Series 22 Exam

The Series 22 has 50 scored multiplechoice questions plus 5 unscored experimental questions, with a time limit of 1 hour 30 minutes. You need 70% to pass. It qualifies you as a limited representative for direct participation programs (DPPs).

DPPs are securities that pass income, gains, losses, and tax benefits directly to investors — including real estate limited partnerships, oil and gas programs, equipment leasing programs, and agricultural programs. The Series 22 focuses on the tax and structural characteristics that make DPPs unique.

Yes. The SIE is a co-requisite — you need both to become a registered limited representative in DPPs.

The tax treatment of DPPs — passive income and losses, at-risk rules, phantom income, and depreciation recapture. Candidates without a tax or accounting background typically need extra time on this material. Suitability for DPPs is also heavily tested because these products have specific investor qualification requirements.

The Series 22 is a limited license — DPPs only. The Series 7 covers DPPs as one of many product types, so a Series 7 holder can already sell DPPs. Candidates take the Series 22 when their role focuses exclusively on DPP sales and the broader Series 7 isn’t needed.