Series 65: Unit 10 Quiz 1

Under the Uniform Securities Act, which of the following would be included in the definition of an investment adviser representative? A. An agent who offers incidental advice on securities whose sole compensation is from commissions on transactions B. An employee, highly skilled in evaluating securities, who performs administrative or clerical functions for an investment adviser C. An individual who renders fee-based advice on precious metals D. A solicitor for an investment advisory firm who is compensated for the service rendered

A solicitor for an investment advisory firm who is compensated for the service rendered

Sally is registered as an agent with ABC Securities Co., a major brokerage house with offices in most states. ABC recently introduced a fee-based asset management program and has asked Sally to devote one hour per day soliciting her existing clients for this program. Under the USA, Sally would A. only be permitted to solicit those clients who currently have discretionary accounts with ABC. B. not be required to obtain any additional licensing beyond her agent's registration. C. be required to obtain registration as a registered investment adviser. D. be required to obtain registration as a registered investment adviser representative.

Be required to obtain registration as a registered investment adviser representative

Adnan is an investment adviser representative associated with a state-registered investment adviser. He is registered in several states. To be in compliance with the Uniform Securities Act, Adnan A. has no financial requirements with regard to a minimum net worth. B. must meet the financial requirements of all of the states in which he does business. C. must meet the financial requirements of the state with the most stringent requirements. D. must meet the financial requirements of the state in which the investment adviser's principal office is located.

Has no financial requirements w/ regard to a minimum net worth

Under the Uniform Securities Act, which of the following statements regarding the consent to service of process is not true? A. A consent to service of process makes legal process served on the Administrator legally binding as process served on the registrant personally. B. Only applicants whose principal office is in another state need to file a consent to service of process. C. Investment advisers and investment adviser representatives must file a consent to service of process to become registered. D. A consent to service of process does not need to be supplied each time a registrant's registration is renewed

Only applicants whose principal office is in another state need to file a consent to service of process

Serendipity Asset Planning (SAP) is a covered investment adviser doing business in 48 states. Alicia Adams is an IAR with SAP and splits her time between an office in state X and state Z. Adams has retail clients as follows: 10 clients in state W 30 clients in state X 65 clients in state Y 4 clients in state Z Adams would have to register as an IAR in A. states W and Z. B. states X and Z. C. states W, X, and Y. D. states X and Y.

States X and Z

An investment adviser representative of a federal covered investment adviser registers with A. the SEC. B. FINRA. C. the Administrator. D. NASAA.

The Administrator