Series 63
A wealthy investor has $400,000 of funds to invest but will need the money in one year to pay for a house that is currently under construction. Which of the following investments is most suitable? a) 1-year Treasury bills b) Blue chip stocks c) 30-year U.S. government bonds d) 20-year AAA rated corporate bonds
a) 1-year Treasury bills
Under the USA, when an issuer makes a notice filing regarding new federal covered securities to be sold in this state, the State Administrator may require which of the following? a) A consent to service of process b) A registration statement c) Fees in excess of those charged by the SEC d) Information in excess of that required by the SEC
a) A consent to service of process
Under the USA, which of the following is NOT considered to be an issuer? a) A corporation selling titles to mineral leases b) A mutual fund c) A limited partnership selling limited partnership units d) A corporation selling its own shares
a) A corporation selling titles to mineral leases
All of the following are false about an agent's registration with the state EXCEPT a) Agents must be registered in every state they sell in. b) It expires 1 year from its effective date. c) Passing the exam automatically constitutes registration. d) Agents are automatically registered in every state that their broker/dealer is registered in.
a) Agents must be registered in every state they sell in.
When attempting to make a sale, an agent encounters resistance from the customer. Under the Uniform Securities Act, the agent may a) Attempt to overcome the customer's objections. b) Advise the customer that the securities have been approved by the Administrator. c) Offer to buy the securities back at today's price if they lose value in the future. d) Guarantee that the securities will increase in value.
a) Attempt to overcome the customer's objections.
Under the USA, which of the following would be included in the definition of an investment adviser? a) Broker/dealers who receive separate compensation for offering advice b) Investment adviser representatives (IARs) c) Federal covered investment advisers d) Lawyers, accountants, teachers, and engineers whose investment advisory services are solely incidental to their professional practices
a) Broker/dealers who receive separate compensation for offering advice
Under NASAA's Statement of Policy, all of the following are considered to be market manipulation EXCEPT a) Commingling customer funds or securities with those owned by the brokerage firm. b) Engaging in a series of transactions for the purpose of raising or depressing the market price and inducing the purchase or sale by others. c) Effecting any transaction in any security which involves no change in beneficial ownership. d) Entering orders for the purpose of creating a false appearance of active trading.
a) Commingling customer funds or securities with those owned by the brokerage firm.
If a new securities issue is being registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933, the easiest method of state registration is registration by a) Coordination. b) Qualification. c) Notice filing. d) Certification.
a) Coordination.
The type of state securities registration that relies on the prospectus information filed with the SEC under federal law is registration by a) Coordination. b) Filing. c) Qualification. d) Verification.
a) Coordination.
Under the USA, an individual seeking to register as an agent must submit to the Administrator: I. An application. II. Fingerprints. III. Filing fees. IV. Three references. a) I & III b) II & IV c) I, II & III d) I, II, III & IV
a) I & III
Which of the following is/are true regarding the anti-fraud provisions of the Uniform Securities Act? I. In a securities transaction, it is not necessary for a deceitful presentation to result in a sale for a violation to have occurred. II. Governmental bodies or political subdivisions are exempt from the anti-fraud provisions of the Act. III. Fraud is broadly defined and includes not only deceit but also a failure to make adequate disclosure. a) I & III only b) III only c) I, II & III d) I & II only
a) I & III only
Which of the following are NOT true concerning civil liabilities in securities transactions? I. An intentional omission of a material fact constitutes fraud and is subject to civil liabilities. II. The administrator may assign civil penalties for violations of the Act. III. If a person is found in violation of the Act without willful intent, then fraud is not involved. IV. Civil violations result in fines but not prison.
a) I and II
Under the Uniform Securities Act, the Administrator may issue an order to deny or revoke the exemptions for which of the following securities? I. Private placements; II. Municipal bonds; III. Securities issued by nonprofit organizations; IV. Banks or insurance companies a) I and III b) II and IV c) I, II, III & IV d) I only
a) I and III
What may a State require with respect to federal covered securities? I. Issuers must file a notice and/or consent to service of process; II. Registration of the security; III. Minimum standards for material included in offering documents.
