-71352' class=' answer'><span>a bond guaranteed by the Canadian government<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17219[]' id='answer-id-71353' class='answer   answerof-17219 ' value='71353'   \/><label for='answer-id-71353' id='answer-label-71353' class=' answer'><span>a bond issued by another state\u2019s employees\u2019 credit union<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17219[]' id='answer-id-71354' class='answer   answerof-17219 ' value='71354'   \/><label for='answer-id-71354' id='answer-label-71354' class=' answer'><span>a stock listed as a NASDAQ National Market Issue.<\/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-17220'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>4. <\/span>Moe is a registered investment adviser doing business under the name of MoeMoney Investment Advisers, LLC. Larry, Curly, and Mary all hold positions with the firm. Larry is on the board of directors; Mary is a sales representative for the firm; and Curly is an administrative assistant, who performs clerical duties. <br \/>\r<br>Given that Moe is already a registered investment adviser, which of the other three are automatically registered as investment adviser representatives?<\/div><input type='hidden' name='question_id[]' id='qID_4' value='17220' \/><input type='hidden' id='answerType17220' 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-17220[]' id='answer-id-71355' class='answer   answerof-17220 ' value='71355'   \/><label for='answer-id-71355' id='answer-label-71355' class=' answer'><span>Larry only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17220[]' id='answer-id-71356' class='answer   answerof-17220 ' value='71356'   \/><label for='answer-id-71356' id='answer-label-71356' class=' answer'><span>Larry and Mary only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17220[]' id='answer-id-71357' class='answer   answerof-17220 ' value='71357'   \/><label for='answer-id-71357' id='answer-label-71357' class=' answer'><span>Larry, Mary and Curly<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17220[]' id='answer-id-71358' class='answer   answerof-17220 ' value='71358'   \/><label for='answer-id-71358' id='answer-label-71358' class=' answer'><span>Mary and Curly only<\/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-17221'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>5. <\/span>Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). <br \/>\r<br>Jack will need to register as a sales representative if he:<\/div><input type='hidden' name='question_id[]' id='qID_5' value='17221' \/><input type='hidden' id='answerType17221' 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-17221[]' id='answer-id-71359' class='answer   answerof-17221 ' value='71359'   \/><label for='answer-id-71359' id='answer-label-71359' class=' answer'><span>engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17221[]' id='answer-id-71360' class='answer   answerof-17221 ' value='71360'   \/><label for='answer-id-71360' id='answer-label-71360' class=' answer'><span>represents NewCorp in any transactions with financial institutions.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17221[]' id='answer-id-71361' class='answer   answerof-17221 ' value='71361'   \/><label for='answer-id-71361' id='answer-label-71361' class=' answer'><span>participates in the selling of the new stock to individual investors.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17221[]' id='answer-id-71362' class='answer   answerof-17221 ' value='71362'   \/><label for='answer-id-71362' id='answer-label-71362' class=' answer'><span>Jack will need to register as a sales representative if he performs any one of the above activities.<\/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-17222'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>6. <\/span>Blue Sky Laws are designed to:<\/div><input type='hidden' name='question_id[]' id='qID_6' value='17222' \/><input type='hidden' id='answerType17222' 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-17222[]' id='answer-id-71363' class='answer   answerof-17222 ' value='71363'   \/><label for='answer-id-71363' id='answer-label-71363' class=' answer'><span>protect investors from fraud in their securities market transactions.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17222[]' id='answer-id-71364' class='answer   answerof-17222 ' value='71364'   \/><label for='answer-id-71364' id='answer-label-71364' class=' answer'><span>protect agents, broker-dealers, and investment advisers and their representatives from spurious allegations of fraudulent activity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17222[]' id='answer-id-71365' class='answer   answerof-17222 ' value='71365'   \/><label for='answer-id-71365' id='answer-label-71365' class=' answer'><span>enhance the tourism industry within a state.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17222[]' id='answer-id-71366' class='answer   answerof-17222 ' value='71366'   \/><label for='answer-id-71366' id='answer-label-71366' class=' answer'><span>favor investment in companies that engage in environmentally friendly practices.<\/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-17223'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>7. <\/span>An individual who represents a broker-dealer in the buying and selling of securities is called a(n):<\/div><input type='hidden' name='question_id[]' id='qID_7' value='17223' \/><input type='hidden' id='answerType17223' 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-17223[]' id='answer-id-71367' class='answer   answerof-17223 ' value='71367'   \/><label for='answer-id-71367' id='answer-label-71367' class=' answer'><span>underwriter<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17223[]' id='answer-id-71368' class='answer   answerof-17223 ' value='71368'   \/><label for='answer-id-71368' id='answer-label-71368' class=' answer'><span>issuer<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17223[]' id='answer-id-71369' class='answer   answerof-17223 ' value='71369'   \/><label for='answer-id-71369' id='answer-label-71369' class=' answer'><span>agent<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17223[]' id='answer-id-71370' class='answer   answerof-17223 ' value='71370'   \/><label for='answer-id-71370' id='answer-label-71370' class=' answer'><span>administrator<\/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-17224'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>8. <\/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_8' value='17224' \/><input type='hidden' id='answerType17224' 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-17224[]' id='answer-id-71371' class='answer   answerof-17224 ' value='71371'   \/><label for='answer-id-71371' id='answer-label-71371' 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-17224[]' id='answer-id-71372' class='answer   answerof-17224 ' value='71372'   \/><label for='answer-id-71372' id='answer-label-71372' 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-17224[]' id='answer-id-71373' class='answer   answerof-17224 ' value='71373'   \/><label for='answer-id-71373' id='answer-label-71373' 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-17224[]' id='answer-id-71374' class='answer   answerof-17224 ' value='71374'   \/><label for='answer-id-71374' id='answer-label-71374' 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-9' style=';'><div id='questionWrap-9'  class='   watupro-question-id-17225'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>9. <\/span>Rich Writewell wants to begin publishing an independent weekly financial newsletter that will provide investment recommendations as well as other financial news items to the general public. Rich hopes that his newsletter will achieve nationwide circulation within a few months. <br \/>\r<br>Which of the following statements is true?<\/div><input type='hidden' name='question_id[]' id='qID_9' value='17225' \/><input type='hidden' id='answerType17225' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17225[]' id='answer-id-71375' class='answer   answerof-17225 ' value='71375'   \/><label for='answer-id-71375' id='answer-label-71375' class=' answer'><span>Rich will have to register as an investment adviser since his publication will include investment recommendations.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17225[]' id='answer-id-71376' class='answer   answerof-17225 ' value='71376'   \/><label for='answer-id-71376' id='answer-label-71376' class=' answer'><span>Rich will have to register as an investment adviser only if he sells this newsletter to the public. If the publication is to be distributed free of charge, he will not have to register.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17225[]' id='answer-id-71377' class='answer   answerof-17225 ' value='71377'   \/><label for='answer-id-71377' id='answer-label-71377' class=' answer'><span>Rich may be exempt from registering as an investment adviser if he is a lawyer, accountant, engineer, or teacher. Otherwise, he will have to register.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17225[]' id='answer-id-71378' class='answer   answerof-17225 ' value='71378'   \/><label for='answer-id-71378' id='answer-label-71378' class=' answer'><span>Rich will not have to register as an investment adviser since he is publishing a legitimate financial newsletter for distribution to the general public.<\/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-17226'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>10. <\/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_10' value='17226' \/><input type='hidden' id='answerType17226' 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-17226[]' id='answer-id-71379' class='answer   answerof-17226 ' value='71379'   \/><label for='answer-id-71379' id='answer-label-71379' 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-17226[]' id='answer-id-71380' class='answer   answerof-17226 ' value='71380'   \/><label for='answer-id-71380' id='answer-label-71380' 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-17226[]' id='answer-id-71381' class='answer   answerof-17226 ' value='71381'   \/><label for='answer-id-71381' id='answer-label-71381' 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-17226[]' id='answer-id-71382' class='answer   answerof-17226 ' value='71382'   \/><label for='answer-id-71382' id='answer-label-71382' 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-11' style=';'><div id='questionWrap-11'  class='   watupro-question-id-17227'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>11. <\/span>Which of the following would not fall under the classification of \u201cinstitutional investor\u201d?<\/div><input type='hidden' name='question_id[]' id='qID_11' value='17227' \/><input type='hidden' id='answerType17227' 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-17227[]' id='answer-id-71383' class='answer   answerof-17227 ' value='71383'   \/><label for='answer-id-71383' id='answer-label-71383' class=' answer'><span>Prudential Insurance<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17227[]' id='answer-id-71384' class='answer   answerof-17227 ' value='71384'   \/><label for='answer-id-71384' id='answer-label-71384' class=' answer'><span>Chase Bank<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17227[]' id='answer-id-71385' class='answer   answerof-17227 ' value='71385'   \/><label for='answer-id-71385' id='answer-label-71385' class=' answer'><span>Neuring Investment Advisers<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17227[]' id='answer-id-71386' class='answer   answerof-17227 ' value='71386'   \/><label for='answer-id-71386' id='answer-label-71386' class=' answer'><span>Franklin Templeton Mutual Funds<\/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-17228'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>12. <\/span>Which of the following is an example of a non-issuer transaction?<\/div><input type='hidden' name='question_id[]' id='qID_12' value='17228' \/><input type='hidden' id='answerType17228' 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-17228[]' id='answer-id-71387' class='answer   answerof-17228 ' value='71387'   \/><label for='answer-id-71387' id='answer-label-71387' class=' answer'><span>IBM sells a new issue of bonds to an insurance company.