Exam (elaborations)
RERA Real Estate Regulatory Authority Exam – ( Dubai Real Estate, Land Department)
RERA Real Estate Regulatory Authority Exam – ( Dubai Real Estate, Land Department)
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RERA Real Estate Regulatory Authority Exam–
( Dubai Real Estate, Land Department)
Main policy of RERA - -set policy, procedure and such for transactions in real
estate in order to increase foreign investments and have one central place to
secure all parties involved.
-Emaar developed - -the springs, meadows, parts of marina, burj khalifa,
the greens, lots of downtown
-nakheel developed - -palm jumeiarh, international city,
-land department established - -1960 january
-organize transactions, documents for all parties in real estate for govt of
dubai - -land dept
-relationship between rera and land dept - -rera is subsidiary to land dept.
-rera does what - -regulates real estate in dubai
-rera launched in - -2007
-rera is - -a government agency with its own financial admin independence
to make full legal authority to regulate
-rera's responsibilities - -Regulate Real Estate:
Agents
HOA's
Rental agreements
developer escrows
Activities
Advertising
-four types of broker cards - -time share
free zone for specific area
all of dubai
developer properties only
-agent code of ethics - -fair treatment
respectful treatment
privacy
trust
, quality
respect laws
integrity
society obligations
interest of contracting party
respect documets
respect land dept regulations
-6 ways to evict a tenant - -damage
illegal
not paying
1st degree family moving*
converting from residential to commercial*
*must have one year notice certified, notary public etc.
-requirements for landlord to increase rent - -after first year with 90 day
official notice following index as follows:
<25=0 increase
26-35 = 5% increase
36-45 = 10%
46-55 = 15%
56> = 20%
-when landlord first rents unit out what price can they put - -anything they
want
-Law governing commissions - -law no 13, where buyer pays 1% and seller
pay 1%
-developer can charge how much admin fee? - -500 AED for finished
properties with title deeds, and up to 5,000 for off plan with Oqood.
-Law #14 - -2008, every mortgage register 0.25%
-Law no 26 - -of 2007
-Law #8 of - -2007 escrow
-Law no 27 of - -2007
-law # 85 - -of 2006, cannot perform your job unless you are a registered
broker
-max number of agents on an open listing - -is 3
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