a) I only
The State Administrator may require issuers of federal covered securities to make a notice filing with the state consisting of which of the following? I. Fees; II. Consent to service of process; III. All documents filed with the SEC; IV. A copy of the state exemption relied upon. a) I, II & III b) I, II, III & IV c) I & II d) II & IV
a) I, II & III
Under the Uniform Securities Act, an individual representing an issuer is NOT an agent if the issuer is: I. A government. II. An insurance company. III. A bank. a) I, II & III b) I & II only c) I & III only d) II & III only
a) I, II & III
Which of the following is/are defined as either a sale or an offer to sell common stock of an issuer? I. Any offer to sell the common stock for value; II. Any solicitation of an offer to buy the common stock for value; III. The sale of a bond with detachable warrants to buy the common stock of that issuer; IV. The gift of the common stock to an employee of the issuer a) I, II & III b) I, II, III & IV c) I only d) II & III only
a) I, II & III
If a broker/dealer has no office in this state and is not registered in this state, the broker/dealer may transact business with which of the following? I. Other broker/dealers located in this state; II. Pre-existing customers temporarily in this state; III. Insurance companies located in this state; IV. Investment companies located in this state a) I, II, III & IV b) I & III c) II & IV d) I, III & IV
a) I, II, III & IV
Which of the following is/are an example(s) of an issuer transaction? I. Private placement; II. Secondary offering; III. Primary issue of a corporation; IV. Preemptive rights offering. a) I, III & IV b) II & IV c) I only d) I & III
a) I, III & IV
If convicted of a willful violation of the Uniform Securities Act, an agent may be subject to a maximum of: I. Imprisonment for 5 years; II. A fine of $5,000 and/or imprisonment for 3 years; III. A fine of $10,000; IV. Disbarment. a) II only b) I only c) I & III d) I, III & IV
a) II only
Which federal law classified mutual funds as federal covered securities? a) National Securities Markets Improvements Act of 1996 b) Securities Act of 1933 c) Investment Company Act of 1940 d) Investment Advisers Act of 1940
a) National Securities Markets Improvements Act of 1996
Under NASAA's Statement of Policy, agents may divide or otherwise split their commissions from the purchase or sale of securities a) Only with agents registered with the same broker/dealer or with a broker/dealer who is under direct or indirect common control. b) Sharing commissions is never allowed. c) With any other registered agent. d) With a CPA who sends them referrals on a regular basis.
a) Only with agents registered with the same broker/dealer or with a broker/dealer who is under direct or indirect common control.
A newly registered agent agrees to share losses in customers' accounts in order to get more business. Under NASAA's Statement of Policy on Dishonest or Unethical Business Practices of Broker/dealers and Agents, this is a) Permitted with the authorization of the customer and the agent's broker/dealer. b) Prohibited. c) Permitted with the authorization of the customer. d) Permitted with the authorization of the agent's broker/dealer.
a) Permitted with the authorization of the customer and the agent's broker/dealer.
Which of the following laws requires nonexempt new securities to be registered in this state? a) The Uniform Securities Act b) The Securities Exchange Act of 1934 c) The National Securities Markets Improvements Act d) The Securities Act of 1933
a) The Uniform Securities Act
An agent could sell to a resident of another state if a) The agent, the dealer, and the security are all properly registered in that state. b) The security is properly registered in that state. c) The agent is registered in an adjoining state. d) Both the agent and his or her broker/dealer are properly registered in that state.
a) The agent, the dealer, and the security are all properly registered in that state.
What type of disclosure is required of a broker/dealer that is also an investment adviser, acting as principal on a trade with a non-advisory customer? a) The broker/dealer's capacity must be disclosed on the trade confirmation b) The broker/dealer must disclose its capacity prior to the completion of the transaction c) The broker/dealer must have the customer's consent to act as principal d) All of the above
a) The broker/dealer's capacity must be disclosed on the trade confirmation
Agents may not effect securities transactions not recorded on the regular books and records of the broker/dealer that the agent represents unless the transactions are authorized in writing prior to execution by a) The broker/dealer. b) NASAA. c) The NASD. d) The SEC.
a) The broker/dealer.
All of the following are true EXCEPT a) Under the Statement of Policy by the NASAA, the latest time a client can be given a mutual fund prospectus is prior to the sale. b) Under the Uniform Securities Act, the Administrator cannot require a broker/dealer to have more in net capital than required by the SEC. c) When a broker/dealer is registered in more than one state, no state can require the broker/dealer to post a bond in excess of that required by the home state. d) The party who claims an exemption under the Uniform Securities Act must prove that it is entitled to the exemption.
a) Under the Statement of Policy by the NASAA, the latest time a client can be given a mutual fund prospectus is prior to the sale.