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17228[]' id='answer-id-71388' class='answer   answerof-17228 ' value='71388'   \/><label for='answer-id-71388' id='answer-label-71388' class=' answer'><span>Jose purchases a 10-year bond issued by Progress Energy when it has 6 years remaining to maturity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17228[]' id='answer-id-71389' class='answer   answerof-17228 ' value='71389'   \/><label for='answer-id-71389' id='answer-label-71389' class=' answer'><span>Google offers more shares of its stock for sale to the public.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17228[]' id='answer-id-71390' class='answer   answerof-17228 ' value='71390'   \/><label for='answer-id-71390' id='answer-label-71390' class=' answer'><span>NewCorp, which has been a privately held company, is engaging in an initial public offering (IPO) of its stock.<\/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-17229'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>13. <\/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_13' value='17229' \/><input type='hidden' id='answerType17229' 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-17229[]' id='answer-id-71391' class='answer   answerof-17229 ' value='71391'   \/><label for='answer-id-71391' id='answer-label-71391' class=' answer'><span>a debenture<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17229[]' id='answer-id-71392' class='answer   answerof-17229 ' value='71392'   \/><label for='answer-id-71392' id='answer-label-71392' class=' answer'><span>a certificate of deposit (CD)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17229[]' id='answer-id-71393' class='answer   answerof-17229 ' value='71393'   \/><label for='answer-id-71393' id='answer-label-71393' class=' answer'><span>a put option<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17229[]' id='answer-id-71394' class='answer   answerof-17229 ' value='71394'   \/><label for='answer-id-71394' id='answer-label-71394' 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-14' style=';'><div id='questionWrap-14'  class='   watupro-question-id-17230'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>14. <\/span>Which of the following scenarios would not be considered a \u201csale,\u201d as defined by the Uniform Securities Act (USA)? <br \/>\r<br>I. Yoshito owned shares of Minnow Corporation and received shares of Whale Corporation from Whale when it merged with Minnow. <br \/>\r<br>II. Olivia\u2019s uncle, an agent with SecureMoney Brokers, sold Olivia ten call options on the stock of Microsoft. <br \/>\r<br>III. Hans purchased a bond of Indebted Corporation that had detachable warrants and subsequently sold the warrants. <br \/>\r<br>IV. Tom pledged some shares of stock he owned personally to secure a business loan for his company.<\/div><input type='hidden' name='question_id[]' id='qID_14' value='17230' \/><input type='hidden' id='answerType17230' 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-17230[]' id='answer-id-71395' class='answer   answerof-17230 ' value='71395'   \/><label for='answer-id-71395' id='answer-label-71395' class=' answer'><span>Neither I nor II would be considered sales.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17230[]' id='answer-id-71396' class='answer   answerof-17230 ' value='71396'   \/><label for='answer-id-71396' id='answer-label-71396' class=' answer'><span>Neither II nor III would be considered sales.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17230[]' id='answer-id-71397' class='answer   answerof-17230 ' value='71397'   \/><label for='answer-id-71397' id='answer-label-71397' class=' answer'><span>Neither I nor IV would be considered sales.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17230[]' id='answer-id-71398' class='answer   answerof-17230 ' value='71398'   \/><label for='answer-id-71398' id='answer-label-71398' class=' answer'><span>Neither III nor IV would be considered sales.<\/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-17231'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>15. <\/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_15' value='17231' \/><input type='hidden' id='answerType17231' 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-17231[]' id='answer-id-71399' class='answer   answerof-17231 ' value='71399'   \/><label for='answer-id-71399' id='answer-label-71399' 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-17231[]' id='answer-id-71400' class='answer   answerof-17231 ' value='71400'   \/><label for='answer-id-71400' id='answer-label-71400' 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-17231[]' id='answer-id-71401' class='answer   answerof-17231 ' value='71401'   \/><label for='answer-id-71401' id='answer-label-71401' 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-17231[]' id='answer-id-71402' class='answer   answerof-17231 ' value='71402'   \/><label for='answer-id-71402' id='answer-label-71402' 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-16' style=';'><div id='questionWrap-16'  class='   watupro-question-id-17232'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>16. <\/span>Although an Administrator has broad powers, he or she cannot:<\/div><input type='hidden' name='question_id[]' id='qID_16' value='17232' \/><input type='hidden' id='answerType17232' 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-17232[]' id='answer-id-71403' class='answer   answerof-17232 ' value='71403'   \/><label for='answer-id-71403' id='answer-label-71403' class=' answer'><span>issue subpoenas involving compulsory attendance.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17232[]' id='answer-id-71404' class='answer   answerof-17232 ' value='71404'   \/><label for='answer-id-71404' id='answer-label-71404' class=' answer'><span>gather evidence.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17232[]' id='answer-id-71405' class='answer   answerof-17232 ' value='71405'   \/><label for='answer-id-71405' id='answer-label-71405' class=' answer'><span>deliver a judicial injunction.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17232[]' id='answer-id-71406' class='answer   answerof-17232 ' value='71406'   \/><label for='answer-id-71406' id='answer-label-71406' class=' answer'><span>formulate rules and orders.<\/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-17233'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>17. <\/span>\u201cFederal covered securities\u201d were defined and exempted from state registration requirements by the:<\/div><input type='hidden' name='question_id[]' id='qID_17' value='17233' \/><input type='hidden' id='answerType17233' 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-17233[]' id='answer-id-71407' class='answer   answerof-17233 ' value='71407'   \/><label for='answer-id-71407' id='answer-label-71407' class=' answer'><span>National Securities Markets Improvement Act of 1996 (NSMIA.)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17233[]' id='answer-id-71408' class='answer   answerof-17233 ' value='71408'   \/><label for='answer-id-71408' id='answer-label-71408' class=' answer'><span>Gramm-Leach-Bliley Act of 1999 (GLBA.)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17233[]' id='answer-id-71409' class='answer   answerof-17233 ' value='71409'   \/><label for='answer-id-71409' id='answer-label-71409' class=' answer'><span>Uniform Securities Act (USA.)<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17233[]' id='answer-id-71410' class='answer   answerof-17233 ' value='71410'   \/><label for='answer-id-71410' id='answer-label-71410' class=' answer'><span>National Conference of Commissioners on Uniform State Laws (NCCUSL.)<\/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-17234'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>18. <\/span>Rich Quick is a broker-dealer licensed in the state of Massachusetts and has offices only within the state. Two of Rich Quick\u2019s clients regularly vacation in Florida during the winter months, and Rich Quick executes trades for them when they call him from out-of-state. <br \/>\r<br>Based on these facts, <br \/>\r<br>I. Rich Quick needs to register as a broker-dealer in the state of Florida as well. <br \/>\r<br>II. Rich Quick needs to register only as an agent in the state of Florida. <br \/>\r<br>III. Rich Quick needs to establish an office in the state of Florida in order to transact business. <br \/>\r<br>IV. Rich Quick need not register in Florida.<\/div><input type='hidden' name='question_id[]' id='qID_18' value='17234' \/><input type='hidden' id='answerType17234' 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-17234[]' id='answer-id-71411' class='answer   answerof-17234 ' value='71411'   \/><label for='answer-id-71411' id='answer-label-71411' class=' answer'><span>Statements I and III are true.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17234[]' id='answer-id-71412' class='answer   answerof-17234 ' value='71412'   \/><label for='answer-id-71412' id='answer-label-71412' class=' answer'><span>Statements II and III are true.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17234[]' id='answer-id-71413' class='answer   answerof-17234 ' value='71413'   \/><label for='answer-id-71413' id='answer-label-71413' class=' answer'><span>Only Statement I is true.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17234[]' id='answer-id-71414' class='answer   answerof-17234 ' value='71414'   \/><label for='answer-id-71414' id='answer-label-71414' class=' answer'><span>Only Statement IV is true.<\/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-17235'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>19. <\/span>Most individual state securities laws today are based on:<\/div><input type='hidden' name='question_id[]' id='qID_19' value='17235' \/><input type='hidden' id='answerType17235' 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-17235[]' id='answer-id-71415' class='answer   answerof-17235 ' value='71415'   \/><label for='answer-id-71415' id='answer-label-71415' class=' answer'><span>the Uniform Securities Act of 1956.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17235[]' id='answer-id-71416' class='answer   answerof-17235 ' value='71416'   \/><label for='answer-id-71416' id='answer-label-71416' class=' answer'><span>the Uniform Securities Act of 2002.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17235[]' id='answer-id-71417' class='answer   answerof-17235 ' value='71417'   \/><label for='answer-id-71417' id='answer-label-71417' 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-17235[]' id='answer-id-71418' class='answer   answerof-17235 ' value='71418'   \/><label for='answer-id-71418' id='answer-label-71418' 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-20' style=';'><div id='questionWrap-20'  class='   watupro-question-id-17236'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>20. <\/span>BigCash Broker-Dealers is registered in the state and is in the process of purchasing a smaller broker-dealer, Target Investments, as a subsidiary. Target Investments is also registered in the state. <br \/>\r<br>After completing the purchase, what actions must BigCash take regarding registration of its new subsidiary?<\/div><input type='hidden' name='question_id[]' id='qID_20' value='17236' \/><input type='hidden' id='answerType17236' 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-17236[]' id='answer-id-71419' class='answer   answerof-17236 ' value='71419'   \/><label for='answer-id-71419' id='answer-label-71419' class=' answer'><span>BigCash need do nothing since Target Investments was already duly registered with the state as a broker-dealer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17236[]' id='answer-id-71420' class='answer   answerof-17236 ' value='71420'   \/><label for='answer-id-71420' id='answer-label-71420' class=' answer'><span>BigCash must file a new application with the state to register its new subsidiary, but will be able to utilize the remainder of any annual filing fees that Target Investments had paid for the year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17236[]' id='answer-id-71421' class='answer   answerof-17236 ' value='71421'   \/><label for='answer-id-71421' id='answer-label-71421' class=' answer'><span>BigCash must file a new application with the state to register its new subsidiary and must also pay the annual filing fees required by the Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17236[]' id='answer-id-71422' class='answer   answerof-17236 ' value='71422'   \/><label for='answer-id-71422' id='answer-label-71422' class=' answer'><span>BigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a new registration application.