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Series 22 Sample Questions

Our Questions Mimic the Real Exam

Our courses reinforce retention over memorization with in-depth content and practice questions that mimic the actual test — so there are no surprises come exam day.

Closed & Open Stem

Most/Least/Best

Except or Not

Complex Multiple Choice


More about Testing Methods
Team members collaborating

All of the following are characteristics of a Delaware Statutory Trust (DST), except:

A.

It is a business entity.

B.

The investors do not own the properties.

C.

Investors have voting rights.

D.

It may accept an unlimited number of investors.

Answer: The Correct Answer is C

Rationale: All of the following are characteristics of DST: • Properties owned by trust, allowing unlimited number of investors • Trust is a business entity, unlike a tenancy in common • Investors have passive interests, except that the trustee may also be an investor • Investors have no voting rights • Trustee cannot acquire new properties, renegotiate a lease, or invest cash to profit from market fluctuations

In an oil and gas partnership, which of the following expenses cannot be deducted from a limited partner’s passive income?

A.

Equipment rentals for drilling

B.

Wages for drilling

C.

Well equipment

D.

Wages once a well is in production

Answer: The Best Answer is D

Rationale: Drilling costs are expenses related to drilling and preparing oil and gas wells. They include wages, fuel, rental, repairs and hauling of equipment, supplies related to drilling and development work done by contractors. They are tax-deductible only for the drilling and preparation of a well for oil and gas production. When a well is in production, these write-offs are not allowed.

A certain DPP offering is being conducted on a mini-max basis. The deadline for avoiding cancellation of the offering is coming up soon. Which of the following is an acceptable way for a dealer to bring the number of units sold up to the minimum before the deadline?

A.

Instruct purchasers to send their funds directly to the issuer, since this will be quicker than going through the escrow agent

B.

Count units that have been ordered but not yet paid for toward the minimum

C.

Ask the sponsor to purchase units

D.

Urge purchasers who have not yet paid for their orders to do so

Answer: The Best Answer is D

Rationale: In a DPP offering, the issuer, sponsor, or dealer may not: • Instruct investors to send their funds directly to the issuer • Consider the minimum sales threshold to have been met based on sales that have not yet been paid for in full • Purchase units to bring the offering’s sales up to the minimum threshold, have any of its employees or affiliates do so, or knowingly solicit purchases from investors who do not intend to pay—such sales are known as non–bona fide sales • Take out a loan with the intention of using the proceeds for non–bona fide sales

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