200+ Free Series 22 Practice Questions
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Key Facts: Series 22 Exam
65-70%
First-Time Pass Rate
Industry estimate
70%
Passing Score
35/50 questions
40-60 hrs
Study Time
Recommended
$100
Exam Fee
FINRA
1h 30m
Exam Duration
FINRA
SIE Required
Prerequisite
FINRA
The Series 22 exam has an estimated 65-70% first-time pass rate. It requires 70% (35/50 questions) to pass. The exam covers DPP characteristics, real estate programs, oil and gas programs, equipment leasing, suitability, and regulations. Plan for 40-60 hours of study over 4-6 weeks.
About the Series 22 Exam
Qualifies representatives to sell direct participation programs including real estate limited partnerships, oil and gas programs, and equipment leasing. Covers DPP characteristics, tax treatment, suitability, and regulatory requirements.
Questions
50 scored questions
Time Limit
1 hour 30 minutes
Passing Score
70%
Exam Fee
$100 (FINRA)
Series 22 Exam Content Outline
DPP Characteristics and Structure
Limited partnerships, pass-through taxation, liability, and structure
Real Estate Programs
Affordable housing, development, operating properties, land, and mortgage programs
Oil and Gas Programs
Exploratory, development, income programs, IDCs, depletion, and interests
Equipment Leasing
Leasing structures, residual value, tax treatment, and risks
Regulations and Suitability
NASD Rule 2810, suitability, due diligence, and disclosure requirements
How to Pass the Series 22 Exam
What You Need to Know
- Passing score: 70%
- Exam length: 50 questions
- Time limit: 1 hour 30 minutes
- Exam fee: $100
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
Series 22 Study Tips from Top Performers
Frequently Asked Questions
What does the Series 22 exam cover?
The Series 22 exam covers Direct Participation Programs including real estate limited partnerships, oil and gas programs, equipment leasing, DPP structure and taxation, suitability requirements, and regulations including NASD Rule 2810.
How many questions are on the Series 22 exam?
The Series 22 exam has 50 scored multiple-choice questions plus 5 unscored pretest questions (55 total). You have 1 hour and 30 minutes to complete the exam, and you need 70% (35 correct) to pass.
What can I sell with a Series 22 license?
The Series 22 license qualifies you to sell direct participation programs including real estate limited partnerships, oil and gas drilling and income programs, equipment leasing programs, and other DPP interests. It does not qualify you to sell stocks, bonds, or mutual funds.
How hard is the Series 22 exam?
The Series 22 exam is moderately difficult with an estimated 65-70% pass rate. It requires understanding of complex tax concepts (pass-through taxation, passive loss rules), different program types with varying risk profiles, and regulatory requirements. Plan for 40-60 hours of study.
How long should I study for the Series 22 exam?
Plan for 40-60 hours of study over 4-6 weeks. Focus on understanding DPP structure, tax treatment (IDCs, depletion, passive losses), different program types and their risks, and suitability requirements. Complete all 200 practice questions before scheduling your exam.
Do I need the SIE before taking Series 22?
Yes, you must pass the SIE exam and have firm sponsorship before taking the Series 22. The SIE provides foundational securities industry knowledge, while Series 22 focuses specifically on direct participation programs.