RERA UPDATED TEST PAPER QUESTIONS AND SOLUTIONS
RATED A+
✔✔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
RATED A+
✔✔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
