Exam (elaborations)
Rera Exam.
- Module
- GOVT 350 Exam 1
- Institution
- GOVT 350 Exam 1
Exam of 17 pages for the course GOVT 350 Exam 1 at GOVT 350 Exam 1 (Rera Exam.)
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Rera ExamHighest Burj Khalifa - ANS-829,8 (2722 ft)
Business Bay number of buldings - ANS-240 (completed 2008)
Palm Jumeirah - ANS-3 Palms 520 km by Nakheel
Al Maktoum International Airport - ANS-Projected anual capacity 160 Million passanger
The World Island - ANS-by Nakheel
Dubai Land Department (DLD) - ANS-The main objective of DLD is to organize and
documents all real estate transaction for and behalf Dubai Goverment. established
24.01.1960
RERA - ANS-Real Estate Regulatory Agency. Rera regulates the real estate investment
in the emirate of Dubai. Launched 31 of July 2007.
Objectives of RERA - ANS-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 - ANS-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 - ANS-You own property and land Forever.
Leasehold - ANS-You own property but not land
Tarakheesi - ANS-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 - ANS-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 - ANS-Can only sell developers project.
Red Broker Card - ANS-only time share properties; sell one unit to more than one
person.
Yellow Broker Card - ANS-only FZ properties
Return on investment (ROI) - ANS-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? - ANS-A listing is a contract between an owner and broker.
What is the different between type of listings? - ANS--Exclusive
-Open listing
What is multiple listing? - ANS-MLS is an arrangement among a group of agents
whereby they agree to share information and split commission.
What is a qualified buyer? - ANS-Seeking to buy.
What is an assent? - ANS-It is something of value that one owns.
What is liability? - ANS-It is opposite of asset ; It's a debt or obligation that one owns.
What is the Law 26 of 2007 - ANS-It regulates the relationship between the tenant and
landlord.
ORN - ANS-Office Registration Number
BRN - ANS-Broker Registration Number
, STR - ANS-Special Transaction Register
All transaction Agreements
If ad does't have BRN or ORN Number - ANS-Penalty AED 50'000
Decree #21 of 2013 - ANS-Only the government has the power to cancel projects.
OQOOD - ANS-Pre-Title Registration "My ownership certificate"
MOLLAK - ANS-My Strata Certificate
Owner Association And Registration
Code of Etics - ANS-regulates your relationship with customers, with other agents and
with public.
Dubai Land Department (DLD) - ANS-Established on January 24th 1960
Real Estate Regulatory Agency (RERA) - ANS-Established in 2007
RERA Role is: - ANS-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 - ANS-Dubai Real Estate Institute (DREI)
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