Broker/dealers must keep all of the following records EXCEPT a) Customer order tickets. b) A list of all customers who were sent promotional materials. c) Blotters and other records of original entry. d) Ledgers indicating cash and securities received.
b) A list of all customers who were sent promotional materials.
Under the Uniform Securities Act, it is legal for an agent to tell a customer that a) An exempt security is not required to be registered because it is generally regarded as being safer than nonexempt securities. b) A registered security may lawfully be sold in the state. c) A registered security has been approved for sale in the state by the Administrator. d) The agent's qualifications have been found satisfactory by the Administrator.
b) A registered security may lawfully be sold in the state.
If the registration of an agent is revoked by the Administrator, the Administrator can deny the agent future registration as a/an a) The Administrator has no authority to deny future registration. b) Agent. c) Broker/dealer. d) Broker/dealer or agent.
b) Agent.
If a broker/dealer receives an unsolicited customer order to buy a security in the secondary market, this is an a) Exempt security. b) Exempt transaction whether the security involved is exempt or nonexempt. c) Exempt transaction only for transactions in exempt securities. d) Exempt transaction only for transactions in nonexempt securities.
b) Exempt transaction whether the security involved is exempt or nonexempt.
Under the Uniform Securities Act, an individual representing an issuer is NOT an agent if the issuer is: I. A government. II. An insurance company. III. A bank. a) II & III only b) I, II & III c) I & II only d) I & III only
b) I, II & III
Under the USA, the Administrator may cancel the registration of a registrant if the registrant: I. Dies; II. Becomes mentally incompetent; III. Cannot be located; IV. Ceases to do business. a) I, II & III b) I, II, III & IV c) I & II d) II & III
b) I, II, III & IV
Which of the following would be considered a willful violation of the Uniform Securities Act? I. An agent recommends the purchase of a nonexempt, unregistered stock after being incorrectly informed by a reliable source that the stock was properly registered. II. An agent recommends the purchase of a stock the agent knows is not properly registered but no sale results. III. An agent recommends the purchase of a stock the agent believes is exempt prior to the time the agent discovers that the Administrator has revoked the stock's exemption. a) I, II & III b) II only c) I & II d) II & III
b) II only
Under the USA, the State Administrator has the authority to do all of the following EXCEPT a) Conduct investigations and issue subpoenas. b) Issue cease and desist orders and injunctions. c) Deny, suspend, cancel, or revoke registrations. d) Issue an order barring someone from the securities business in this state.
b) Issue cease and desist orders and injunctions.
All of the following are false about the brochure rule EXCEPT a) All contracts must have a 5-day free look. b) It does not apply to contracts for impersonal advisory services with fees of less than $500. c) The adviser may use Part 1 of Form ADV as the written disclosure statement. d) The brochure must be delivered within 10 days of entering into an advisory contract.
b) It does not apply to contracts for impersonal advisory services with fees of less than $500.
An investment adviser is permitted to take physical custody of a customer's monies or securities a) If the adviser is registered with the SEC. b) Only if the Administrator does not prohibit this by rule and the adviser notifies the Administrator that the adviser has or will take custody. c) If the adviser is properly registered with the state administrator. d) Under no circumstances.
b) Only if the Administrator does not prohibit this by rule and the adviser notifies the Administrator that the adviser has or will take custody.
Under the USA, broker/dealer firms seeking to register in this state must disclose which of the following? a) All misdemeanors b) Orders issued by other states c) The credit history of all its officers and directors d) The complete background information on all its employees regardless of job classification
b) Orders issued by other states
Under the Uniform Securities Act, which of the following is true regarding the civil liability of agents? a) The Administrator may file a civil lawsuit to recover damages on behalf of wronged investors. b) Persons who control a civilly liable person may also be sued to recover damages. c) The amount a customer may recover is limited to the amount paid for the security plus interest. d) An agent may be sued up to 5 years after a sale is made.
b) Persons who control a civilly liable person may also be sued to recover damages.
