exempt adj.

word-forming element, in English meaning usually "out of, from," but also "upwards, completely, deprive of, without," and "former;" from Latin ex "out of, from within; from which time, since; according to; in regard to," from PIE *eghs "out" (source also of Gaulish ex-, Old Irish ess-, Old Church Slavonic izu, Russian iz). In some cases also from Greek cognate ex, ek. PIE *eghs had comparative form *eks-tero and superlative *eks-t(e)r-emo-. Often reduced to e- before -b-, -d-, -g-, consonantal -i-, -l-, -m-, -n-, -v- (as in elude, emerge, evaporate, etc.).

Proto-Indo-European root meaning "to take, distribute." 

It forms all or part of: assume; consume; emption; example; exemplar; exemplary; exemplify; exempt; exemption; impromptu; peremptory; pre-emption; premium; presume; presumption; prompt; pronto; ransom; redeem; redemption; resume; sample; sejm; subsume; sumptuary; sumptuous; vintage.

It is the hypothetical source of/evidence for its existence is provided by: Sanskrit yamati "holds, subdues;" Latin emere "buy," originally "take," sumere "to take, obtain, buy;" Old Church Slavonic imo "to take;" Lithuanian imu, imti "to take."

For the sense shift from "take" to "buy" in the Latin verbs, compare Old English sellan "to give," source of Modern English sell "to give in exchange for money;" Hebrew laqah "he bought," originally "he took;" and colloquial English I'll take it for "I'll buy it." 

1520s, Latin, literally "let the buyer beware;" see caveat and second element of exempt (adj.).