Series 22 case studies

Series 22 · Put your knowledge to work in context.

The Series 22 - formally the Direct Participation Programs Limited Representative Exam (DR) - is a FINRA qualification exam that assesses the competency of an entry-level registered representative to perform the job of a direct participation programs representative. It measures the degree to which a candidate possesses the knowledge needed to perform the critical functions of the role, including the solicitation, purchase and sale of limited partnerships, among other products. The Series 22 case studies are 5 cases and about 3,957 words.

The Retiree Who Wants a Third of Her Money in One Illiquid Program

Ruth is 71 and retired. Her liquid assets are 500,000 in a brokerage account, 90,000 in CDs maturing next month, and 50,000 in a money market fund.

815 words, about 4 min 2

The Steak-Dinner Seminar and the Non-Accredited Dentist

A sponsor of a developmental oil and gas drilling program invites you to a hotel ballroom dinner. The invitation went to 4,000 households in your territory and was posted on the sponsor's public website; the recipients have no pre-existing relationship with the sponsor or your firm.

774 words, about 4 min 3

The 1031 Exchange That Depends on a Deal Not Yet Closed

Marcus closes the sale of a small strip center on March 4, receiving 780,000 of net proceeds that are wired directly to a qualified intermediary. He wants all 780,000 reinvested in a direct participation program.

765 words, about 4 min 4

Joint Tenants, a Death Certificate, and a Gift the Son Is Not Ready For

Eight years ago you sold 1,000 limited partnership units ( 50,000) in a non-traded equipment leasing program to Harold and Diane, registered as joint tenants with right of survivorship. Harold died in February.

827 words, about 4 min 5

The Last-Minute Order With No Discretion and No Closing

Eastern on the final business day of an equipment leasing DPP offering, Ms. Okafor calls and says: “Buy fifty thousand of that leasing program - you pick the tranche, just get me the highest distribution.” Her account carries no written discretionary authorization, and her documented objective is moderate growth with income.

776 words, about 4 min