<\/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-17237'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>21. <\/span>In order to maintain its registration with a state, a broker-dealer may be required to: <br \/>\r<br>I. take a written or oral exam. <br \/>\r<br>II. pay an annual filing fee. <br \/>\r<br>III. maintain a minimum net capital. <br \/>\r<br>IV. file all advertising material with the Administrator.<\/div><input type='hidden' name='question_id[]' id='qID_21' value='17237' \/><input type='hidden' id='answerType17237' 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-17237[]' id='answer-id-71423' class='answer   answerof-17237 ' value='71423'   \/><label for='answer-id-71423' id='answer-label-71423' class=' answer'><span>I and II only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17237[]' id='answer-id-71424' class='answer   answerof-17237 ' value='71424'   \/><label for='answer-id-71424' id='answer-label-71424' class=' answer'><span>II and III only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17237[]' id='answer-id-71425' class='answer   answerof-17237 ' value='71425'   \/><label for='answer-id-71425' id='answer-label-71425' class=' answer'><span>II, III, and IV only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17237[]' id='answer-id-71426' class='answer   answerof-17237 ' value='71426'   \/><label for='answer-id-71426' id='answer-label-71426' class=' answer'><span>I, II, III, and IV<\/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-17238'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>22. <\/span>Once a broker-dealer has applied for and been granted state registration, the registration remains valid<\/div><input type='hidden' name='question_id[]' id='qID_22' value='17238' \/><input type='hidden' id='answerType17238' 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-17238[]' id='answer-id-71427' class='answer   answerof-17238 ' value='71427'   \/><label for='answer-id-71427' id='answer-label-71427' class=' answer'><span>until December 31st.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17238[]' id='answer-id-71428' class='answer   answerof-17238 ' value='71428'   \/><label for='answer-id-71428' id='answer-label-71428' class=' answer'><span>for twelve months.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17238[]' id='answer-id-71429' class='answer   answerof-17238 ' value='71429'   \/><label for='answer-id-71429' id='answer-label-71429' class=' answer'><span>for three years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17238[]' id='answer-id-71430' class='answer   answerof-17238 ' value='71430'   \/><label for='answer-id-71430' id='answer-label-71430' class=' answer'><span>for five years.<\/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-17239'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>23. <\/span>A broker-dealer is required to keep his records for how long?<\/div><input type='hidden' name='question_id[]' id='qID_23' value='17239' \/><input type='hidden' id='answerType17239' 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-17239[]' id='answer-id-71431' class='answer   answerof-17239 ' value='71431'   \/><label for='answer-id-71431' id='answer-label-71431' class=' answer'><span>at least three years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17239[]' id='answer-id-71432' class='answer   answerof-17239 ' value='71432'   \/><label for='answer-id-71432' id='answer-label-71432' class=' answer'><span>at least five years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17239[]' id='answer-id-71433' class='answer   answerof-17239 ' value='71433'   \/><label for='answer-id-71433' id='answer-label-71433' class=' answer'><span>at least seven years<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17239[]' id='answer-id-71434' class='answer   answerof-17239 ' value='71434'   \/><label for='answer-id-71434' id='answer-label-71434' 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-24' style=';'><div id='questionWrap-24'  class='   watupro-question-id-17240'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>24. <\/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_24' value='17240' \/><input type='hidden' id='answerType17240' 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-17240[]' id='answer-id-71435' class='answer   answerof-17240 ' value='71435'   \/><label for='answer-id-71435' id='answer-label-71435' 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-17240[]' id='answer-id-71436' class='answer   answerof-17240 ' value='71436'   \/><label for='answer-id-71436' id='answer-label-71436' 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-17240[]' id='answer-id-71437' class='answer   answerof-17240 ' value='71437'   \/><label for='answer-id-71437' id='answer-label-71437' 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-17240[]' id='answer-id-71438' class='answer   answerof-17240 ' value='71438'   \/><label for='answer-id-71438' id='answer-label-71438' 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-25' style=';'><div id='questionWrap-25'  class='   watupro-question-id-17241'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>25. <\/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_25' value='17241' \/><input type='hidden' id='answerType17241' 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-17241[]' id='answer-id-71439' class='answer   answerof-17241 ' value='71439'   \/><label for='answer-id-71439' id='answer-label-71439' 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-17241[]' id='answer-id-71440' class='answer   answerof-17241 ' value='71440'   \/><label for='answer-id-71440' id='answer-label-71440' 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-17241[]' id='answer-id-71441' class='answer   answerof-17241 ' value='71441'   \/><label for='answer-id-71441' id='answer-label-71441' 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-17241[]' id='answer-id-71442' class='answer   answerof-17241 ' value='71442'   \/><label for='answer-id-71442' id='answer-label-71442' 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-26' style=';'><div id='questionWrap-26'  class='   watupro-question-id-17242'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>26. <\/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_26' value='17242' \/><input type='hidden' id='answerType17242' 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-17242[]' id='answer-id-71443' class='answer   answerof-17242 ' value='71443'   \/><label for='answer-id-71443' id='answer-label-71443' 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-17242[]' id='answer-id-71444' class='answer   answerof-17242 ' value='71444'   \/><label for='answer-id-71444' id='answer-label-71444' 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-17242[]' id='answer-id-71445' class='answer   answerof-17242 ' value='71445'   \/><label for='answer-id-71445' id='answer-label-71445' 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-17242[]' id='answer-id-71446' class='answer   answerof-17242 ' value='71446'   \/><label for='answer-id-71446' id='answer-label-71446' 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-27' style=';'><div id='questionWrap-27'  class='   watupro-question-id-17243'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>27. <\/span>Maddie, a registered agent affiliated with broker-dealer QuikDeals, quit her job on the spur of the moment. <br \/>\r<br>Under the guidelines of the Uniform Securities Act (USA), who is responsible for notifying the Administrator?<\/div><input type='hidden' name='question_id[]' id='qID_27' value='17243' \/><input type='hidden' id='answerType17243' 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-17243[]' id='answer-id-71447' class='answer   answerof-17243 ' value='71447'   \/><label for='answer-id-71447' id='answer-label-71447' class=' answer'><span>QuikDeals has the sole responsibility for notifying the Administrator. Maddie is no longer deemed to be an agent after she terminated her relationship with QuikDeals, so she need do nothing.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17243[]' id='answer-id-71448' class='answer   answerof-17243 ' value='71448'   \/><label for='answer-id-71448' id='answer-label-71448' class=' answer'><span>Maddie has the sole responsibility for notifying the Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17243[]' id='answer-id-71449' class='answer   answerof-17243 ' value='71449'   \/><label for='answer-id-71449' id='answer-label-71449' class=' answer'><span>It depends. If Maddie becomes affiliated with another broker-dealer within thirty days, then she must notify the Administrator of her termination with QuikDeals and her current affiliation with the new firm. Otherwise, only QuikDeals must notify the Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17243[]' id='answer-id-71450' class='answer   answerof-17243 ' value='71450'   \/><label for='answer-id-71450' id='answer-label-71450' class=' answer'><span>Both QuikDeals and Maddie are responsible for notifying the Administrator.<\/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-17244'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>28. <\/span>Trevor is currently a registered agent in the state of Connecticut where he has been employed by Connect &amp; Company, a broker-dealer that is registered in Connecticut and has subsidiary operations in Massachusetts, New Jersey, and New York. Trevor has moved to Massachusetts and is now associated with one of Connect\u2019s subsidiaries, a broker-dealer registered in the state. Trevor has applied to the Administrator of Massachusetts for registration as an agent. <br \/>\r<br>Can Trevor execute purchases and sales for clients while his registration is still pending?<\/div><input type='hidden' name='question_id[]' id='qID_28' value='17244' \/><input type='hidden' id='answerType17244' 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-17244[]' id='answer-id-71451' class='answer   answerof-17244 ' value='71451'   \/><label for='answer-id-71451' id='answer-label-71451' class=' answer'><span>No. Until he is informed by the Administrator of Massachusetts that his application has been accepted, Trevor may not affect any securities transactions in Massachusetts.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17244[]' id='answer-id-71452' class='answer   answerof-17244 ' value='71452'   \/><label for='answer-id-71452' id='answer-label-71452' class=' answer'><span>Yes. Because Trevor is a registered agent in another state and is affiliated with a broker-dealer that is registered in the state of Massachusetts, he is not restricted from executing trades.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17244[]' id='answer-id-71453' class='answer   answerof-17244 ' value='71453'   \/><label for='answer-id-71453' id='answer-label-71453' class=' answer'><span>Yes. Trevor can execute trades for new clients he solicits, but only for sixty days while his registration is pending.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17244[]' id='answer-id-71454' class='answer   answerof-17244 ' value='71454'   \/><label for='answer-id-71454' id='answer-label-71454' class=' answer'><span>It depends. Trevor can execute some purchases and sales, but only for clients that he already had who may have recently relocated to Massachusetts and only for sixty days while his registration is pending.