Dubai RERA Class Exam Questions with correct Answers

law 26 was - ANSWER-landlord & tenants rules and regulations, of 2007, law 33 of 2008 was its amendment what year was Dubai Land Department formed - ANSWER-1960 Goal of DLD - ANSWER-protect rights and enforce obligations of all parties involved in property transactions difference between Free Hold and Free Zone - ANSWER-Freehold you own it indefinitely, Freezone is an area that permits 100% ownership with generally 0 taxation.. DLD registers what? - ANSWER-Property Sales & Purchases, Mortgages & Long Term Leases Inheritance Rights Easements/restrictions Liens zoning & development rights other real property conditions what does DLD services, what are the charges - ANSWER-issues title deeds or certificates of title charges transfer fees of 2% mortgage info public auctions on foreclosed property dispute resolution for rental complaints.. What two things must all real estate advertising mention in their ads - ANSWER-RERA number of the agent & Broker number ORN & BRN if you don't mention both these numbers what is the penalty for that (what numbers also) - ANSWER-50,000 aed (ORN & BRN) when was freehold properties created in dubai? - ANSWER-may 2002, Freehold established by Crown Prince General Sheikh Mohamed Maktom what are the two governement mega developers? - ANSWER-Emaar--Burj Khalifa, new dubai Nakheel--Palm Jumeriah how many villas on the palm? - ANSWER-2000 how many villas on meadows, and who developed them? - ANSWER-emaar, 700 tell me about the springs - ANSWER-just behind the meadows, several thousand also by emaar how many towers in jbr? - ANSWER-43 what are the four stages of real estate life cycle? - ANSWER-expansion recession contraction revival DLD what is it when was it formed? - ANSWER-1960 to oversea affairs of properties in the dubai, register them. safeguard rights of people, organize all transactions what is the relationship of RERA and DLD? - ANSWER-RERA is a subsidiary of DLD tell me about RERA - ANSWER-has full authority as a government agency with financial and administrative independence to regulate real estate in dubai, launched in 2007 RERA responsibilities are: (5) - ANSWER-•Licensing all real estate activities. •Managing real estate developers' trust account. •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. •Publishing official research and studies for the sector. •Enhancing national participation in the real estate sector. •Increasing real estate awareness rules of rera license - ANSWER-brokers must operate & adhere within their license activity 2. must wear their Broker Id while completing transactions at RERA/DLD three things that need to be registered for a developers project to be legitimate - ANSWER-Broker PRoject Trust/Escrow Account what is the pre title registration, what is the lease registration ownership registration HOA registration - ANSWER-Oquood ejari title deed Mollak/My Strata Certificate what is Mollak? - ANSWER-part of RERA for regsitratering HOA's and their management benefits of the Mollak system? - ANSWER-secure online payment of service cahrges online access to important documents, minutes, meetings, online voting log and track maintenance requests one sure fire way to real estate success - ANSWER-prospecting DNA of a qualified Prospect - ANSWER-Desire-for the property Need--need for the property Ability & Authority--financially and authority to make decision The Laws - ANSWER-26--2007--Landlord & Tenant Decree no 1--2009 rental increase rental increase law is.. - ANSWER-decree no 1, 2009 of the law 26 cannot increase rental if previous rental is 25% or less than the market if its 25% or more than the market than can only increase it... what must a tenant have to sign a fixed term lease? - ANSWER-Passport Copy Visa Copy--resident visa Code of Ethics is: - ANSWER-1. Fair Treatment 2. Respectful Treatment 3. Preservation of Privacy 4. Trust & Integrity 5. Quality observation 6. Respect Laws 7. Integrity 8. Obligation towards society 9. Observing interests of contracting party 10. Obligation to preserve document 11. respect regulations of DLD foundations of code of ethics are - ANSWER-honesty trust integrity transparency respect STR is - ANSWER-formed of bylaw no 85, 2006, special transaction register maintain all documents related to a transaction on file for a transparant transacting exam page 133 - ANSWER-page 133 types of registration at DLD - ANSWER-property long term lease sale residential lease gifted lands partial sale (auctions) mortgage HOA transfer of property law is.... - ANSWER-law 13 of 2008, buyer pays 1% transfer fee seller pays 1% transfer fee no other transfer fees can be paid, only up to 5000 AED to developer at most what is mandatory for all off plan properties? - ANSWER-pre title registration (intereim register) the Laws - ANSWER-85--2006--Real Property 14--2008--Property Land 8--2007--Property fixtures 14-Mortgages document to describe the overall development project - ANSWER-master development plan detailed plan by a sub developer of a master developer that articulates the overall plan of his her project aimed at meeting the requirements and approval of master developer - ANSWER-Development Plan detailed scaled drawing displaying measurements, configuration of property within the building , including drainage, water, sewage, plumbing, fire safety compliance, etc. - ANSWER-building plan difference between site plan 1 and site plan 2 - ANSWER-1- shows units and common areas 2-shows improvements, roads, driveways, parking lots difference between the ijarah and ejari systems - ANSWER-ijarah is long term over 10 years ejari is short term (und