Free Series 22 Practice Test

Heads up: these are full-difficulty, exam-level questions — harder than most free Series 22 questions online, on purpose. A low score before studying is normal. Answer all 8 to see your score and a full explanation for each.

Question 1 of 8 · Partnership Taxation

A limited partner's share of a real estate program's operating loss exceeds the amount they have at risk. The excess loss is:

Question 2 of 8 · Partnership Taxation

Why does a direct participation program pass income and losses through to investors rather than paying tax itself?

Question 3 of 8 · Oil & Gas Programs

In a functional allocation oil and gas program, intangible drilling costs are allocated to the limited partners while tangible completion costs go to the general partner. The main reason is:

Question 4 of 8 · Oil & Gas Programs

An exploratory ('wildcat') program and an income program are both offered to a client. Which pairing of risk and objective is correct?

Question 5 of 8 · Suitability & Recommendations

A 71-year-old client with modest savings and no other liquid assets wants to invest most of their portfolio in a raw land limited partnership. The most significant suitability problem is:

Question 6 of 8 · Program Structure

In a limited partnership, what distinguishes a limited partner from a general partner?

Question 7 of 8 · Offerings & Documents

A client asks what the subscription agreement accomplishes in a DPP offering. The most accurate answer is:

Question 8 of 8 · Program Economics

A partnership dissolves. Rank these claimants from FIRST paid to LAST: limited partners, general partner, secured lenders, general creditors.