Rera Exam

RERA EXAM WITH 100% CORRECT ANSWERS Highest Burj Khalifa - correct answer 829,8 (2722 ft) Business Bay number of buldings - correct answer 240 (completed 2008) Palm Jumeirah - correct answer 3 Palms 520 km by Nakheel Al Maktoum International Airport - correct answer Projected anual capacity 160 Million passanger The World Island - correct answer by Nakheel Dubai Land Department (DLD) - correct answer The main objective of DLD is to organize and documents all real estate transaction for and behalf Dubai Goverment. established 24.01.1960 RERA - correct answer Real Estate Regulatory Agency. Rera regulates the real estate investment in the emirate of Dubai. Launched 31 of July 2007. Objectives of RERA - correct answer 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 - correct answer 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 - correct answer You own property and land Forever. Leasehold - correct answer You own property but not land Tarakheesi - correct answer 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 - correct answer 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 - correct answer Can only sell developers project. Red Broker Card - correct answer only time share properties; sell one unit to more than one person. Yellow Broker Card - correct answer only FZ properties Return on investment (ROI) - correct answer 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? - correct answer A listing is a contract between an owner and broker. What is the different between type of listings? - correct answer -Exclusive -Open listing What is multiple listing? - correct answer MLS is an arrangement among a group of agents whereby they agree to share information and split commission. What is a qualified buyer? - correct answer Seeking to buy. What is an assent? - correct answer It is something of value that one owns. What is liability? - correct answer It is opposite of asset ; It's a debt or obligation that one owns. What is the Law 26 of 2007 - correct answer It regulates the relationship between the tenant and landlord. ORN - correct answer Office Registration Number BRN - correct answer Broker Registration Number STR - correct answer Special Transaction Register All transaction Agreements If ad does't have BRN or ORN Number - correct answer Penalty AED 50'000 Decree #21 of 2013 - correct answer Only the government has the power to cancel projects. OQOOD - correct answer Pre-Title Registration "My ownership certificate" MOLLAK - correct answer My Strata Certificate Owner Association And Registration Code of Etics - correct answer regulates your relationship with customers, with other agents and with public. Dubai Land Department (DLD) - correct answer Established on January 24th 1960 Real Estate Regulatory Agency (RERA) - correct answer Established in 2007 RERA Role is: - correct answer 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 - correct answer Dubai Real Estate Institute (DREI) Rental Dispute Settlement Center (RDC) - correct answer 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 - correct answer cancelled property projects DEVELOPER' REGISTER - correct answer 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 - correct answer Formation of the Owner's Association. Issuance of 'My Strata Certificate' Launched Freehold - correct answer In May 2002 Regulation No. (3) of 2006 Specifying Areas where Non-Locals can own Property in the Emirate of Dubai Leasehold - correct answer In 2001 In Leasehold you own the property, but not the land. Leasehold ownership is anywhere from over 10 years up to 99 years. Is Ethics the same as law? - correct answer No What is "ETHICS" ? - correct answer Ethics is a way of thinking A belief system A moral code system