Series 22

The Direct Participation Programs Limited Representative Qualification Examination, or Series 22, tests a candidate’s knowledge of the products, rules, and statutory provisions applicable to direct participation programs.

The Series 22 is a 2 1/4 hour, 100 multiple-choice question exam categorized as follows:

Category	Questions	% of Exam
Investment Entities for Direct Participation Programs	12	12%
Types of Direct Participation Programs	11	11%
Offering Practices Applicable to Direct Participation Programs	14	14%
Tax Issues Applicable to Direct Participation Programs	20	20%
Regulation of Direct Participation Programs	32	32%
Factors to Consider in Evaluating Direct Participation Programs	11	11%

To pass the Series 22, a 70% is required (70 out of 100 questions must be answered correctly).

Series 22 Exam Fee: $70.00
(Effective January 1, 2005)