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Wellcare ACT Mastery Exam Review Questions and Answers (Verified)
- Exempt securities must re-establish their exemption annually in order to be
sold lawfully in the state. ANS remember this
- A material fact is deliberately omitted in a sales presentation because it was
publicly known 4 years ago = PROHIBITED ANS remember
- A registration statement for new issues of securities under the USA is effec-
tive for more than one year after its effective date ANS if the issuer or broker/dealer offering the securities has an unsold allotment
- covering those instances where an investment adviser might act an as agent
for both sides of a trade involving his advisory clients. In order to perform in this manner, the USA ANS prohibits the IA from making the recommendation to BOTH sides.
- State securities Administrators can require ANS agents to post a surety
bond if they have discretion over client funds and securities. 1 / 2
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- Uniform Securities Act imposes certain recordkeeping requirements upon
registered broker/dealers. Among the records that must be retained are all of these EXCEPT ANS unsolicited testimonials from customers.
- able to split commission with principal under same roof ANS remember that
- A person applying for an initial registration as an agent might be asked to
provide all of the following ANS -proposed method of doing business.-a consent to service of process.-citizenship information.NOT REQUIRED; fingerprints
- According to the Uniform Securities Act, agents may NOT ANS (1) act as
custo- dian of a customer's funds and securities ** (2) share commissions from the purchase or sale of securities with any agent not registered as an agent for the same broker/dealer, or for a broker/dealer under direct or indirect common control.(3) share in the profits and losses of an account without written consent of the client and authorization from the employing broker/dealer.(4) mply that a conservative investment strategy will guarantee a specific investment result will be achieved.
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