What are you going to cut?

I was wondering that too as it looks quite nice and tidy as it is. Hard to get a sense of scale tho.

I didn't mean to have that link up there. It's just a pic on the web. Just mainly wanted to know if I were to trim the leaves, would I be risking no re-growth? I assume everything grows back(leave wise) but I'm knew to this whole plant/palm venture

you can trim the leaves, but you will have to trim them shorter and shorter to keep the palm at 7 feet, and eventually the trunk will be 7 feet tall. Majesty palms can reach 100 feet tall, they're not really the best species to plant if you are looking to control height. Return it or plant it somewhere else, and put a Pygmy date or other dwarf palm in its place.

No everything does not grow back 'leaf wise'. If you trim the end of a frond, that is it-it won't grow back but the whole frond will eventually go brown and die and can be removed. Trimming the end of a frond would make the palm look pretty ugly IMO. The top of the trunk where the fronds emerge is the growing point of the palm and if you damage that the palm will die, so you cannot pull fronds out of there in order to restrict size. As stated above the Majesty palm is a huge palm so you might be better off with a smaller palm and if you want to grow it inside choose a low light variety.
Good luck.