<\/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-17245'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>29. <\/span>Ms. Ding is an administrative assistant to the manager of a mutual fund. Most of her day is spent entering data onto a spreadsheet for her boss and answering phone calls. Some of the calls require her to provide information about the some of the fund\u2019s financial aspects, such as its closing net asset value on the previous day. <br \/>\r<br>What type of registration does Ms. Ding require in order to perform her duties?<\/div><input type='hidden' name='question_id[]' id='qID_29' value='17245' \/><input type='hidden' id='answerType17245' 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-17245[]' id='answer-id-71455' class='answer   answerof-17245 ' value='71455'   \/><label for='answer-id-71455' id='answer-label-71455' class=' answer'><span>Ms. Ding needs to apply for registration as an agent since she is providing financial information.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17245[]' id='answer-id-71456' class='answer   answerof-17245 ' value='71456'   \/><label for='answer-id-71456' id='answer-label-71456' class=' answer'><span>Ms. Ding needs to apply for registration as an investment adviser representative since she is providing information about a specific mutual fund.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17245[]' id='answer-id-71457' class='answer   answerof-17245 ' value='71457'   \/><label for='answer-id-71457' id='answer-label-71457' class=' answer'><span>Ms. Ding will need to apply for registration as both an agent and an investment adviser representative in this case since she is providing information about a mutual fund.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17245[]' id='answer-id-71458' class='answer   answerof-17245 ' value='71458'   \/><label for='answer-id-71458' id='answer-label-71458' class=' answer'><span>Ms. Ding does not need to apply for any type of registration. She is merely supplying information and is not engaged in the purchase or sale of the fund shares.<\/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-17246'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>30. <\/span>Which of the following statements about agents is (are) false?<\/div><input type='hidden' name='question_id[]' id='qID_30' value='17246' \/><input type='hidden' id='answerType17246' 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-17246[]' id='answer-id-71459' class='answer   answerof-17246 ' value='71459'   \/><label for='answer-id-71459' id='answer-label-71459' class=' answer'><span>If an agent files for bankruptcy, the Administrator may elect to terminate that agent\u2019s registration if the Administrator believes it is \u201cin the public interest\u201d to do so.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17246[]' id='answer-id-71460' class='answer   answerof-17246 ' value='71460'   \/><label for='answer-id-71460' id='answer-label-71460' class=' answer'><span>When an agent has a change of address, both he and his broker-dealer affiliate must inform the Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17246[]' id='answer-id-71461' class='answer   answerof-17246 ' value='71461'   \/><label for='answer-id-71461' id='answer-label-71461' class=' answer'><span>An agent must demonstrate a specific minimum level of financial stability for his registration application to be accepted.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17246[]' id='answer-id-71462' class='answer   answerof-17246 ' value='71462'   \/><label for='answer-id-71462' id='answer-label-71462' class=' answer'><span>All of the above are false statements.<\/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-17247'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>31. <\/span>Which of the following entities must sign a \u201cconsent to service of process,\u201d thereby allowing the Administrator to receive legal documents that are meant to be served to the entity in place of that entity? <br \/>\r<br>I. agents <br \/>\r<br>II. investment advisers <br \/>\r<br>III. investment adviser representatives <br \/>\r<br>IV. broker-dealers<\/div><input type='hidden' name='question_id[]' id='qID_31' value='17247' \/><input type='hidden' id='answerType17247' 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-17247[]' id='answer-id-71463' class='answer   answerof-17247 ' value='71463'   \/><label for='answer-id-71463' id='answer-label-71463' class=' answer'><span>I and IV only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17247[]' id='answer-id-71464' class='answer   answerof-17247 ' value='71464'   \/><label for='answer-id-71464' id='answer-label-71464' class=' answer'><span>II and III only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17247[]' id='answer-id-71465' class='answer   answerof-17247 ' value='71465'   \/><label for='answer-id-71465' id='answer-label-71465' class=' answer'><span>II and IV only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17247[]' id='answer-id-71466' class='answer   answerof-17247 ' value='71466'   \/><label for='answer-id-71466' id='answer-label-71466' class=' answer'><span>I, II, III, and IV<\/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-17248'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>32. <\/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_32' value='17248' \/><input type='hidden' id='answerType17248' 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-17248[]' id='answer-id-71467' class='answer   answerof-17248 ' value='71467'   \/><label for='answer-id-71467' id='answer-label-71467' 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-17248[]' id='answer-id-71468' class='answer   answerof-17248 ' value='71468'   \/><label for='answer-id-71468' id='answer-label-71468' 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-17248[]' id='answer-id-71469' class='answer   answerof-17248 ' value='71469'   \/><label for='answer-id-71469' id='answer-label-71469' 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-17248[]' id='answer-id-71470' class='answer   answerof-17248 ' value='71470'   \/><label for='answer-id-71470' id='answer-label-71470' class=' answer'><span>None of the above would fall under the definition of \u201cagent,\u201d as defined by the Uniform Securities Act (USA.)<\/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-17249'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>33. <\/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_33' value='17249' \/><input type='hidden' id='answerType17249' 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-17249[]' id='answer-id-71471' class='answer   answerof-17249 ' value='71471'   \/><label for='answer-id-71471' id='answer-label-71471' class=' answer'><span>three years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17249[]' id='answer-id-71472' class='answer   answerof-17249 ' value='71472'   \/><label for='answer-id-71472' id='answer-label-71472' class=' answer'><span>five years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17249[]' id='answer-id-71473' class='answer   answerof-17249 ' value='71473'   \/><label for='answer-id-71473' id='answer-label-71473' class=' answer'><span>seven years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17249[]' id='answer-id-71474' class='answer   answerof-17249 ' value='71474'   \/><label for='answer-id-71474' id='answer-label-71474' 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-34' style=';'><div id='questionWrap-34'  class='   watupro-question-id-17250'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>34. <\/span>Individual states are prohibited from requiring a broker-dealer or investment adviser to file financial reports more frequently than:<\/div><input type='hidden' name='question_id[]' id='qID_34' value='17250' \/><input type='hidden' id='answerType17250' 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-17250[]' id='answer-id-71475' class='answer   answerof-17250 ' value='71475'   \/><label for='answer-id-71475' id='answer-label-71475' class=' answer'><span>once a year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17250[]' id='answer-id-71476' class='answer   answerof-17250 ' value='71476'   \/><label for='answer-id-71476' id='answer-label-71476' class=' answer'><span>twice a year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17250[]' id='answer-id-71477' class='answer   answerof-17250 ' value='71477'   \/><label for='answer-id-71477' id='answer-label-71477' class=' answer'><span>four times a year.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17250[]' id='answer-id-71478' class='answer   answerof-17250 ' value='71478'   \/><label for='answer-id-71478' id='answer-label-71478' class=' answer'><span>twelve times a year.<\/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-17251'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>35. <\/span>A-2-Z Associates advertises itself as a full service brokerage firm that will buy and sell securities for its clients, as well as provide investment advice to them. Its brochure provides a variety of plans to which a client can subscribe. The basic plan is the cheapest and allows the client a maximum number of trades per month for a specified fee. Another, slightly more expensive, plan provides the client with the same maximum number of trades per month, but the client also receives a personalized quarterly review of his portfolio along with advice for restructuring his portfolio based on such factors as current market conditions and specific industry or company information. The most expensive plan is one in which the client is assigned to an individual portfolio manager, who will take total responsibility for the asset allocation of the client\u2019s portfolio and will provide the client with monthly reports. <br \/>\r<br>Based on the services A-2-Z provides, it must register with the state as:<\/div><input type='hidden' name='question_id[]' id='qID_35' value='17251' \/><input type='hidden' id='answerType17251' 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-17251[]' id='answer-id-71479' class='answer   answerof-17251 ' value='71479'   \/><label for='answer-id-71479' id='answer-label-71479' class=' answer'><span>a broker-dealer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17251[]' id='answer-id-71480' class='answer   answerof-17251 ' value='71480'   \/><label for='answer-id-71480' id='answer-label-71480' class=' answer'><span>an investment adviser.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17251[]' id='answer-id-71481' class='answer   answerof-17251 ' value='71481'   \/><label for='answer-id-71481' id='answer-label-71481' class=' answer'><span>both a broker-dealer and an investment adviser.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17251[]' id='answer-id-71482' class='answer   answerof-17251 ' value='71482'   \/><label for='answer-id-71482' id='answer-label-71482' class=' answer'><span>an investment adviser representative.