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Series 22 & 63 Licenses and Exam

An essential element of real estate investing is the ability to use real property to defer tax obligations. Section 1031 of the U.S. Internal Revenue Service Code allows investors to defer capital gains taxes on any exchange of like-kind properties for business or investment purposes. Deferring the tax simply means putting off the tax obligation to a point in the future if the profit earned is used to acquire another property of equal or greater value.

Real estate professionals, when representing an investor client can earn a commission should the client acquire a new property directly; however there is a time frame of 6 months from the date of the close of their existing property to complete the exchange. Should time grow short the only solution, to avoid the client’s obligation from paying the capital gains tax today is to place them with a company specializing in acquiring properties to be used specifically for 1031 exchange. These opportunities are treated by the Securities and Exchange Commission as a direct participation investment thereby requiring the real estate practitioner to hold a Series 22, Direct Participation License and a Series 63, State License in order to earn a commission.

Inland Real Estate School offers a one day exam prep program for each of the two license categories.

 

Series 22

The Series 22 Course encompasses the essential principles, regulatory requirements and components that are incorporated in the FINRA examination. The Direct Participation Programs Limited Representative Course is designed to provide support for candidates preparing for FINRA’s qualification examination. This license is necessary to participate in the purchase and sale of DPP’s, including Section 1031 Exchange Real Estate Programs.

Topics for the Series 22 exam include:

Regulation of Direct Participation Programs

Tax Issues Applicable to Direct Participation Programs

Offering Practices Applicable to Direct Participation Programs

Investment Entities for Direct Participation Programs

Types of Direct Participation Programs

Factors to Consider in Evaluating Direct Participation Programs

 

Series 63

The Series 63 Course encompasses the essential principles, regulatory requirements and components that are incorporated in the FINRA examination. The Uniform Securities Agent State Law Course is designed to provide support for candidates preparing for FINRA’s qualification examination. This license is necessary to qualify candidates as securities agents.

The Series 63 exam was developed by the North American Securities Administrators Association (NASAA) and is also called the “Uniform Securities Agent State Law Examination.” It is administered by the Financial Industry Regulatory Authority (FINRA) and mainly covers state laws and regulations. Test-takers also need to be familiar with the Uniform Securities Act and the NASAA’s Statements of Policy and Model Rules.

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