Financial Advisor Series 5

Question 1

Which Series exam is required for a person to act as a direct participation programs (DPP) representative?

Accepted Answer

Series 22

Answer

The Series 22 (Direct Participation Programs Representative) qualifies individuals to sell interests in limited partnerships and other DPPs.

Question 2

Which principal-level exam is required to supervise Series 22 (DPP) registered representatives?

Accepted Answer

Series 39

Answer

The Series 39 (Direct Participation Programs Principal) is the supervisory counterpart to the Series 22 representative exam.

Question 3

The SIE (Securities Industry Essentials) exam can be taken by which of the following individuals?

Accepted Answer

Anyone 18 or older, even without firm sponsorship

Answer

The SIE is open to anyone 18 years or older and does not require firm sponsorship, making it accessible to students and career changers.

Question 4

A registered representative's Series 7 registration is terminated by their firm. If they do not re-associate with a new firm within 2 years, what happens?

Accepted Answer

They must retake and pass the Series 7 exam to re-register

Answer

After a 2-year break from industry association, the Series 7 qualification lapses and the individual must retake the exam.

Question 5

Which Series exam covers the regulations specific to real estate investment trusts (REITs) sold as registered securities?

Accepted Answer

Series 7

Answer

Publicly traded REITs sold as registered equity securities fall under the Series 7 (General Securities Representative) scope.

Financial Advisor Practice Test

Financial Advisor Practice Test

Financial Advisor Series 5