<\/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-17252'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>36. <\/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_36' value='17252' \/><input type='hidden' id='answerType17252' 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-17252[]' id='answer-id-71483' class='answer   answerof-17252 ' value='71483'   \/><label for='answer-id-71483' id='answer-label-71483' 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-17252[]' id='answer-id-71484' class='answer   answerof-17252 ' value='71484'   \/><label for='answer-id-71484' id='answer-label-71484' 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-17252[]' id='answer-id-71485' class='answer   answerof-17252 ' value='71485'   \/><label for='answer-id-71485' id='answer-label-71485' 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-17252[]' id='answer-id-71486' class='answer   answerof-17252 ' value='71486'   \/><label for='answer-id-71486' id='answer-label-71486' 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-37' style=';'><div id='questionWrap-37'  class='   watupro-question-id-17253'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>37. <\/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 Florida. His brother-in-law was a computer whiz who made money on the side (more than his day job provided, in fact) by supplying illegal immigrants with official-looking documentation, including social security numbers. Sam Shade became Ian Creed in a few clicks of the mouse. As Ian Creed, Sam was hired by Sunny Investment Advisers, an investment adviser firm located in the Florida Keys, in a clerical role. As such, Sam\/Ian had access to the confidential information of the firm\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_37' value='17253' \/><input type='hidden' id='answerType17253' 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-17253[]' id='answer-id-71487' class='answer   answerof-17253 ' value='71487'   \/><label for='answer-id-71487' id='answer-label-71487' 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-17253[]' id='answer-id-71488' class='answer   answerof-17253 ' value='71488'   \/><label for='answer-id-71488' id='answer-label-71488' 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-17253[]' id='answer-id-71489' class='answer   answerof-17253 ' value='71489'   \/><label for='answer-id-71489' id='answer-label-71489' 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-17253[]' id='answer-id-71490' class='answer   answerof-17253 ' value='71490'   \/><label for='answer-id-71490' id='answer-label-71490' 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-38' style=';'><div id='questionWrap-38'  class='   watupro-question-id-17254'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>38. <\/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_38' value='17254' \/><input type='hidden' id='answerType17254' 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-17254[]' id='answer-id-71491' class='answer   answerof-17254 ' value='71491'   \/><label for='answer-id-71491' id='answer-label-71491' 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-17254[]' id='answer-id-71492' class='answer   answerof-17254 ' value='71492'   \/><label for='answer-id-71492' id='answer-label-71492' 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-17254[]' id='answer-id-71493' class='answer   answerof-17254 ' value='71493'   \/><label for='answer-id-71493' id='answer-label-71493' 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-17254[]' id='answer-id-71494' class='answer   answerof-17254 ' value='71494'   \/><label for='answer-id-71494' id='answer-label-71494' 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-39' style=';'><div id='questionWrap-39'  class='   watupro-question-id-17255'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>39. <\/span>A variable annuity is:<\/div><input type='hidden' name='question_id[]' id='qID_39' value='17255' \/><input type='hidden' id='answerType17255' 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-17255[]' id='answer-id-71495' class='answer   answerof-17255 ' value='71495'   \/><label for='answer-id-71495' id='answer-label-71495' 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-17255[]' id='answer-id-71496' class='answer   answerof-17255 ' value='71496'   \/><label for='answer-id-71496' id='answer-label-71496' 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-17255[]' id='answer-id-71497' class='answer   answerof-17255 ' value='71497'   \/><label for='answer-id-71497' id='answer-label-71497' 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-17255[]' id='answer-id-71498' class='answer   answerof-17255 ' value='71498'   \/><label for='answer-id-71498' id='answer-label-71498' 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-40' style=';'><div id='questionWrap-40'  class='   watupro-question-id-17256'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>40. <\/span>Which of the following is not a security, as defined by the Uniform Securities Act? <br \/>\r<br>I. an option contract <br \/>\r<br>II. a futures contract on gold <br \/>\r<br>III. a 401K plan <br \/>\r<br>IV. a variable annuity<\/div><input type='hidden' name='question_id[]' id='qID_40' value='17256' \/><input type='hidden' id='answerType17256' 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-17256[]' id='answer-id-71499' class='answer   answerof-17256 ' value='71499'   \/><label for='answer-id-71499' id='answer-label-71499' class=' answer'><span>None of the selections listed are securities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17256[]' id='answer-id-71500' class='answer   answerof-17256 ' value='71500'   \/><label for='answer-id-71500' id='answer-label-71500' class=' answer'><span>Only Selection III is not a security.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17256[]' id='answer-id-71501' class='answer   answerof-17256 ' value='71501'   \/><label for='answer-id-71501' id='answer-label-71501' class=' answer'><span>Only Selections II and III are not securities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17256[]' id='answer-id-71502' class='answer   answerof-17256 ' value='71502'   \/><label for='answer-id-71502' id='answer-label-71502' class=' answer'><span>Selections II, III and IV are not securities.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-41' style=';'><div id='questionWrap-41'  class='   watupro-question-id-17257'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>41. <\/span>An arrangement wherein a terminally ill person sells a second party his life insurance policy at a discount from its face value, giving the buyer the right to the policy\u2019s face value when the seller dies is called a:<\/div><input type='hidden' name='question_id[]' id='qID_41' value='17257' \/><input type='hidden' id='answerType17257' 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-17257[]' id='answer-id-71503' class='answer   answerof-17257 ' value='71503'   \/><label for='answer-id-71503' id='answer-label-71503' class=' answer'><span>death warrant.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17257[]' id='answer-id-71504' class='answer   answerof-17257 ' value='71504'   \/><label for='answer-id-71504' id='answer-label-71504' class=' answer'><span>viatical settlement.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17257[]' id='answer-id-71505' class='answer   answerof-17257 ' value='71505'   \/><label for='answer-id-71505' id='answer-label-71505' class=' answer'><span>deceased option.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17257[]' id='answer-id-71506' class='answer   answerof-17257 ' value='71506'   \/><label for='answer-id-71506' id='answer-label-71506' class=' answer'><span>life straddle.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-42' style=';'><div id='questionWrap-42'  class='   watupro-question-id-17258'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>42. <\/span>Mr. Bigwig, CEO of HiGrowth Corporation, meets with the president of BigFee Investment Bankers and arranges for BigFee to underwrite an Initial Public Offering (IPO) for the firm. <br \/>\r<br>When the IPO comes to market, GetErDone Broker-Dealers is part of the selling group, which handles the sale of the stock to the public. In this scenario, which party is the issuer?<\/div><input type='hidden' name='question_id[]' id='qID_42' value='17258' \/><input type='hidden' id='answerType17258' 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-17258[]' id='answer-id-71507' class='answer   answerof-17258 ' value='71507'   \/><label for='answer-id-71507' id='answer-label-71507' class=' answer'><span>HiGrowth Corporation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17258[]' id='answer-id-71508' class='answer   answerof-17258 ' value='71508'   \/><label for='answer-id-71508' id='answer-label-71508' class=' answer'><span>Mr. Bigwig<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17258[]' id='answer-id-71509' class='answer   answerof-17258 ' value='71509'   \/><label for='answer-id-71509' id='answer-label-71509' class=' answer'><span>BigFee Investment Bankers<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17258[]' id='answer-id-71510' class='answer   answerof-17258 ' value='71510'   \/><label for='answer-id-71510' id='answer-label-71510' class=' answer'><span>GetErDone Broker-Dealers<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-43' style=';'><div id='questionWrap-43'  class='   watupro-question-id-17259'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>43. <\/span>Assuming the security is not registered under the Uniform Securities Act, which of the following would not be exempt from state registration?<\/div><input type='hidden' name='question_id[]' id='qID_43' value='17259' \/><input type='hidden' id='answerType17259' 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-17259[]' id='answer-id-71511' class='answer   answerof-17259 ' value='71511'   \/><label for='answer-id-71511' id='answer-label-71511' class=' answer'><span>a variable annuity contract offered by an insurance company with offices in the state<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17259[]' id='answer-id-71512' class='answer   answerof-17259 ' value='71512'   \/><label for='answer-id-71512' id='answer-label-71512' class=' answer'><span>a stock that is listed on the American Stock Exchange<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17259[]' id='answer-id-71513' class='answer   answerof-17259 ' value='71513'   \/><label for='answer-id-71513' id='answer-label-71513' class=' answer'><span>a stock that is listed on the OTC Bulletin Board<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17259[]' id='answer-id-71514' class='answer   answerof-17259 ' value='71514'   \/><label for='answer-id-71514' id='answer-label-71514' class=' answer'><span>a put option on a stock that sells in the over-the-counter market<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-44' style=';'><div id='questionWrap-44'  class='   watupro-question-id-17260'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>44. <\/span>Under the Uniform Securities Act, which of the following does not need to be included when filing to register a security issue with the state?<\/div><input type='hidden' name='question_id[]' id='qID_44' value='17260' \/><input type='hidden' id='answerType17260' 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-17260[]' id='answer-id-71515' class='answer   answerof-17260 ' value='71515'   \/><label for='answer-id-71515' id='answer-label-71515' class=' answer'><span>a copy of the firm\u2019s articles of incorporation and bylaws, or the equivalent<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17260[]' id='answer-id-71516' class='answer   answerof-17260 ' value='71516'   \/><label for='answer-id-71516' id='answer-label-71516' class=' answer'><span>copies of the underwriter agreements<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17260[]' id='answer-id-71517' class='answer   answerof-17260 ' value='71517'   \/><label for='answer-id-71517' id='answer-label-71517' class=' answer'><span>a copy of any indenture applying to the security being registered<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17260[]' id='answer-id-71518' class='answer   answerof-17260 ' value='71518'   \/><label for='answer-id-71518' id='answer-label-71518' class=' answer'><span>All of the above documents must be included when filing to register a security with the state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-45' style=';'><div id='questionWrap-45'  class='   watupro-question-id-17261'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>45. <\/span>For how long after the effective date is a security\u2019s registration valid?