DUBAI RERA EXAM NEWEST 2024 WITH QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+

DUBAI RERA EXAM NEWEST 2024 WITH QUESTIONS AND CORRECT VERIFIED ANSWERS|ALREADY GRADED A+ 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" "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"." "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 applies 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" "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" "What are the 3 ratings given to brokers - Correct Answer Silver, Gold & Platinum" "Color of badge for a general broker? - Correct Answer Blue badge All properties, Developer; Free zone but not Timeshare" "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 Brokers - Correct Answer Exempt of taking the test" "Class B Brokers - Correct Answer Must take a RERA DREI Test" "Color of badge for a developer specific broker? - Correct Answer Green badge" "Color of badge for a free zone only broker? - Correct Answer Yellow badge" "Color of badge for a time-share broker? - Correct Answer Red badge (Only Red badges can do time share an vice versa)" "Time limit to apply for renewal of broker's license - Correct Answer 1 month" "What is ORN? - Correct Answer Office Registration Number" "What is BRN? - Correct Answer Broker Registration Number" "Rental commission norm - Correct Answer 5% (You can charge more if you inform them of the norm)" "Monies in a trust account cannot be used as security for a creditor of the developer? (True or False?) - Correct Answer True" "What are the four factors that a broker must ensure when selling off plan properties? - Correct Answer 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? - Correct Answer 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? - Correct Answer 315 dirhams" "A mortgage may be secured by one of what 3 things? - Correct Answer 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?) - Correct Answer True" "What are the borrower's obligations and restrictions until the loan is discharged? - Correct Answer 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? - Correct Answer 1. The property 2. The Mortgagor (borrower) 3. The mortgagee (lender) 4. The Guarantor" "Who is first responsible for drafting a preliminary JOP Declaration? - Correct Answer Each developer must initially draft a preliminary JOP Declaration." "Where must the JOPD be registered with? - Correct Answer The DLD." "What is the JOP Declaration? - Correct Answer 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." "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 True" "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 Seller & 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? - Correct 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 can 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. Regulations" "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. Religion 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 whom? - 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"