A. Larry only
B. Larry and Mary only
C. Larry, Mary and Curly
D. Mary and Curly only

Answer(s): A

Explanation:
As a director of the firm, Larry would automatically be registered as an investment adviser representative
of MoeMoney Investment Advisers. Although directors and officers of the firm are automatically registered
as investment adviser representatives, Mary, as a sales representative, would have to apply for her own
registration. Curly does not need to be registered since he performs only clerical duties.

QUESTION: 5
Jack is employed by NewCorp, which is engaging in an initial public offering (IPO). Jack wil need to
register as a sales representative if he:

A. engages in transactions with the underwriters of the IPO for the purpose of taking the firm public.
B. represents NewCorp in any transactions with financial institutions.
C. participates in the selling of the new stock to individual investors.
D. Jack will need to register as a sales representative if he performs any one of the above activities.

Answer(s): C

Explanation:
Jack wil need to register as a sales representative if he participates in the sale of new stock to individual
investors. Those who deal directly with the public need to register as sales representatives under the
Uniform Securities Act. If Jack limits his involvement to transactions with the underwriters or financial
institutions, he need not register.

QUESTION: 6
Blue Sky Laws are designed to:

A. protect investors from fraud in their securities market transactions.
B. protect agents, broker-dealers, and investment advisers and their representatives from spurious
allegations of fraudulent activity.
C. enhance the tourism industry within a state.
D. favor investment in companies that engage in environmentally friendly practices.

Answer(s): A

Explanation:
The main purpose of Blue Sky Laws is to protect individual investors from fraud in their securities market
transactions. Requiring the registration of new security issues and the registration of those persons who
advise individual investors as well as those involved in the purchase and sale of securities to the public
are just some of the regulations designed to do this. There are no provisions designed to protect agents,
broker-dealers, or investment advisers and their representatives in any regard.

QUESTION: 7
An individual who represents a broker-dealer in the buying and sel ing of securities is called a(n):

A. underwriter
B. issuer

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