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You are an investment adviser to Mr. Crochety, an elderly man who lives solely on his social security income although he managed to accumulate an investment portfolio worth about $100,000 over the years. Mr. Crochety recently got his hands on a business publication and read about the tax-free interest paid by municipal bonds. He calls you and instructs you to sell his other investments and invest all his money in a municipal bond portfolio, so that ''the government doesn't get any more of my hard-earned money.'' You tell Mr. Crochety that you don't believe this is a wise move because he's in such a low tax bracket that municipal bonds are not a good investment for him, but he is insistent. Based on these facts, you should

Aignore Mr. Crochety's instruction since it is not in his best interest.

Brequire Mr. Crochety to sign an affidavit of liability waiver, indicating that you will not be held responsible for any adverse consequences of this decision.

Chave Mr. Crochety sign a statement of investment policy that indicates that this transaction is being executed on the client's instructions and that you have advised the client against it.

Dcall Mr. Crochety's relatives and suggest they have him examined for mental instability.

Question 2

''T + 3'' refers to

Athe form, also known as a ''trade ticket,'' that is filled out when an order is entered into the market.

Bthe form that is filled out and sent to the client confirming that the trade has been executed.

Cthe fact that the settlement date will be three business days after the trade date, which is the ''regular way settlement'' for transactions involving stocks and corporate and municipal bonds.

Da procedure to minimize the potential for money laundering.

Question 3

You had the misfortune of working as a registered agent for an unscrupulous broker-dealer. You weren't privy to any of it, but apparently, your broker-dealer was guilty of some fraudulent activities and has had his license revoked. In this instance,

Ayou can simply find another broker-dealer to hire you and have your license transferred to him.

Byou are no longer a licensed agent with the state and must reapply for a license in order to work for another broker-dealer.

Cthe state Administrator will assign you and any other affected agents to work for other broker-dealers registered with the state.

Dyou must wait until the broker-dealer's day in court before you can work in the securities industry again because the Administrator will want to be certain that you knew nothing of it.

Question 4

BigCash Broker-Dealers is registered in the state and is in the process of purchasing a smaller broker-dealer, Target Investments, as a subsidiary. Target Investments is also registered in the state.

After completing the purchase, what actions must BigCash take regarding registration of its new subsidiary?

ABigCash need do nothing since Target Investments was already duly registered with the state as a broker-dealer.

BBigCash must file a new application with the state to register its new subsidiary, but will be able to utilize the remainder of any annual filing fees that Target Investments had paid for the year.

CBigCash must file a new application with the state to register its new subsidiary and must also pay the annual filing fees required by the Administrator.

DBigCash will need to pay the annual filing fees required by the Administrator, but will not need to file a new registration application.

Question 5

An investment adviser

I . provides investment advice to clients.

II . sells securities to clients.

III . buys and sells securities in their clients' accounts for the clients.

AI only.

BI and II only.

CI and III only.

DI, II, and III .

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