<\/div><input type='hidden' name='question_id[]' id='qID_45' value='17261' \/><input type='hidden' id='answerType17261' 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-17261[]' id='answer-id-71519' class='answer   answerof-17261 ' value='71519'   \/><label for='answer-id-71519' id='answer-label-71519' class=' answer'><span>three months<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17261[]' id='answer-id-71520' class='answer   answerof-17261 ' value='71520'   \/><label for='answer-id-71520' id='answer-label-71520' class=' answer'><span>six months<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17261[]' id='answer-id-71521' class='answer   answerof-17261 ' value='71521'   \/><label for='answer-id-71521' id='answer-label-71521' class=' answer'><span>one year<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17261[]' id='answer-id-71522' class='answer   answerof-17261 ' value='71522'   \/><label for='answer-id-71522' id='answer-label-71522' class=' answer'><span>two years<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-46' style=';'><div id='questionWrap-46'  class='   watupro-question-id-17262'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>46. <\/span>A \u201cnotice filing\u201d refers to<\/div><input type='hidden' name='question_id[]' id='qID_46' value='17262' \/><input type='hidden' id='answerType17262' 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-17262[]' id='answer-id-71523' class='answer   answerof-17262 ' value='71523'   \/><label for='answer-id-71523' id='answer-label-71523' class=' answer'><span>the right of an issuer to run tombstone ads in the newspapers and other publications upon filing a registration application with the state Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17262[]' id='answer-id-71524' class='answer   answerof-17262 ' value='71524'   \/><label for='answer-id-71524' id='answer-label-71524' class=' answer'><span>the filing by a federal covered investment adviser of forms already filed with the SEC along with a consent to service of process with the state Administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17262[]' id='answer-id-71525' class='answer   answerof-17262 ' value='71525'   \/><label for='answer-id-71525' id='answer-label-71525' class=' answer'><span>a document that the issuer must file with the SEC informing the SEC that the firm has applied to the state for registration of its new security.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17262[]' id='answer-id-71526' class='answer   answerof-17262 ' value='71526'   \/><label for='answer-id-71526' id='answer-label-71526' class=' answer'><span>notification to the public by the issuer or its underwriters that the issue is being sold on an \u201call or nothing\u201d basis.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-47' style=';'><div id='questionWrap-47'  class='   watupro-question-id-17263'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>47. <\/span>Under the 2002 Uniform Securities Act, registration by coordination allows:<\/div><input type='hidden' name='question_id[]' id='qID_47' value='17263' \/><input type='hidden' id='answerType17263' 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-17263[]' id='answer-id-71527' class='answer   answerof-17263 ' value='71527'   \/><label for='answer-id-71527' id='answer-label-71527' class=' answer'><span>federal covered securities to be registered simultaneously with the SEC and with the states in which the securities will be offered for sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17263[]' id='answer-id-71528' class='answer   answerof-17263 ' value='71528'   \/><label for='answer-id-71528' id='answer-label-71528' class=' answer'><span>securities that do not fall within the category of federal covered securities to be registered simultaneously with the SEC and with the states in which the securities will be offered for sale.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17263[]' id='answer-id-71529' class='answer   answerof-17263 ' value='71529'   \/><label for='answer-id-71529' id='answer-label-71529' class=' answer'><span>both state-registered and out-of-state investment bankers to participate in the underwriting and registration of a new security issue.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17263[]' id='answer-id-71530' class='answer   answerof-17263 ' value='71530'   \/><label for='answer-id-71530' id='answer-label-71530' class=' answer'><span>issuers of federal covered securities to submit only a notice filing with the Administrator of states in which the securities will be offered for sale.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-48' style=';'><div id='questionWrap-48'  class='   watupro-question-id-17264'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>48. <\/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_48' value='17264' \/><input type='hidden' id='answerType17264' 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-17264[]' id='answer-id-71531' class='answer   answerof-17264 ' value='71531'   \/><label for='answer-id-71531' id='answer-label-71531' 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-17264[]' id='answer-id-71532' class='answer   answerof-17264 ' value='71532'   \/><label for='answer-id-71532' id='answer-label-71532' class=' answer'><span>Method I only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17264[]' id='answer-id-71533' class='answer   answerof-17264 ' value='71533'   \/><label for='answer-id-71533' id='answer-label-71533' class=' answer'><span>Methods I and III only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17264[]' id='answer-id-71534' class='answer   answerof-17264 ' value='71534'   \/><label for='answer-id-71534' id='answer-label-71534' class=' answer'><span>Method II only<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-49' style=';'><div id='questionWrap-49'  class='   watupro-question-id-17265'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>49. <\/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_49' value='17265' \/><input type='hidden' id='answerType17265' 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-17265[]' id='answer-id-71535' class='answer   answerof-17265 ' value='71535'   \/><label for='answer-id-71535' id='answer-label-71535' 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-17265[]' id='answer-id-71536' class='answer   answerof-17265 ' value='71536'   \/><label for='answer-id-71536' id='answer-label-71536' 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-17265[]' id='answer-id-71537' class='answer   answerof-17265 ' value='71537'   \/><label for='answer-id-71537' id='answer-label-71537' 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-17265[]' id='answer-id-71538' class='answer   answerof-17265 ' value='71538'   \/><label for='answer-id-71538' id='answer-label-71538' 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-50' style=';'><div id='questionWrap-50'  class='   watupro-question-id-17266'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>50. <\/span>Assuming there is not a stop order or a proceeding pending, under the registration by coordination process a security\u2019s registration with the state becomes effective:<\/div><input type='hidden' name='question_id[]' id='qID_50' value='17266' \/><input type='hidden' id='answerType17266' 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-17266[]' id='answer-id-71539' class='answer   answerof-17266 ' value='71539'   \/><label for='answer-id-71539' id='answer-label-71539' class=' answer'><span>only when it is approved by the state Administrator, regardless of whether it has been approved by the SE<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17266[]' id='answer-id-71540' class='answer   answerof-17266 ' value='71540'   \/><label for='answer-id-71540' id='answer-label-71540' class=' answer'><span>immediately after approval by the SEC as long as the registration statement has been on file for at least 20 days or the Uniform Securities Act has provided an exemption to this waiting period.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17266[]' id='answer-id-71541' class='answer   answerof-17266 ' value='71541'   \/><label for='answer-id-71541' id='answer-label-71541' class=' answer'><span>immediately subsequent to approval by the SEC, regardless of how long the registration statement has been on file.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17266[]' id='answer-id-71542' class='answer   answerof-17266 ' value='71542'   \/><label for='answer-id-71542' id='answer-label-71542' class=' answer'><span>only when it is approved by the state Administrator, who will review the registration documentation upon notification that SEC approval has been granted.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-51' style=';'><div id='questionWrap-51'  class='   watupro-question-id-17267'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>51. <\/span>Which of the following is not a method that can be used to register securities with the state?<\/div><input type='hidden' name='question_id[]' id='qID_51' value='17267' \/><input type='hidden' id='answerType17267' 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-17267[]' id='answer-id-71543' class='answer   answerof-17267 ' value='71543'   \/><label for='answer-id-71543' id='answer-label-71543' class=' answer'><span>registration by exception<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17267[]' id='answer-id-71544' class='answer   answerof-17267 ' value='71544'   \/><label for='answer-id-71544' id='answer-label-71544' class=' answer'><span>registration by notification<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17267[]' id='answer-id-71545' class='answer   answerof-17267 ' value='71545'   \/><label for='answer-id-71545' id='answer-label-71545' class=' answer'><span>registration by coordination<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17267[]' id='answer-id-71546' class='answer   answerof-17267 ' value='71546'   \/><label for='answer-id-71546' id='answer-label-71546' class=' answer'><span>registration by qualification<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-52' style=';'><div id='questionWrap-52'  class='   watupro-question-id-17268'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>52. <\/span>Which of the following statements regarding \u201cregistration by qualification\u201d is true?<\/div><input type='hidden' name='question_id[]' id='qID_52' value='17268' \/><input type='hidden' id='answerType17268' 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-17268[]' id='answer-id-71547' class='answer   answerof-17268 ' value='71547'   \/><label for='answer-id-71547' id='answer-label-71547' class=' answer'><span>Registration by qualification refers to the fact that certain categories of securities are exempt from state registration requirements.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17268[]' id='answer-id-71548' class='answer   answerof-17268 ' value='71548'   \/><label for='answer-id-71548' id='answer-label-71548' class=' answer'><span>Registration by qualification is the preferred method used by issuers since it requires the least amount \r\nof paperwork.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17268[]' id='answer-id-71549' class='answer   answerof-17268 ' value='71549'   \/><label for='answer-id-71549' id='answer-label-71549' class=' answer'><span>In its simplest form, registration by qualification requires the issuer to supply voluminous amounts of information about both the firm and its directors, officers, and major shareholders.