You have a +1 bonus to attack and damage rolls made with this weapon.
When you roll a 20 with this magic weapon, the target takes an extra 7 Piercing damage.
Note: According to the SRD, it is an extra 2d6 Piercing damage, although this is incorrect.
A Range weapon has a range in parentheses after the Ammunition or Thrown property. The range lists two numbers. The first is the weapon's normal range in feet, and the second is the weapon's long range. When attacking a target beyond normal range, you have Disadvantage on the attack roll. You can't attack a target beyond the long range.
You can use a weapon that has the Ammunition property to make a ranged attack only if you have ammunition to fire from it. The type of ammunition required is specified with the weapon's range. Each attack expends one piece of ammunition. Drawing the ammunition is part of the attack (you need a free hand to load a one-handed weapon). After a fight, you can spend 1 minute to recover half the ammunition (round down) you used in the fight; the rest is lost.
When you take the Attack action on your turn and attack with a Light weapon, you can make one extra attack as a Bonus Action later on the same turn. That extra attack must be made with a different Light weapon, and you don't add your ability modifier to the extra attack's damage unless that modifier is negative. For example, you can attack with a Shortsword in one hand and a Dagger in the other using the Attack action and a Bonus Action, but you don't add your Strength or Dexterity modifier to the damage roll of the Bonus Action unless that modifier is negative.
You can fire only one piece of ammunition from a Loading weapon when you use an action, a Bonus Action, or a Reaction to fire it, regardless of the number of attacks you can normally make.
If you hit a creature with this weapon and deal damage to the creature, you have Advantage on your next attack roll against that creature before the end of your next turn.