A broker/dealer that is a resident of Canada and has no office in this state may effect transactions in securities with or for a person from Canada who temporarily resides in this state with whom the Canadian broker/dealer had a bona fide broker/dealer client relationship before the person entered the United States if the broker/dealer is a) Registered with the SEC. b) Registered in this state. c) Registered in all states that the customer visits. d) Affiliated with a broker/dealer registered in this state.
b) Registered in this state.
Under the Investment Advisers Act of 1940, each of the following would constitute custody of client funds by an adviser EXCEPT a) The adviser receives the proceeds from the sale of client securities. b) The adviser has full discretionary authority for the account. c) A client going on vacation leaves her checkbook with the adviser. d) A client's checking account is automatically debited for the advisory fee each month.
b) The adviser has full discretionary authority for the account.
In order to avoid an unpleasant confrontation with a client concerning a security contained in her portfolio, the agent tells the client it is valued higher than it actually is. The client then sells the security and suffers a loss. Which of the following is true? a) The agent firm will have to make up the difference. b) The agent may be subject to civil or criminal action. c) This is covered under the dealer's errors and omissions insurance. d) The agent may make it up to the client on the next trade.
b) The agent may be subject to civil or criminal action.
Which of the following would be defined as a nonissuer transaction? a) The sale of open-end mutual fund shares b) The sale of a security effected on the New York Stock Exchange floor c) The sale of limited partnership interests in a private placement d) An initial public offering of common stock by a corporation
b) The sale of a security effected on the New York Stock Exchange floor
If an agent sells securities and discovers that the agent has made a sale in violation of the USA, the agent may avoid civil liability by offering the buyer all of the following EXCEPT a) Attorney's fees. b) Treble damages. c) The original purchase price of the securities. d) Interest less any income received.
b) Treble damages.
Under the USA, which of the following broker/dealers must register in this state? a) A broker/dealer with no office in this state who deals exclusively with other broker/dealers in this state b) A broker/dealer with no office in this state who deals only with persons in this state who are existing customers and are in this state on vacation c) A nonresident broker/dealer with no office in this state who directs 12 solicitations a year to residents of this state d) A broker/dealer with no office in this state whose only clients are insurance companies in this state
c) A nonresident broker/dealer with no office in this state who directs 12 solicitations a year to residents of this state
ABC Inc. wants to sell its own nonexempt stock to the public. Six of ABC's full-time employees sell the stock for ABC and receive a commission. These people would be considered a) Agents for the broker/dealer. b) Broker/dealers. c) Agents of the issuer. d) Issuers.
c) Agents of the issuer.
It would be considered to be an unethical business practice for an adviser to borrow money from a client who is a) A broker/dealer. b) An affiliate. c) An issuer. d) A bank.
c) An issuer.
The type of state securities registration that relies on the prospectus information filed with the SEC under federal law is registration by a) Qualification. b) Verification. c) Coordination. d) Filing.
c) Coordination.
Who has to notify the Administrator when an investment adviser representative terminates employment with the investment advisory firm? a) The investment advisory firm only b) The investment adviser representative only c) Either the investment advisory firm or the investment adviser representative d) Both the investment advisory firm and the investment adviser representative
c) Either the investment advisory firm or the investment adviser representative
An agent representing a broker/dealer in Arizona wishes to do business in California exclusively in the trading of certain exempt securities. The agent would a) Be allowed to do business because the securities are exempt. b) Not have to register in California. c) Have to register in California. d) Not have to register only if the broker/dealer were registered in California.
c) Have to register in California.
Under the Uniform Securities Act, a civil suit to recover damages may not be brought by a purchaser of a security if: I. The purchase was made more than 3 years ago. II. The seller of the security has died. III. The purchaser willingly signed a statement waiving the seller's compliance with the provision of the Act on which the suit is based. a) II & III b) I, II & III c) I only d) I & II
c) I only
Prior to a firm holding a securities seminar, one of the firm's telemarketers is directed to call invitees to gather more information. Which of the following questions could the telemarketer ask the invitees without being licensed as an agent? I. Do you plan to attend the seminar? II. What types of investments do you currently have? III. What is your investment objective? IV. After the seminar is over, would you be willing to submit an order if you are interested? a) I & II b) II & III c) I, II & III d) I, II, III & IV
c) I, II & III
If a broker/dealer has no office in this state and is not registered in this state, the broker/dealer may transact business with which of the following? I. Other broker/dealers located in this state; II. Pre-existing customers temporarily in this state; III. Insurance companies located in this state; IV. Investment companies located in this state a) II & IV b) I, III & IV c) I, II, III & IV d) I & III
c) I, II, III & IV
Under the Uniform Securities Act, a general circulation business or financial newspaper does not have to register as an investment adviser because a) Its advice is considered to be incidental. b) Its advice is not directed to specific readers. c) It is a bona fide newspaper. d) Its advice is generic.
c) It is a bona fide newspaper.
