Series 51 Exam Training

Series 51 Municipal Fund Limited Principal Exam Prep

The Series 51 Municipal Fund Securities Limited Principal Exam is a limited principal exam required by the MSRB for any person who manages representatives who handle Section 529 college savings plans. 529 Plans are deemed municipal securities and, therefore, are under the jurisdiction of the MSRB.

The Series 51 exam was developed for broker-dealers who do not deal in traditional municipal securities and thus do not have the Series 53 licensed principal. These broker-dealers are FINRA members that either have the Series 24 or Series 26 licensed principals. These individuals can “tack on” a limited municipal principal license to supervise the sale of 529 plans by becoming Series 51 principals.

Candidates may also sit for the Series 53 exam.

Prerequisite the Series 24 or the Series 26 | $255 test fee (Form U-4) | 1 hour 30 minutes time limit

Test Topics Approximate Test Questions
Municipal Fund Securities 15
Sales Supervision 15
Underwriting and Disclosure Rules 15
Fair Practice Rules 15
***Total Questions*** ***60***

Exam Study Book

The Series 51 exam consists of 60 questions to be completed in 90 minutes. The PassPerfect Series 51 course is divided into the following chapters:
  • Municipal Fund Securities
  • Sales Supervision
  • Underwriting and Disclosure Obligations
  • Fair Practice Rules
Following the text are 6 simulated Series 51 Finals with complete explanations. (Over 150 pages, with over 400 simulated examination questions).
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Online Databank of Final Exams

Designed to complement our study book, the Series 51 DATABANK of Practice Exams is a convenient and effective method of testing your overall comprehension of the material. Using the DATABANK prepares your for the actual test by presenting practice questions of similar complexity to that of the real exam.
  • The program consists of 6 Final Exams drawn from the major topics found on the actual exam.
  • Each question has a detailed explanation that not only explains which answer is correct, but also explains why the other answers are wrong for the more complex concepts.
  • No two tests in DATABANK Practice Exams are the same - the depth of the question pool ensures that each question you sees is unique.
  • All of the tests are weighted in the same manner as the material in the actual exam.   
Please Note: Under the terms of the PassPerfect End User Licensing Agreement, each product is licensed to a single user and can be used for up to 1 year or until they pass the exam, whichever comes first.