Series 7 Municipal Securities Practice Questions
F3 3.1–3.3 · Provides information, makes recommendations, transfers assets and keeps records · 91 of 125 scored questions across 6 topics
Ten Series 7 questions on municipal securities, untimed, with a worked answer after each one.
Or take the full Series 7 mock examA dealer sells a customer a municipal bond from its own inventory. Under MSRB Rule G-30, what must the dealer's markup be measured from?
Municipal securities on the Series 7
Municipal securities are tested inside Function 3. Expect the difference between general obligation and revenue bonds, short-term notes, how munis are analyzed and taxed, and the MSRB rules a representative follows.
- Outline
- F3 3.1–3.3: GO and revenue bonds, municipal notes, official statements, tax-equivalent yield, MSRB rules and 529 plans
- Share of the exam
- F3 Provides information, makes recommendations, transfers assets and keeps records: 91 of 125 scored questions (73%)
- Our drill
- 10 questions from 40 on this topic, untimed, a worked answer after each; one free attempt, unlimited with a pass
What to know
- General obligation bonds are backed by the issuer’s taxing power and analyzed by debt per capita and the tax base; revenue bonds are paid only from the facility’s revenues and analyzed by debt service coverage.
- Tax-equivalent yield = municipal yield ÷ (1 − the investor’s tax rate). A 3% muni for a 37% bracket investor equals 4.76% taxable.
- Interest on most munis is exempt from federal income tax; capital gains and market-discount accretion are taxable.
- TANs, RANs, BANs and GANs are short-term notes repaid from expected taxes, revenues, bond proceeds or grants.
- MSRB Rule G-17 requires fair dealing; Rule G-37 restricts municipal securities business after political contributions to an issuer official; Rule G-15 sets customer confirmation contents.
- 529 plans and ABLE accounts are municipal fund securities: earnings are tax-free when used for qualified expenses, and state tax benefits vary by plan.
Test yourself on municipal securities
Ten Series 7 questions on municipal securities, untimed, with a worked answer after each one.
Or take the full Series 7 mock examCommon questions
How many municipal securities questions are on the Series 7?
Municipal questions are part of Function 3 (91 of the 125 scored questions).
Are these real Series 7 questions?
No. FINRA and NASAA do not release exam questions. These are original practice questions written to the official content outline, with a worked explanation and the rule behind every answer.
More Series 7 topics
Outline and exam facts checked November 2026: FINRA: Series 7 exam · FINRA Series 7 Content Outline · FINRA Regulatory Notice 26-18.
Original independent practice questions written to the published FINRA content outline. Not affiliated with or endorsed by FINRA or NASAA.