A broker/dealer firm sells securities to a customer who was referred to them by an attorney. In order to compensate the attorney for the referral, the broker/dealer firm may a) Refer their customers who need legal advice to the attorney. b) Give the attorney an all-expense paid trip to Hawaii. c) May not compensate the attorney, directly or indirectly. d) Pay the attorney a referral fee.
c) May not compensate the attorney, directly or indirectly.
An investment adviser that has a disciplinary action against the firm or an associated person of the firm must do which of the following? a) File a Form ADV with the SEC and the client within 30 days of the change b) Promptly file an amended Form ADV with the SEC and notify the client within 30 days c) Promptly file an interim amendment to Form ADV with the SEC and promptly notify the client d) File a Form ADV with the SEC and the client within 90 days of the end of his or her fiscal year
c) Promptly file an interim amendment to Form ADV with the SEC and promptly notify the client
The issuer of which type of federal covered security is required to make notice filings and pay notice filing fees to the Administrator? a) Stock of a company that already trades in the NASDAQ stock market b) Municipal bonds c) Shares of a mutual fund d) Stock of a company that already trades on the NYSE
c) Shares of a mutual fund
Under the USA, all of the following are true regarding revocation or suspension proceedings conducted by the Administrator against an agent EXCEPT a) An opportunity for a hearing must be given. b) The Administrator must publish findings of fact and conclusions of law. c) The agent, on his or her own initiative, may request a withdrawal of registration. d) Appropriate prior notice must be given to the agent and his or her employing firm.
c) The agent, on his or her own initiative, may request a withdrawal of registration.
The Administrator may revoke or suspend the registration exemption for which of the following securities? a) Federal covered b) Treasury bills c) Those issued by nonprofit religious or charitable organizations d) Municipal bonds
c) Those issued by nonprofit religious or charitable organizations
Under the Uniform Securities Act, which of the following is true regarding the registration of agents? a) An agent's registration remains in effect even during a period when he or she is not employed by a registered broker/dealer. b) Registration in the state where an agent has his or her business office enables the agent to do business in any state. c) To register, an agent must submit a completed application for registration, a filing fee, and a signed consent to service of process. d) An agent is automatically registered when he or she becomes employed by a registered broker/dealer.
c) To register, an agent must submit a completed application for registration, a filing fee, and a signed consent to service of process.
Under the Uniform Securities Act, which of the following is a broker/dealer? a) An issuer buying back stock it issued previously b) A trust company effecting securities transactions for its customers c) A private investor buying and selling securities for his or her own account d) A person in the business of effecting securities transactions for its own account
d) A person in the business of effecting securities transactions for its own account
Under the Uniform Securities Act, a purchaser of a security that was sold in violation of the Act is entitled to recover which of the following? a) The price of the security b) The price of the security plus interest c) The price of the security plus interest, costs, and attorney's fees d) All of the above
d) All of the above
An application for withdrawal of an agent's license must be made in writing by a) The agent involved. b) The dealer with whom the agent is employed. c) The Administrator. d) Both the agent involved and the dealer with whom the agent is employed.
d) Both the agent involved and the dealer with whom the agent is employed.
Which of the following statements is false regarding criminal penalties under the Uniform Securities Act? a) The Administrator does not have the power to pursue criminal prosecution; he or she may only refer evidence to the attorney general or appropriate district attorney. b) The statute of limitations on criminal indictments is 5 years. c) Criminal penalties may be incurred by willfully violating any provision of the Act. d) Criminal penalties may not be imposed if someone damaged by the violation has already recovered damages under the civil liabilities provisions.
d) Criminal penalties may not be imposed if someone damaged by the violation has already recovered damages under the civil liabilities provisions.
