335 real estate law Questions with complete solution

335 real estate law Questions with complete solution 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 answer $500,000 First time homebuyers are allowed penalty free withdraws up to $___from an IRA - correct answer 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 answer 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 answer $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 answer Two Which age group has the highest homeownership rate nationwide - correct answer 70 to 74-year-olds with 82.5%. Which of the following statements is true The Texas deceptive trade practices act is the codification of the common law doctrine of caveat emptor