Series 22 Direct Participation Programs Representative exam
Series 22 Exam Prep for Direct Participation Programs
The Series 22 licenses you to sell direct participation programs: limited partnerships and similar structures in real estate, oil and gas, and equipment leasing. What makes it distinctive is that the tax treatment is the product — income, losses and depletion flow through to the investor, and the exam tests whether you understand who bears which cost. Finance Exam Pro teaches the mechanics behind each structure, because a DPP question is almost always really a question about how the economics are shared.
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- 50
- Questions
- 1h 30m
- Time limit
- 70%
- To pass
965 approved practice questions and 42 lessons in this track today.
The Series 22 requires association with and sponsorship by a FINRA member firm, and the SIE is a corequisite — you must pass both, in either order.
Written to the official exam outline and editorially verified
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A real Series 22 question
Pick an answer and every choice gets explained — the right one and the traps. This is exactly how practice works inside the app.
Evaluating Economic Soundness, Assets and Sponsor Track Record
Try it — no account neededTrue or False: A program's high current distribution rate to investors always indicates strong underlying operating performance.
The blueprint
What's on the Series 22 exam
Our lessons and mock exams follow these weightings, so your study time lands where the marks are.
- Seeks Business for the Broker-Dealer from Customers and Potential Customers34%
- Opens Accounts After Obtaining and Evaluating Customers' Financial Profile and Investment Objectives8%
- Provides Customers with Information About Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records54%
- Obtains and Verifies Customers' Purchase Instructions and Agreements; Processes, Completes and Confirms Transactions4%
Free tool
Will you be ready in time?
Three questions, and an honest answer — including if the answer is no.
Timelines are general guidance drawn from our own study guides, not a promise — your background and consistency matter more than any number here.
How it works
How Finance Exam Pro gets you ready
Short, guided lessons
One concept per screen, in plain English — you always know what to study next.
Practice that adapts
Miss a question and it comes back; master a topic and it steps aside. Every answer is explained.
Spaced-repetition flashcards
Key terms resurface right before you'd forget them, so review time is never wasted.
Realistic mock exams
Full-length, section-weighted, and timed — with a readiness score that tells you when you're ready.
Questions
Series 22 exam FAQ
How many questions are on the Series 22?+
The Series 22 has 50 scored questions plus 5 unscored pretest items, and you have 1 hour 30 minutes.
What is a passing score on the Series 22?+
70. More than half the exam sits in one function — providing information and making recommendations — so that is where your study time belongs.
Do I need a sponsor for the Series 22?+
Yes. You must be associated with and sponsored by a FINRA member firm, and the SIE is a corequisite — you must pass both, though they can be taken in either order.
What makes the Series 22 hard?+
The tax material. At-risk limits, passive-loss rules, depletion and the different oil and gas sharing arrangements all turn on economics rather than memorisation, and the reflexive corporate-tax answer is usually wrong because a DPP is a pass-through entity.
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