Under the Uniform Securities Act, which of the following is true of a broker/dealer? I. The primary business of a broker/dealer may be effecting securities transactions for clients or for his or her own account. II. A broker/dealer may be either an individual or a firm. III. A broker/dealer may not also be registered as an investment adviser. a) I & III b) II & III c) I, II & III d) I & II
d) I & II
Which of the following is/are true regarding the anti-fraud provisions of the Uniform Securities Act? I. In a securities transaction, it is not necessary for a deceitful presentation to result in a sale for a violation to have occurred. II. Governmental bodies or political subdivisions are exempt from the anti-fraud provisions of the Act. III. Fraud is broadly defined and includes not only deceit but also a failure to make adequate disclosure. a) III only b) I, II & III c) I & II only d) I & III only
d) I & III only
A security cannot be offered in a state unless it: I. Has been registered in the state. II. Is an exempt security. III. Is offered in an exempt transaction. a) I only b) II only c) I & II d) I, II & III
d) I, II & III
The State Administrator may require issuers of federal covered securities to make a notice filing with the state consisting of which of the following? I. Fees; II. Consent to service of process; III. All documents filed with the SEC; IV. A copy of the state exemption relied upon. a) I, II, III & IV b) I & II c) II & IV d) I, II & III
d) I, II & III
Under the Uniform Securities Act, all suspensions of an agent's registration require that the Administrator: I. Notify the registrant. II. Give the registrant the opportunity for a hearing. III. Notify the registrant's employer. IV. Refer the matter to the attorney general for criminal prosecution. a) I, II, III & IV b) I & II c) II & IV d) I, II & III
d) I, II & III
Under the Uniform Securities Act, broker/dealers: I. May be classified as investment advisers if they provide investment advice for which they are paid a fee separate from any commissions they earn on securities transactions. II. Employ agents to represent them. III. Generally need to be registered in each state in which they do business. a) II only b) I & II c) I & III d) I, II, & III
d) I, II, & III
A consent to service of process is filed for each initial: I. Agent registration. II. Broker/dealer registration. III. Investment adviser registration. IV. Securities registration. a) I only b) II only c) II & III d) I, II, III & IV
d) I, II, III & IV
Which of the following are securities under the Uniform Securities Act (USA)? I. Collateral mortgage obligation or CMO II. A futures contract III. A whiskey warehouse receipts IV. Interest in an oil and gas drilling program a) I and III b) II and III c) II and IV d) I, III and IV
d) I, III and IV
After an agent passes the Series 65 exam, when can the agent begin to sell? I. Immediately; II. When he or she is affiliated with a broker/dealer; III. When he or she has been granted a registration from the state Administrator; IV. When he or she gets permission from the principal in the office a) II & IV b) I only c) I & IV d) II & III
d) II & III
Which of the following individuals are defined as an agent? I. An individual who represents an issuer in selling exempt securities; II. An individual who represents an issuer in selling nonexempt securities; III. An individual who represents a broker/dealer in selling exempt securities; IV. An individual who represents a broker/dealer in selling nonexempt securities a) I, II, III & IV b) II & IV only c) III & IV only d) II, III & IV
d) II, III & IV
If a nonresident agent engages in conduct prohibited under the Act, that individual can be subpoenaed a) Only in the state where the violation occurred. b) Only in the Administrator's state. c) Only in the agent's state of residence. d) In either the agent's or Administrator's state.
d) In either the agent's or Administrator's state.
Under the Uniform Securities Act, the Administrator may require all of the following to post a surety bond EXCEPT a) Investment advisers. b) Agents. c) Broker/dealers. d) Investment adviser representatives.
d) Investment adviser representatives.
Under the USA, the Administrator may do all of the following EXCEPT a) Inspect records at any time. b) Issue subpoenas. c) Issue cease and desist orders. d) Issue injunctions.
d) Issue injunctions.
Under Prudent Investor Rules, the trustee must do which of the following? a) Disclose all transactions that present a conflict of interest to the beneficiaries b) Maintain a fixed list of securities in the portfolio c) Give preference to securities with special meaning to the beneficiaries d) Manage the trust for the benefit of the beneficiaries
d) Manage the trust for the benefit of the beneficiaries
Under the Uniform Prudent Investor Act, trustees of a trust are permitted to do all of the following EXCEPT a) Diversify the trust's investments. b) Manage the trust assets in the best interests of the beneficiaries of the trust. c) Act impartially in investing and managing the trust assets. d) Sell their own property to the trust.
d) Sell their own property to the trust.
