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DUBAI RERA EXAM QUESTIONS AND ACCURATE ANSWERS FERIFIED BY EXPERTS |ACCURATE ACTUAL EXAM WITH FREQUENTLY TESTED QUESTIONS |OVER 500 QUESTIONS |A+ GRADED |GUARANTEED PASS |LATEST UPDATE£16.66
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DUBAI RERA EXAM QUESTIONS AND ACCURATE ANSWERS FERIFIED BY EXPERTS |ACCURATE ACTUAL EXAM WITH FREQUENTLY TESTED QUESTIONS |OVER 500 QUESTIONS |A+ GRADED |GUARANTEED PASS |LATEST UPDATE Renta l commission norm - CORRECT ANSWER 5% (You can charge more if you inform them of the norm) How much can a developer charge in admin fees (NOC) for a finished property? - CORRECT ANSWER 500 dhs How much can a developer charge in admin fees(NOC) for unfinished property? - CORRECT ANSWER 5000 dhs A developer must establish an OA within x days of the first unit being sold.. - CORRECT ANSWER x = 90 days All sales of multi unit properties must be attached to an JOPD - CORRECT ANSWER Tru e OA appoints a service manager who carries out.. - CORRECT ANSWER MOM (Management, Operation and maintenance) OA convenes an AGM to appoint Board, which numbers: - CORRECT ANSWER 5 or 7 with 3 spare. The developer can own a max of what percentage of a building? - CORRECT ANSWER 50% How long does a developer warrantee the building for? - CORRECT ANSWER 10 Years What is the name of the system every broker must be registered on? - CORRECT ANSWER SIMSARI What is Form A? - CORRECT ANSWER Between Sel ler & Broker What is Form B? - CORRECT ANSWER Between Buyer and Broker What is for U - CORRECT ANSWER Client terminating broker (7 days notice) (must be attached to form A and B) What is Form I - CORRECT ANSWER Inter -broker agreements What is Form F - CORRECT ANSWER Sales agreement between all parties Max term for form A - CORRECT ANSWER 90 days Form A can be of what 3 types? - CORRECT ANSWER 1. Exclusive 2. Sole 3. Open Listed (max 3) Max number of days that a sales is valid for? - CORR ECT ANSWER 3 Days Valuation CMA is of how many units over what time frame? - CORRECT ANSWER 6 units in last 6 weeks Who signs form F first? - CORRECT ANSWER Buyer signs first = offer Seller signs second = contract Seller has 3 options in response to a buyer's offer, which are: - CORRECT ANSWER Accept, reject, counteroffer What is the source of the Law in the UAE - CORRECT ANSWER Civil code The Master developer can set up a branch of the DLD in -house. True or False? - CORRECT ANSWER True How much is the transfer fee - CORRECT ANSWER Was 2%, now 4% How long is the notice period for the end of a lease? - CORRECT ANSWER 365 days from the next renewal. What are service charges used for? - CORRECT ANSWER To maintain the property What nationality c an be a developer? - CORRECT ANSWER GCC or on a project by project basis To register a project, the developer must own what percentage of the land? - CORRECT ANSWER 100% , or if there is a mortgage, then 20% construction must've been completed. Sales and Purchased agreements for units in an unfinished project must be registered as what? - CORRECT ANSWER Oqoood Who can provide an escrow account? - CORRECT ANSWER A registered financial institution. What is a project's escrow account used for? - CORRECT ANSWER For off plan sales What is the first payment a developer can take from an escrow account? - CORRECT ANSWER 5% for soft costs eg marketing What are the 3 basis of UAE "Rule of Law"? - CORRECT ANSWER 1. Codes 2. Decrees 3. Re gulations To develop a legal understanding, brokers must be able to do what 3 things? - CORRECT ANSWER 1. Locate source of law 2. Identify relevant facts 3. Act or comply with legal requirements What are the 3 sources of UAE Law? - CORRECT ANSWER 1. Re ligion 2. Customs 3. International law What is the only recognized authority to register real estate transactions outside the DFSA? - CORRECT ANSWER The Dubai Land Department (DLD) The Real Property Register is held at the DLD and branches held with who m? - CORRECT ANSWER Master developers Upon death of owner, legal heirs must register with whom? - CORRECT ANSWER Legal heirs must register with the DLD as heirs of the deceased Monies in a trust account cannot be used as security for a creditor of the developer? (True or False?) - CORRECT ANSWER True Which law applies to Land Registration & Ownership (Role of DLD) - CORRECT ANSWER Law No. 7/2006 Which law applies to Designated Areas (Freehold vs Leasehold for non GCC) - CORRECT ANSWER Regulation No. 3 of 2006 Which law applies to Regulation of Real Estate Brokers - CORRECT ANSWER Law No. 85/2006 Which law applies to Establishment of RERA - CORRECT ANSWER Law No. 16/2007 Which law applies to Escrow Accounts - CORRECT ANSWER Law No. 8/2007 Which law appl ies to Tenancy Law - CORRECT ANSWER Law No. 26/2007 Law No. 33/2008 (amendment ) Which law applies to Jointly Owned Property ("JOPs") - CORRECT ANSWER Law No. 27/2007 Which laws applies to Interim Pre -Title Register - CORRECT ANSWER Law No. 13/2008 Law No. 9/2009 Decree No. 6/2010 Which law applies to Mortgage Law - CORRECT ANSWER Law No. 14/2008 Which laws applies to Rentals Increases / Decreases - CORRECT ANSWER Decree No. 1/2009 Decree No. 2/2001 What does a transaction that is concluded contrary to Law 7 of 2006 result in? - CORRECT ANSWER A Breach of the Criminal Code, which could lead to prosecution and professional sanctions. Structure of the Dubai Real Estate Legal System - CORRECT ANSWER 1. Institutions 2. Registries 3. Laws Real Property Register - CORRECT ANSWER "A set of documents held in written or electronic format in the electronic register at the Department, which point out the description and location of Real Property and the rights attached hereto". Sale of an off-plan unit must be registered... - CORRECT ANSWER ...in the Interim Real Estate Register Project Registration with RERA includes - CORRECT ANSWER 1. Plans of the unit 2. Apartment numbers 3. Internal and external size 4. Common area plans Class A B rokers - CORRECT ANSWER Exempt of taking the test Class B Brokers - CORRECT ANSWER Must take a RERA DREI Test EJARI System - CORRECT ANSWER System that records all rental agreements Who must register a rental agreement? - CORRECT ANSWER The landlord Who pays for registering the rental agreement? - CORRECT ANSWER The tenant Who's name is a project's trust account created - CORRECT ANSWER The project Who can market a project's property units? - CORRECT ANSWER An employee of the developer Who applies for a broker's license? - CORRECT ANSWER A registered brokerage company
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