335 real estate law EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Capital gains tax benefits include up to $___ exclusion of profit on the sale of a home owned an occupied as a principal residence for at least two of the five years before the sale - Correct Answers ✅$500,000 First time homebuyers are allowed penalty free withdraws up to $___from an IRA - Correct Answers ✅10,000 Under The Texas mortgage credit certificate MCC program eligible first time home buyers may claim a federal tax credit for up to___percent of annual mortgage interest paid - Correct Answers ✅40 With the passage of the taxpayer relief act of 1997, single home owners are able to exclude up to $___of capital gains realized on the sale or exchange of a principal residence - Correct Answers ✅$250,000 The exclusion is allowed each time a Home owner sells or exchanges a principal residence but generally no more frequently than once every___years - Correct Answers ✅Two Which age group has the highest homeownership rate nationwide - Correct Answers ✅70 to 74-year-olds with
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335 real estate law EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) Which of the following statements is true The Texas deceptive trade practices act is the codification of the common law doctrine of caveat emptor The DTPA provides for automatic traveling of awards for actual damages A threshold question under the DTPA is whether an individual seeking remedies under the act as a consumer A licensee is exempt from the DTPA lawsuits because the licensee is rendering a professional service - Correct Answers ✅A threshold question is whether an individual is seeking remedies under the act as a consumer In order to recover exemplary damages, the plaintiff must prove that the defendant acted with - Correct Answers ✅Actual awareness of the false nature of the representation or promise How much in personal property Maia Texas family exempt - Correct Answers ✅$100,000 in personal property, 2 / 4
335 real estate law EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) exclusive of liens, security interest, or other charges income bring the property Which of the following entities is not a consumer under the DTPA A person buying a toaster A corporate licensee with a net worth of 25 million that owns and operates a best realty franchise A billionaire purchasing a 35 million estate as a primary residence Homeowners acting as their own contractor in order to build a $550,000 residence - Correct Answers ✅A corporate licensee with the net worth of 25 million that owns and operates a best realty franchise is not a consumer under the DTPA, section 17.46B of the Texas business in commerce If a plaintive can prove that a third-party had actual awareness of the falsity of a representation or promise made by another person, that the third-party failed to disclose the falsity of the representation or promise to the defrauded property, and the third-party benefited from the false 3 / 4
335 real estate law EXAM QUESTIONS AND ANSWERS 100% SOLVED (Newest 2025) representation or promise, the plaintive me recover from the third-party - Correct Answers ✅Exemplary damages only What does the caveat emptor doctrine mean for real estate buyers - Correct Answers ✅At common law, real estate transactions were governed by the doctrine of caveat exempt or a Latin term for let the buyer beware. Essentially the doctrine meant that a buyer could not bring a lawsuit to recover damages for property defects or misrepresentation unless those defects were latent, hidden, and within the knowledge of the seller Texas business in commerce code is commonly known as - Correct Answers ✅The laundry list Chris doesn't have much money and cannot hire other experts like a lawyer so he's asking his agent Linda lots of questions about the legal and tax implications of the sale.She helps him as best as she can without veering into unauthorized practice of law. What forms for Linda using this transaction - Correct Answers ✅TREC forms. Section 537.118 requires a licensee to use only those forms promulgated by Texas real estate commission when negotiating contracts binding the sale, exchange, option, lease or rental of any interest in real estate property
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