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Dubai RERA Class Exam Questions and Answers (Dubai ReRA real estate study)
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Dubai RERA Class Exam Questions andAnswers (Dubai ReRA real estate study)
law 26 was - -landlord & tenants rules and regulations, of 2007, law 33 of
2008 was its amendment
-what year was Dubai Land Department formed - -1960
-Goal of DLD - -protect rights and enforce obligations of all parties involved
in property transactions
-difference between Free Hold and Free Zone - -Freehold you own it
indefinitely, Freezone is an area that permits 100% ownership with generally
0 taxation..
-DLD registers what? - -Property Sales & Purchases,
Mortgages & Long Term Leases
Inheritance Rights
Easements/restrictions
Liens
zoning & development rights
other real property conditions
-what does DLD services, what are the charges - -issues title deeds or
certificates of title
charges transfer fees of 2%
mortgage info
public auctions on foreclosed property
dispute resolution for rental complaints..
-What two things must all real estate advertising mention in their ads - -
RERA number of the agent &
Broker number ORN & BRN
-if you don't mention both these numbers what is the penalty for that (what
numbers also) - -50,000 aed (ORN & BRN)
-when was freehold properties created in dubai? - -may 2002, Freehold
established by Crown Prince General Sheikh Mohamed Maktom
-what are the two governement mega developers? - -Emaar--Burj Khalifa,
new dubai
Nakheel--Palm Jumeriah
, -how many villas on the palm? - -2000
-how many villas on meadows, and who developed them>? - -emaar, 700
-tell me about the springs - -just behind the meadows, several thousand
also by emaar
-how many towers in jbr? - -43
-what are the four stages of real estate life cycle? - -expansion
recession
contraction
revival
-DLD what is it when was it formed? - -1960 to oversea affairs of properties
in the dubai, register them. safeguard rights of people, organize all
transactions
-what is the relationship of RERA and DLD? - -RERA is a subsidiary of DLD
-tell me about RERA - -has full authority as a government agency with
financial and administrative independence to regulate real estate in dubai,
launched in 2007
-RERA responsibilities are: (5) - -•Licensing all real estate activities.
•Managing real estate developers' trust account.
•Licensing and organizing real estate agents.
•Regulating and registering Rental Agreements.
•Regulating and supervising the owners associations
Regulating real estate advertisements in the media.
•Regulating and licensing Real estate exhibitions.
•Publishing official research and studies for the
sector.
•Enhancing national participation in the real estate
sector.
•Increasing real estate awareness
-rules of rera license - -brokers must operate & adhere within their license
activity
2. must wear their Broker Id while completing transactions at RERA/DLD
-three things that need to be registered for a developers project to be
legitimate - -Broker
PRoject
Trust/Escrow Account
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