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17268[]' id='answer-id-71550' class='answer   answerof-17268 ' value='71550'   \/><label for='answer-id-71550' id='answer-label-71550' class=' answer'><span>Registration by qualification refers to the fact that the highest quality bonds, i.e., those with a AAA rating, are exempt from registration with the state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-53' style=';'><div id='questionWrap-53'  class='   watupro-question-id-17269'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>53. <\/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_53' value='17269' \/><input type='hidden' id='answerType17269' 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-17269[]' id='answer-id-71551' class='answer   answerof-17269 ' value='71551'   \/><label for='answer-id-71551' id='answer-label-71551' 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-17269[]' id='answer-id-71552' class='answer   answerof-17269 ' value='71552'   \/><label for='answer-id-71552' id='answer-label-71552' 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-17269[]' id='answer-id-71553' class='answer   answerof-17269 ' value='71553'   \/><label for='answer-id-71553' id='answer-label-71553' 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-17269[]' id='answer-id-71554' class='answer   answerof-17269 ' value='71554'   \/><label for='answer-id-71554' id='answer-label-71554' 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-54' style=';'><div id='questionWrap-54'  class='   watupro-question-id-17270'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>54. <\/span>Which of the following securities would be exempt from state registration requirements, according to the Uniform Securities Act? <br \/>\r<br>I. a municipal bond issued by the Canadian province of Nova Scotia <br \/>\r<br>II. a bond issued by the county of Cork, Ireland <br \/>\r<br>III. a bond issued by Nationwide Insurance Company<\/div><input type='hidden' name='question_id[]' id='qID_54' value='17270' \/><input type='hidden' id='answerType17270' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17270[]' id='answer-id-71555' class='answer   answerof-17270 ' value='71555'   \/><label for='answer-id-71555' id='answer-label-71555' class=' answer'><span>All of the selections would be exempt from state registration requirements under the Uniform<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17270[]' id='answer-id-71556' class='answer   answerof-17270 ' value='71556'   \/><label for='answer-id-71556' id='answer-label-71556' class=' answer'><span>Selection I only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17270[]' id='answer-id-71557' class='answer   answerof-17270 ' value='71557'   \/><label for='answer-id-71557' id='answer-label-71557' class=' answer'><span>Selection I and III only<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17270[]' id='answer-id-71558' class='answer   answerof-17270 ' value='71558'   \/><label for='answer-id-71558' id='answer-label-71558' class=' answer'><span>Selection III only<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-55' style=';'><div id='questionWrap-55'  class='   watupro-question-id-17271'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>55. <\/span>Which of the following would be considered an \u201cissuer\u201d transaction?<\/div><input type='hidden' name='question_id[]' id='qID_55' value='17271' \/><input type='hidden' id='answerType17271' 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-17271[]' id='answer-id-71559' class='answer   answerof-17271 ' value='71559'   \/><label for='answer-id-71559' id='answer-label-71559' class=' answer'><span>Jacob calls his broker and places an order to purchase 100 shares of Hasbro, Inc. on the open market.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17271[]' id='answer-id-71560' class='answer   answerof-17271 ' value='71560'   \/><label for='answer-id-71560' id='answer-label-71560' class=' answer'><span>Maria purchases 500 shares of Dodge and Cox\u2019s International Fund, a mutual fund investing in foreign securities.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17271[]' id='answer-id-71561' class='answer   answerof-17271 ' value='71561'   \/><label for='answer-id-71561' id='answer-label-71561' class=' answer'><span>Kim sells an AT&amp;T bond she holds that still has three years remaining to maturity.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17271[]' id='answer-id-71562' class='answer   answerof-17271 ' value='71562'   \/><label for='answer-id-71562' id='answer-label-71562' class=' answer'><span>None of the above is an \u201cissuer\u201d transaction.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-56' style=';'><div id='questionWrap-56'  class='   watupro-question-id-17272'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>56. <\/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_56' value='17272' \/><input type='hidden' id='answerType17272' 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-17272[]' id='answer-id-71563' class='answer   answerof-17272 ' value='71563'   \/><label for='answer-id-71563' id='answer-label-71563' 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-17272[]' id='answer-id-71564' class='answer   answerof-17272 ' value='71564'   \/><label for='answer-id-71564' id='answer-label-71564' 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-17272[]' id='answer-id-71565' class='answer   answerof-17272 ' value='71565'   \/><label for='answer-id-71565' id='answer-label-71565' 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-17272[]' id='answer-id-71566' class='answer   answerof-17272 ' value='71566'   \/><label for='answer-id-71566' id='answer-label-71566' 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-57' style=';'><div id='questionWrap-57'  class='   watupro-question-id-17273'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>57. <\/span>Nancy\u2019s Aunt Ethel died, making Nancy executrix of her estate. In going through Aunt Ethel\u2019s belongings, Nancy discovered some stock certificates that she learned had been issued by a small New Jersey firm that was still in business. The problem lay in the fact that Nancy\u2019s Aunt Ethel had moved from New Jersey to Florida years ago, and the stock is registered only in the state of New Jersey. Nancy herself is a resident of Massachusetts. <br \/>\r<br>What does Nancy have to do in order to sell this stock?<\/div><input type='hidden' name='question_id[]' id='qID_57' value='17273' \/><input type='hidden' id='answerType17273' 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-17273[]' id='answer-id-71567' class='answer   answerof-17273 ' value='71567'   \/><label for='answer-id-71567' id='answer-label-71567' class=' answer'><span>Nancy can sell the stock without a problem as executrix of her aunt\u2019s estate.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17273[]' id='answer-id-71568' class='answer   answerof-17273 ' value='71568'   \/><label for='answer-id-71568' id='answer-label-71568' class=' answer'><span>Nancy will need to contact a securities law firm in Florida to help her register the stock in the state of Florida.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17273[]' id='answer-id-71569' class='answer   answerof-17273 ' value='71569'   \/><label for='answer-id-71569' id='answer-label-71569' class=' answer'><span>Nancy will need to contact a broker-dealer licensed in the state of New Jersey to help her with the sale of this stock.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17273[]' id='answer-id-71570' class='answer   answerof-17273 ' value='71570'   \/><label for='answer-id-71570' id='answer-label-71570' class=' answer'><span>Nancy will have to establish a mailing address in New Jersey before she can legally sell this stock.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-58' style=';'><div id='questionWrap-58'  class='   watupro-question-id-17274'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>58. <\/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_58' value='17274' \/><input type='hidden' id='answerType17274' 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-17274[]' id='answer-id-71571' class='answer   answerof-17274 ' value='71571'   \/><label for='answer-id-71571' id='answer-label-71571' 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-17274[]' id='answer-id-71572' class='answer   answerof-17274 ' value='71572'   \/><label for='answer-id-71572' id='answer-label-71572' 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-17274[]' id='answer-id-71573' class='answer   answerof-17274 ' value='71573'   \/><label for='answer-id-71573' id='answer-label-71573' 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-17274[]' id='answer-id-71574' class='answer   answerof-17274 ' value='71574'   \/><label for='answer-id-71574' id='answer-label-71574' 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-59' style=';'><div id='questionWrap-59'  class='   watupro-question-id-17275'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>59. <\/span>Which of the following persons falls under the definition of \u201cbroker-dealer,\u201d as defined by the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_59' value='17275' \/><input type='hidden' id='answerType17275' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17275[]' id='answer-id-71575' class='answer   answerof-17275 ' value='71575'   \/><label for='answer-id-71575' id='answer-label-71575' class=' answer'><span>Marge is a loan officer at Treadwater Bank and Trust.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17275[]' id='answer-id-71576' class='answer   answerof-17275 ' value='71576'   \/><label for='answer-id-71576' id='answer-label-71576' class=' answer'><span>Juan is employed by TrustUs Corporation to sell shares of the firm\u2019s stock to the firm\u2019s employees and receives a commission on the shares he sells.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17275[]' id='answer-id-71577' class='answer   answerof-17275 ' value='71577'   \/><label for='answer-id-71577' id='answer-label-71577' class=' answer'><span>Michaela is employed by GetErDone broker-dealers and sells both exempt and non-exempt securities to GetErDone\u2019s clients.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17275[]' id='answer-id-71578' class='answer   answerof-17275 ' value='71578'   \/><label for='answer-id-71578' id='answer-label-71578' class=' answer'><span>MyTrades is a sole proprietorship owned by Nathan Newmoney, who has established the firm solely to make trades on his own account, thereby avoiding the commissions he would have to pay a middleman.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-60' style=';'><div id='questionWrap-60'  class='   watupro-question-id-17276'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>60. <\/span>Which of the following persons would not be required to register with the state as an agent under the guidelines of the Uniform Securities Act (USA)?<\/div><input type='hidden' name='question_id[]' id='qID_60' value='17276' \/><input type='hidden' id='answerType17276' 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-17276[]' id='answer-id-71579' class='answer   answerof-17276 ' value='71579'   \/><label for='answer-id-71579' id='answer-label-71579' class=' answer'><span>Keith is a salaried employee of Middlesex County in Massachusetts who sells revenue bonds issued by the county to the public.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17276[]' id='answer-id-71580' class='answer   answerof-17276 ' value='71580'   \/><label for='answer-id-71580' id='answer-label-71580' class=' answer'><span>John is employed by TrustUs Corporation to sell shares of the firm\u2019s stock to the firm\u2019s employees and receives a commission on the shares he sells.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17276[]' id='answer-id-71581' class='answer   answerof-17276 ' value='71581'   \/><label for='answer-id-71581' id='answer-label-71581' class=' answer'><span>Stefan is a sales representative for SecureMoney Broker-Dealers and sells only mutual fund shares.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17276[]' id='answer-id-71582' class='answer   answerof-17276 ' value='71582'   \/><label for='answer-id-71582' id='answer-label-71582' class=' answer'><span>Preetham is part-owner of SecureMoney Broker-Dealers and executes the purchase and sale of securities for the firm\u2019s customers.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-61' style=';'><div id='questionWrap-61'  class='   watupro-question-id-17277'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>61. <\/span>Treadwater Bank and Trust is selling a portfolio of municipal bonds it owns to the SafeRisk Insurance Corporation. Under the Uniform Securities Act (USA), in this transaction Treadwater is defined as a<\/div><input type='hidden' name='question_id[]' id='qID_61' value='17277' \/><input type='hidden' id='answerType17277' 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-17277[]' id='answer-id-71583' class='answer   answerof-17277 ' value='71583'   \/><label for='answer-id-71583' id='answer-label-71583' class=' answer'><span>broker-dealer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17277[]' id='answer-id-71584' class='answer   answerof-17277 ' value='71584'   \/><label for='answer-id-71584' id='answer-label-71584' class=' answer'><span>agent.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17277[]' id='answer-id-71585' class='answer   answerof-17277 ' value='71585'   \/><label for='answer-id-71585' id='answer-label-71585' class=' answer'><span>issuer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17277[]' id='answer-id-71586' class='answer   answerof-17277 ' value='71586'   \/><label for='answer-id-71586' id='answer-label-71586' class=' answer'><span>none of the above.