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Chapter 5 Series 63 Exam Questions and Complete Solutions Graded A+
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Chapter 5 Series 63 Exam Questions and Complete Solutions Graded A+
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Chapter 5 Series63 Exam Questions
and Complete
Solutions Graded
A+
Denning [Date] [Course title]
,Under which of the following circumstances would the Administrator of this state have jurisdiction -
Answer: A letter was sent to a client in her state from an agent in another state.
A mass mailing was made from another state to residents in her state.
A television broadcast advertising a security was made from her state.
Radio or TV broadcasts made from outside the state - Answer: do not come under the Administrator's
jurisdiction.
Radio or TV broadcasts made from outside the state do not come under the Administrator's jurisdiction.
The communications sent from out of state do because - Answer: the offers are directed to residents of
her state
Note that the TV broadcast is from a station in her state, so - Answer: she has jurisdiction
A customer living in one state receives a phone call from an agent in another state. A transaction
between the two occurs in a third state. According to the Uniform Securities Act, under whose
jurisdiction does the transaction fall - Answer: Administrators of all three states involved
Under the scope of the Uniform Securities Act, if any part of a transaction occurs in a state, the
transaction falls under - Answer: the jurisdiction of the state Administrator
An IAR is registered in New York and Vermont. While working in his New York office, he places a call to
the cell phone of one of his New York clients who happens to be on vacation in Ohio. After describing
the reasons for a particular stock recommendation, the client asks the agent to call back tomorrow. The
agent does so and reaches the client in Indiana. The client decides to purchase 100 shares of the stock.
When the client arrives home, he notices that he has already received his stock certificate from the
transfer agent located in Illinois. In this case, jurisdiction resides with the Administrator of - Answer:
New York.
Indiana.
Administrators have jurisdiction if they are from the state in which the offer was made, directed, or
accepted. The offer was made in New York and, because it was directed to the cell phone of a New York
customer, the USA considers that the offer was directed to New York. The offer was accepted in Indiana.
, The mailing of the certificate is of no consequence and calling a local number and having it answered in
another state is viewed the same way as mail sent to a customer's residence that is forwarded to
another state:
An agent works in Buffalo, New York and is registered in New York and Ohio. If the agent contacts a
retail client in Ohio recommending the purchase of an unregistered non-exempt security, jurisdiction
over this violation of the Uniform Securities Act would lie with the Administrator(s) of - Answer: both
New York and Ohio.
Administrators have jurisdiction over offers made in - Answer: the originating state (New York), the
state to which the offer is directed (Ohio), and the state in which the offer is accepted
In which of the following circumstances has John, an agent of AAA Securities Corporation, made an offer
as defined in the Uniform Securities Act? - Answer: John calls a long-standing client, Brenda, to indicate
that a security on his firm's restricted list is suitable for her portfolio. John indicates that he cannot sell
the securities unless Brenda requests them on an unsolicited basis. Brenda considers making the
purchase but ultimately declines.
John discovers that Brenda has inherited shares in a manufacturing firm trading on the New York Stock
Exchange and suggests that she sell them to him in a private transaction in which no commission would
be charged.
According to the Uniform Securities Act, a sale is - Answer: a contract to transfer ownership of a security
for value.
A sale is defined as - Answer: every contract to sell a security or an interest in a security, including a
security given as a bonus with the purchase of another security or a gift of assessable stock when
something of value is given
A sale is - Answer: not an attempt to transfer ownership of a security, a solicitation of an offer to buy, or
an offer of an equivalent contract (i.e., an offer or offer to sell).
the following would be included in the Uniform Securities Act's definition of a sale - Answer: Transfers
for value of shares to a nontaxable organization
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