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Series 22 Exam: Direct Participation Limited Representative

An exam administered by the Financial Industry Regulatory Authority (FINRA)(previously the National Association of Securities Dealers (NASD)). Successful completion will qualify a registered individual to deal various forms of Direct Participation Programs (DPPs) such as real estate, oil and gas, and limited partnerships.
Exam Information
Time Limit: 2 hours and 15 minutes
Number of Questions: 100 questions
Passing Score: 70%
Format: Multiple Choice
Examination Fee: $75 US as of August 2007. Note that this is the examination enrollment fee ONLY--other fees may also apply. Please visit the FINRA Registration/Exam Fee Schedule for more information.
Prerequisites: You must be sponsored by a financial company who is a member of FINRA, or a Self-Regulatory Organization (SRO).
Corequisites: N/A
Exam Date(s): Any weekday
Exam Locations: Find your U.S. or international exam center here
Official Exam Website: http://www.finra.org
Additional Exam Details
For an in-depth breakdown of the above topics, refer to the PDF study outline provided by the FINRA here
Terms to Know
• Adverse Selection

• Best Efforts

• Direct Participation Program - DPP

• Due Diligence		 • Keogh Plan

• Limited Liability

• Real Estate Investment Trust - REIT
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