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-62' style=';'><div id='questionWrap-62'  class='   watupro-question-id-17278'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>62. <\/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_62' value='17278' \/><input type='hidden' id='answerType17278' 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-17278[]' id='answer-id-71587' class='answer   answerof-17278 ' value='71587'   \/><label for='answer-id-71587' id='answer-label-71587' class=' answer'><span>I, II, III, or I<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17278[]' id='answer-id-71588' class='answer   answerof-17278 ' value='71588'   \/><label for='answer-id-71588' id='answer-label-71588' class=' answer'><span>I, II, and III only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17278[]' id='answer-id-71589' class='answer   answerof-17278 ' value='71589'   \/><label for='answer-id-71589' id='answer-label-71589' class=' answer'><span>II and III only.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17278[]' id='answer-id-71590' class='answer   answerof-17278 ' value='71590'   \/><label for='answer-id-71590' id='answer-label-71590' 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-63' style=';'><div id='questionWrap-63'  class='   watupro-question-id-17279'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>63. <\/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_63' value='17279' \/><input type='hidden' id='answerType17279' 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-17279[]' id='answer-id-71591' class='answer   answerof-17279 ' value='71591'   \/><label for='answer-id-71591' id='answer-label-71591' 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-17279[]' id='answer-id-71592' class='answer   answerof-17279 ' value='71592'   \/><label for='answer-id-71592' id='answer-label-71592' 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-17279[]' id='answer-id-71593' class='answer   answerof-17279 ' value='71593'   \/><label for='answer-id-71593' id='answer-label-71593' 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-17279[]' id='answer-id-71594' class='answer   answerof-17279 ' value='71594'   \/><label for='answer-id-71594' id='answer-label-71594' 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-64' style=';'><div id='questionWrap-64'  class='   watupro-question-id-17280'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>64. <\/span>Under the Uniform Securities Act (USA), which of the following statements would be disallowed?<\/div><input type='hidden' name='question_id[]' id='qID_64' value='17280' \/><input type='hidden' id='answerType17280' 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-17280[]' id='answer-id-71595' class='answer   answerof-17280 ' value='71595'   \/><label for='answer-id-71595' id='answer-label-71595' class=' answer'><span>The government of the<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17280[]' id='answer-id-71596' class='answer   answerof-17280 ' value='71596'   \/><label for='answer-id-71596' id='answer-label-71596' class=' answer'><span>guarantees a 3% interest rate, to be paid semiannually, on a new 5-year Treasury note.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17280[]' id='answer-id-71597' class='answer   answerof-17280 ' value='71597'   \/><label for='answer-id-71597' id='answer-label-71597' class=' answer'><span>A sales representative of GetErDone Broker-Dealers guarantees that a client can expect an average annual rate of return of 2% on a mutual fund investment the sales representative is selling, pointing to the fact that the fund has returned an average annual rate of return of 6% over the past ten years.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17280[]' id='answer-id-71598' class='answer   answerof-17280 ' value='71598'   \/><label for='answer-id-71598' id='answer-label-71598' class=' answer'><span>An insurance company guarantees a fixed payment of $300 a month for life on an annuity it is selling.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17280[]' id='answer-id-71599' class='answer   answerof-17280 ' value='71599'   \/><label for='answer-id-71599' id='answer-label-71599' class=' answer'><span>Neither the statements in Selections B or C would be allowed 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-65' style=';'><div id='questionWrap-65'  class='   watupro-question-id-17281'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>65. <\/span>Which of the following would meet the requirements for an \u201cexempt security?\u201d<\/div><input type='hidden' name='question_id[]' id='qID_65' value='17281' \/><input type='hidden' id='answerType17281' 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-17281[]' id='answer-id-71600' class='answer   answerof-17281 ' value='71600'   \/><label for='answer-id-71600' id='answer-label-71600' 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-17281[]' id='answer-id-71601' class='answer   answerof-17281 ' value='71601'   \/><label for='answer-id-71601' id='answer-label-71601' 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-17281[]' id='answer-id-71602' class='answer   answerof-17281 ' value='71602'   \/><label for='answer-id-71602' id='answer-label-71602' 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-17281[]' id='answer-id-71603' class='answer   answerof-17281 ' value='71603'   \/><label for='answer-id-71603' id='answer-label-71603' 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-66' style=';'><div id='questionWrap-66'  class='   watupro-question-id-17282'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>66. <\/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_66' value='17282' \/><input type='hidden' id='answerType17282' 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-17282[]' id='answer-id-71604' class='answer   answerof-17282 ' value='71604'   \/><label for='answer-id-71604' id='answer-label-71604' 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-17282[]' id='answer-id-71605' class='answer   answerof-17282 ' value='71605'   \/><label for='answer-id-71605' id='answer-label-71605' 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-17282[]' id='answer-id-71606' class='answer   answerof-17282 ' value='71606'   \/><label for='answer-id-71606' id='answer-label-71606' 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-17282[]' id='answer-id-71607' class='answer   answerof-17282 ' value='71607'   \/><label for='answer-id-71607' id='answer-label-71607' 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-67' style=';'><div id='questionWrap-67'  class='   watupro-question-id-17283'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>67. <\/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_67' value='17283' \/><input type='hidden' id='answerType17283' value='checkbox'><!-- end question-content--><\/div><div class='question-choices watupro-choices-columns '><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17283[]' id='answer-id-71608' class='answer   answerof-17283 ' value='71608'   \/><label for='answer-id-71608' id='answer-label-71608' class=' answer'><span>attorney-general.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17283[]' id='answer-id-71609' class='answer   answerof-17283 ' value='71609'   \/><label for='answer-id-71609' id='answer-label-71609' class=' answer'><span>administrator.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17283[]' id='answer-id-71610' class='answer   answerof-17283 ' value='71610'   \/><label for='answer-id-71610' id='answer-label-71610' class=' answer'><span>investor-protection officer.<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='checkbox' name='answer-17283[]' id='answer-id-71611' class='answer   answerof-17283 ' value='71611'   \/><label for='answer-id-71611' id='answer-label-71611' class=' answer'><span>secretary of state.<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-68' style=';'><div id='questionWrap-68'  class='   watupro-question-id-17284'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>68. <\/span>Which of the following actions is the Administrator of a state empowered to take?<\/div><input type='hidden' name='question_id[]' id='qID_68' value='17284' \/><input type='hidden' id='answerType17284' 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-17284[]' id='answer-id-71612' class='answer   answerof-17284 ' value='71612'   \/><label for='answer-id-71612' id='answer-label-71612' class=' answer'><span>gather evidence<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17284[]' id='answer-id-71613' class='answer   answerof-17284 ' value='71613'   \/><label for='answer-id-71613' id='answer-label-71613' 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-17284[]' id='answer-id-71614' class='answer   answerof-17284 ' value='71614'   \/><label for='answer-id-71614' id='answer-label-71614' 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-17284[]' id='answer-id-71615' class='answer   answerof-17284 ' value='71615'   \/><label for='answer-id-71615' id='answer-label-71615' 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-69' style=';'><div id='questionWrap-69'  class='   watupro-question-id-17285'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>69. <\/span>Which of the following orders can an Administrator issue without providing prior notice?<\/div><input type='hidden' name='question_id[]' id='qID_69' value='17285' \/><input type='hidden' id='answerType17285' 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-17285[]' id='answer-id-71616' class='answer   answerof-17285 ' value='71616'   \/><label for='answer-id-71616' id='answer-label-71616' class=' answer'><span>license suspension<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17285[]' id='answer-id-71617' class='answer   answerof-17285 ' value='71617'   \/><label for='answer-id-71617' id='answer-label-71617' class=' answer'><span>license revocation<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17285[]' id='answer-id-71618' class='answer   answerof-17285 ' value='71618'   \/><label for='answer-id-71618' id='answer-label-71618' class=' answer'><span>cease and desist<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17285[]' id='answer-id-71619' class='answer   answerof-17285 ' value='71619'   \/><label for='answer-id-71619' id='answer-label-71619' class=' answer'><span>license denial<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div class='watu-question ' id='question-70' style=';'><div id='questionWrap-70'  class='   watupro-question-id-17286'>\n\t\t\t<div class='question-content'><div><span class='watupro_num'>70. <\/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. <br \/>\r<br>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_70' value='17286' \/><input type='hidden' id='answerType17286' 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-17286[]' id='answer-id-71620' class='answer   answerof-17286 ' value='71620'   \/><label for='answer-id-71620' id='answer-label-71620' class=' answer'><span>I, II, III, and IV<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17286[]' id='answer-id-71621' class='answer   answerof-17286 ' value='71621'   \/><label for='answer-id-71621' id='answer-label-71621' class=' answer'><span>I, II, and III<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17286[]' id='answer-id-71622' class='answer   answerof-17286 ' value='71622'   \/><label for='answer-id-71622' id='answer-label-71622' class=' answer'><span>I, III, and IV<\/span><\/label><\/div><div class='watupro-question-choice  ' dir='auto' ><input type='radio' name='answer-17286[]' id='answer-id-71623' class='answer   answerof-17286 ' value='71623'   \/><label for='answer-id-71623' id='answer-label-71623' class=' answer'><span>I, II, and IV<\/span><\/label><\/div><!-- end question-choices--><\/div><!-- end questionWrap--><\/div><\/div><div style='display:none' id='question-71'>\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=\"watuPROButtons677\" >\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\" 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