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Dubai Rera Exam/141 Questions and Answers/A+ Graded
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Dubai Rera Exam/141 Questions andAnswers/A+ Graded
Highest Burj Khalifa - -829,8 (2722 ft)
-Business Bay number of buldings - -240 (completed 2008)
-Palm Jumeirah - -3 Palms 520 km by Nakheel
-Al Maktoum International Airport - -Projected anual capacity 160 Million
passanger
-The World Island - -by Nakheel
-Dubai Land Department (DLD) - -The main objective of DLD is to organize
and documents all real estate transaction for and behalf Dubai Goverment.
established 24.01.1960
-RERA - -Real Estate Regulatory Agency. Rera regulates the real estate
investment in the emirate of Dubai. Launched 31 of July 2007.
-Objectives of RERA - -RERA Role is:
- Licensing all real estate activities.
- Managing and organizing real estate developers' trust accounts.
- Licensing and organizing real estate agents.
- Regulating and registering Rental Agreements.
-Regulating and supervising the owners associations.
-Regulation #3 of 2006 - -In 2001 Dubai Goverment agreed to allow expats
to have 99-year lease of particular property. In 2002 Sheikh Mohammed bin
Rashid Al Maktoum, issued a decree allowing foreigners to buy property on
freehold ownership.
-Freehold - -You own property and land Forever.
-Leasehold - -You own property but not land
-Tarakheesi - -Tarakheesi is web application meant for Real Estate Offices
for managing Real Estate Broker operation.
-Issuing broker card
-Updating broker card
Cancelling broker card.
, -Blue Broker Card - -Blue card issued under the DED licenses and brokers
are allowed to work in Dubai.
Allows brokers to sell/lease in Dubai + FZ + Sell for developers but not time
share.
-Green Broker Card - -Can only sell developers project.
-Red Broker Card - -only time share properties; sell one unit to more than
one person.
-Yellow Broker Card - -only FZ properties
-Return on investment (ROI) - -It measures the gain or loss generated on an
investment relative to the amount of money invested.
ROI is usually expressed as a percentage and is typically used for personal
financial decisions, to compare a company's profitability or to compare the
efficiency of different investments.
ROI (Net profit/Cost of investment)x100
-What's is a listing? - -A listing is a contract between an owner and broker.
-What is the different between type of listings? - --Exclusive
-Open listing
-What is multiple listing? - -MLS is an arrangement among a group of agents
whereby they agree to share information and split commission.
-What is a qualified buyer? - -Seeking to buy.
-What is an assent? - -It is something of value that one owns.
-What is liability? - -It is opposite of asset ; It's a debt or obligation that one
owns.
-What is the Law 26 of 2007 - -It regulates the relationship between the
tenant and landlord.
-ORN - -Office Registration Number
-BRN - -Broker Registration Number
-STR - -Special Transaction Register
All transaction Agreements
-If ad does't have BRN or ORN Number - -Penalty AED 50'000
, -Decree #21 of 2013 - -Only the government has the power to cancel
projects.
-OQOOD - -Pre-Title Registration "My ownership certificate"
-MOLLAK - -My Strata Certificate
Owner Association And Registration
-Code of Etics - -regulates your relationship with customers, with other
agents and with public.
-Dubai Land Department (DLD) - -Established on January 24th 1960
-Real Estate Regulatory Agency (RERA) - -Established in 2007
-RERA Role is: - -Licensing all real estate activities.
• Managing real estate developers' trust accounts.
• 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.
• Enhancing national participation in the real estate sector.
• Increasing real estate awareness
-DREI - -Dubai Real Estate Institute (DREI)
-Rental Dispute Settlement Center (RDC) - -The Rental Dispute Center,
based at Dubai Land Department, has been moved under the umbrella of
DLD through Decree No: 26 of 2013.
-Decree No. (21) of 2013 - -cancelled property projects
-DEVELOPER' REGISTER - -The Developer must be registered with RERA.
The Project must be registered with RERA.
The Project Escrow A/C must be registered with RERA
-OWNER'S ASSOCIATION - -Formation of the Owner's Association.
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