Dubai RERA Broker Exam Questions and Answers Already Passed

Dubai RERA Broker Exam Questions and Answers Already Passed Which law applies to Land Registration & Ownership (Role of DLD) Law No. 7/2006 Which law applies to Designated Areas (Freehold vs Leasehold for non GCC) Regulation No. 3 of 2006 Which law applies to Regulation of Real Estate Brokers Law No. 85/2006 Which law applies to Establishment of RERA Law No. 16/2007 Which law applies to Escrow Accounts Law No. 8/2007 Which law applies to Tenancy Law Law No. 26/2007 Law No. 33/2008 (amendment) Which law applies to Jointly Owned Property ("JOPs") Law No. 27/2007 Which laws applies to Interim Pre-Title Register Law No. 13/2008 Law No. 9/2009 Decree No. 6/2010 Which law applies to Mortgage Law Law No. 14/2008 Which laws applies to Rentals Increases / Decreases Decree No. 1/2009 Decree No. 2/2001 What does a transaction that is concluded contrary to Law 7 of 2006 result in? A Breach of the Criminal Code, which could lead to prosecution and professional sanctions. Structure of the Dubai Real Estate Legal System 1. Institutions 2. Registries 3. Laws Real Property Register "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... ...in the Interim Real Estate Register Project Registration with RERA includes 1. Plans of the unit 2. Apartment numbers 3. Internal and external size 4. Common area plans Class A Brokers Exempt of taking the test Class B Brokers Must take a RERA DREI Test EJARI System System that records all rental agreements Who must register a rental agreement? The landlord Who pays for registering the rental agreement? The tenant Who's name is a project's trust account created The project Who can market a project's property units? An employee of the developer Who applies for a broker's license? A registered brokerage company What are the 3 ratings given to brokers Silver, Gold & Platinum Color of badge for a general broker? Blue badge All properties, Developer; Free zone but not Timeshare Color of badge for a developer specific broker? Green badge Color of badge for a free zone only broker? Yellow badge Color of badge for a time-share broker? Red badge (Only Red badges can do time share an vice versa) Time limit to apply for renewal of broker's license 1 month What is ORN? Office Registration Number What is BRN? Broker Registration Number Rental commission norm 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? 500 dhs How much can a developer charge in admin fees(NOC) for unfinished property? 5000 dhs A developer must establish an OA within x days of the first unit being sold.. x = 90 days All sales of multi unit properties must be attached to an JOPD True OA appoints a service manager who carries out.. MOM (Management, Operation and maintenance) OA convenes an AGM to appoint Board, which numbers: 5 or 7 with 3 spare. The developer can own a max of what percentage of a building? 50% How long does a developer warrantee the building for? 10 Years What is the name of the system every broker must be registered on? SIMSARI What is Form A? Between Seller & Broker What is Form B? Between Buyer and Broker What is for U Client terminating broker (7 days notice) (must be attached to form A and B) What is Form I Inter-broker agreements What is Form F Sales agreement between all parties Max term for form A 90 days Form A can be of what 3 types? 1. Exclusive 2. Sole 3. Open Listed (max 3) Max number of days that a sales is valid for? 3 Days Valuation CMA is of how many units over what time frame? 6 units in last 6 weeks Who signs form F first? Buyer signs first = offer Seller signs second = contract Seller has 3 options in response to a buyer's offer, which are: Accept, reject, counteroffer What is the source of the Law in the UAE Civil code The Master developer can set up a branch of the DLD in-house. True or False? True How much is the transfer fee Was 2%, now 4% How long is the notice period for the end of a lease? 365 days from the next renewal. What are service charges used for? To maintain the property What nationality can be a developer? GCC or on a project by project basis To register a project, the developer must own what percentage of the land? 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? Oqoood Who can provide an escrow account? A registered financial institution. What is a project's escrow account used for? For off plan sales What is the first payment a developer can take from an escrow account? 5% for soft costs eg marketing What are the 3 basis of UAE "Rule of Law"? 1. Codes 2. Decrees 3. Regulations To develop a legal understanding, brokers must be able to do what 3 things? 1. Locate source of law 2. Identify relevant facts 3. Act or comply with legal requirements What are the 3 sources of UAE Law? 1. Religion 2. Customs 3. International law What is the only recognized authority to register real estate transactions outside the DFSA? The Dubai Land Department (DLD) The Real Property Register is held at the DLD and branches held with whom? Master developers Upon death of owner, legal heirs must register with whom? 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?) True What are the four factors that a broker must ensure when selling off plan properties? 1. Validity of project 2. RERA approved trust account established 3. Developer / broker agreements registered with RERA 4. Have seller approve advertising Which document must a broker obtain from the developer before selling off-plan? NOC from RERA to promote and sell "off-plan" units of the project. How much is the Administration fee payable to DLD upon transfer of title? 315 dirhams A mortgage may be secured by one of what 3 things? 1. The whole property 2. An undivided interest in the property 3. By right in-rem over an off plan property A mortgage not registered with the DLD is invalid. (True or False?) True What are the borrower's obligations and restrictions until the loan is discharged? 1. Not sell or gift the property without permission. 2. Create a right in-rem without permission. 3. Keep the property in good condition Mortgage registration must include what information? 1. The property 2. The Mortgagor (borrower) 3. The mortgagee (lender) 4. The Guarantor Who is first responsible for drafting a preliminary JOP Declaration? Each developer must initially draft a preliminary JOP Declaration. Where must the JOPD be registered with? The DLD. What is the JOP Declaration? Jointly Owned Property Declaration dealing with the common areas of the project. 1. A site plan of any common areas. 2. A description of each of the units. 3. A list of the community rules that apply in the development.