Series 22 Exam

Definition - What does Series 22 Exam mean?

The Direct Participation Limited Representative Exam, or Series 22 exam, is designed and administered by the FINRA. This test was created to test the knowledge of those individuals who seek to work with various Direct Participation Programs such as oil and gas, limited partnerships and real estate.

Topics for the Series 22 exam include:
  • Regulation of Direct Participation Programs - 32 Questions
  • Tax Issues Applicable to Direct Participation Programs - 20 Questions
  • Offering Practices Applicable to Direct Participation Programs - 14 Questions
  • Investment Entities for Direct Participation Programs - 12 Questions
  • Types of Direct Participation Programs - 11 Questions
  • Factors to Consider in Evaluating Direct Participation Programs - 11 Question
This is a 100 question, multiple-choice exam that must be completed within 2 hours and 15 minutes. To be successful candidates must score a minimum of 70% of their Series 22 exam. The cost for this test is $95.00. Keep in mind this price only reflects the cost of the test its self and does not include any additional registration or testing fees.

Testopedia explains Series 22 Exam

The Series 22 exam can be taken year round at Pearson Vue testing centers. While this test is available year round, it cannot be taken on Sundays. Candidates should be aware of this fact and keep it in mind when they are scheduling their exam and choosing their testing center.

Please note that in order to sit for the Series 22 exam you must be sponsored by a financial company who is also a member of FINRA or a separate Self-Regulatory Organization.

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