[2026] FINRA Uniform Securities Agent State Law Examination

문제1

Which of the following entities is subject to be accused of churning?
I. investment advisers
II. investment adviser representatives
III. broker-dealers
IV. agents

A. I, II, III, and IV

B. II and IV only

C. I and III only

D. II, III, and IV only

정답: A

설명: (Fast2test 회원만 볼 수 있음)

문제2

Noah Scruples, an agent with CanDo Broker-Dealers, just got a copy of the most recent report on a certain stock. The report was generated by CanDo's analyst department and is hot off the presses. It has not yet even been put on the firm's website for the firm's clients.
The analyst department has just changed its recommendation on the stock from "Hold" to "Strong Buy" based on new information that it has obtained on the company.
Can Noah rush to his office to buy shares of the stock before the analysts release their reports to CanDo's clients?

A. Yes. The firm's analysts used publicly available information to assess the stock and make its recommendation, so Noah can buy the stock now on his own account.

B. No. It is unethical for him to trade based on this information before the firm's clients have received the information.

C. Both B and C are true statements.

D. No. This is a prohibited activity referred to as "painting the tape."

정답: B

설명: (Fast2test 회원만 볼 수 있음)

문제3

Big Bo is an investment adviser representative who has a lot of the members of a well-known professional football team as clients. In advertising his services, Big Bo can

A. use testimonials from any of the players who willingly provide them without compensation.

B. list the names of the players he's advising as long as he doesn't provide any other specifics, such as the amount each one has invested with him.

C. list the names of the players he's advising as long as he has their written permission to do so.

D. list the names of the players he's advising as long as he lists the names of all his other clients, too.

정답: C

설명: (Fast2test 회원만 볼 수 있음)

문제4

BondsRUs is a broker-dealer that (unsurprisingly) specializes in bonds. The firm has found that it is able to sell Treasury bonds that it buys for $90 per $100 of par value for $99 per $100 of par value to some of its more naive clients, who never pay attention to the confirmation statements BondsRUs sends them. BondsRUs is guilty of

A. nothing. It is acting as a dealer in bonds and, as such, can charge its clients whatever the clients are willing to pay.

B. fraud.

C. overcharging its clients by unreasonable markups. A $9 dealer's spread on Treasury bonds is unwarranted.

D. both B and C.

정답: C

설명: (Fast2test 회원만 볼 수 있음)

문제5

Sam Shyster had his day in court-and lost. His license to do business as an investment adviser in the state has been revoked. What legitimate options does Sam have available to him now?

A. Sam can register with the SEC as an investment adviser, which will exempt him from state registration requirements.

B. Sam has 60 days to file an appeal of the decision in a court of law.

C. Sam can move to another state and apply for registration as an investment adviser there.

D. Sam has 45 days in which to file an appeal with the attorney general.

정답: B

설명: (Fast2test 회원만 볼 수 있음)

문제6

In its prospectus, the YourMoney Mutual Fund provides charts and tables of its average annual return over the past year, three years, five years, and ten years. The fund's return has indeed been phenomenal over this time period, beating the S&P 500 Index by at least 15%. The prospectus states that this is because the fund invests in securities that are riskier and that, therefore, an investor can expect the fund to continue earning a return higher than the S&P 500 Index.
Is YourMoney guilty of any security violations?

A. Yes. YourMoney is guilty of fraud in claiming that "an investor can expect the fund to continue earning a return higher than the S&P 500 Index." Past performance is no indication of future performance.

B. No. Regulations require only that the mutual fund provide charts and tables of its average annual returns, with a statement comparing the fund performance with a relevant market index. YourMoney has done this and more.

C. No. YourMoney properly revealed to prospective investors the fact that its higher than average returns are the result of its investment in riskier securities.

D. Yes. There is no way the fund could have beaten the S&P 500 Index by at least 15% over the past ten years. The fund is obviously misstating its returns.

정답: A

설명: (Fast2test 회원만 볼 수 있음)

문제7

Ms. Connie Fused sent her investment adviser a check, payable to a mutual fund that he had recommended to her.
What must the adviser do in order to avoid being considered the custodian of this account and, thereby, subject to some strict requirements, including a higher minimum net capital?

A. He needs to get a written statement from Ms. Fused, addressed to the state Administrator, indicating it was her mistake.

B. He needs both to forward the check within 24 hours and to obtain a written statement from Ms. Fused.

C. He needs to forward the check to the mutual fund within 3 days.

D. He needs to forward the check to the mutual fund within 24 hours.

정답: D

설명: (Fast2test 회원만 볼 수 있음)

문제8

According to the NASAA Model Rules, which of the following institutions would not be considered a qualified custodian?

A. a savings institution that is insured by the FDIC

B. a broker-dealer that is registered with the state

C. a foreign financial institution

D. a bank that is insured by a private, state-sponsored insurance company

정답: D

설명: (Fast2test 회원만 볼 수 있음)

문제9

Although an Administrator has broad powers, he or she cannot:

A. gather evidence.

B. formulate rules and orders.

C. issue subpoenas involving compulsory attendance.

D. deliver a judicial injunction.

정답: D

설명: (Fast2test 회원만 볼 수 있음)

문제10

Julia Hasty has recently applied with the Administrator to be a registered investment adviser in the state. Eager to open her new business, she has business cards printed that indicate that she is a "state-registered" investment adviser and visits some local businesses, asking them for permission to put some of her cards in their waiting rooms.
Has Julia violated any of the provisions of the Uniform Securities Act by distributing her business cards?

A. No. The provisions of the Uniform Securities Act relate to securities, not people.

B. No. Julia has merely put her business cards in waiting rooms. She has not opened her business to clients yet.

C. Yes. Julia is not permitted to advertise as a "state-registered" investment adviser until she receives notification of the acceptance of her application by the state Administrator.

D. No. As long as her application has been submitted and is pending acceptance, Julia has not violated any provisions of the Uniform Securities Act.

정답: C

설명: (Fast2test 회원만 볼 수 있음)

문제11

You have recently discovered that a security you purchased has not been registered with the state, nor is it exempt from registration. You can file a civil claim against the seller as long as you do so within

A. one year from discovery.

B. five years.

C. three years from discovery or five years from the event, whichever comes first.

D. two years from discovery or three years from the event, whichever comes first.

정답: D

설명: (Fast2test 회원만 볼 수 있음)

문제12

When selling shares in a closed-end investment company, an agent must inform the client of any
I. commissions
II. underwriting fees
III. miscellaneous offering expenses

A. I and III only

B. I, II and III

C. I and II only

D. I only

정답: B

설명: (Fast2test 회원만 볼 수 있음)

문제13

Rich Quick is a broker-dealer licensed in the state of Massachusetts and has offices only within the state. Two of Rich Quick's clients regularly vacation in Florida during the winter months, and Rich Quick executes trades for them when they call him from out-of-state.
Based on these facts,
I. Rich Quick needs to register as a broker-dealer in the state of Florida as well.
II. Rich Quick needs to register only as an agent in the state of Florida.
III. Rich Quick needs to establish an office in the state of Florida in order to transact business.
IV. Rich Quick need not register in Florida.

A. Only Statement I is true.

B. Statements II and III are true.

C. Statements I and III are true.

D. Only Statement IV is true.

정답: D

설명: (Fast2test 회원만 볼 수 있음)

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