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DUBAI RERA BROKER EXAM LATEST 2024-
ACTUAL EXAM QUESTIONS AND CORRECT
ANSWERS. GRADE A
A developer must establish an OA within x days of the first unit being sold.. - ANSx = 90 days A mortgage may be secured by one of what 3 things? - ANS1. The whole property
- An undivided interest in the property
- By right in-rem over an off plan property A mortgage not registered with the DLD is invalid. (True or False?) - ANSTrue All sales of multi unit properties must be attached to an JOPD - ANSTrue Class A Brokers - ANSExempt of taking the test Class B Brokers - ANSMust take a RERA DREI Test
Color of badge for a developer specific broker? - ANSGreen badge Color of badge for a free zone only broker? - ANSYellow badge Color of badge for a general broker? - ANSBlue badge All properties, Developer; Free zone but not Timeshare Color of badge for a time-share broker? - ANSRed badge (Only Red badges can do time share an vice versa) EJARI System - ANSSystem that records all rental agreements Form A can be of what 3 types? - ANS1. Exclusive
- Sole
- Open Listed (max 3) How long does a developer warrantee the building for? - ANS10 Years
Mortgage registration must include what information? - ANS1. The property
- The Mortgagor (borrower)
- The mortgagee (lender)
- The Guarantor OA appoints a service manager who carries out.. - ANSMOM (Management, Operation and maintenance) OA convenes an AGM to appoint Board, which numbers: - ANS5 or 7 with 3 spare. Project Registration with RERA includes - ANS1. Plans of the unit
- Apartment numbers
- Internal and external size
- Common area plans Real Property Register - ANS"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".
Rental commission norm - ANS5% (You can charge more if you inform them of the norm) Sale of an off-plan unit must be registered... - ANS...in the Interim Real Estate Register Sales and Purchased agreements for units in an unfinished project must be registered as what? - ANSOqoood Seller has 3 options in response to a buyer's offer, which are: - ANSAccept, reject, counteroffer Structure of the Dubai Real Estate Legal System - ANS1. Institutions
- Registries
- Laws The developer can own a max of what percentage of a building? - ANS50%
Valuation CMA is of how many units over what time frame? - ANS6 units in last 6 weeks What are service charges used for? - ANSTo maintain the property What are the 3 basis of UAE "Rule of Law"? - ANS1. Codes
- Decrees
- Regulations What are the 3 ratings given to brokers - ANSSilver, Gold & Platinum What are the 3 sources of UAE Law? - ANS1. Religion
- Customs
- International law What are the borrower's obligations and restrictions until the loan is discharged? - ANS1. Not sell or gift the property without permission.
- Create a right in-rem without permission.
- Keep the property in good condition What are the four factors that a broker must ensure when selling off plan properties? - ANS1. Validity of project
- RERA approved trust account established
- Developer / broker agreements registered with RERA
- Have seller approve advertising What does a transaction that is concluded contrary to Law 7 of 2006 result in? - ANSA Breach of the Criminal Code, which could lead to prosecution and professional sanctions. What is a project's escrow account used for? - ANSFor off plan sales What is BRN? - ANSBroker Registration Number What is for U - ANSClient terminating broker (7 days notice) (must be attached to form A and B)
What is the name of the system every broker must be registered on? - ANSSIMSARI What is the only recognized authority to register real estate transactions outside the DFSA? - ANSThe Dubai Land Department (DLD) What is the source of the Law in the UAE - ANSCivil code What nationality can be a developer? - ANSGCC or on a project by project basis Where must the JOPD be registered with? - ANSThe DLD. Which document must a broker obtain from the developer before selling off-plan?
- ANSNOC from RERA to promote and sell "off-plan" units of the project. Which law applies to Designated Areas (Freehold vs Leasehold for non GCC) - ANSRegulation No. 3 of 2006
Which law applies to Escrow Accounts - ANSLaw No. 8/ Which law applies to Establishment of RERA - ANSLaw No. 16/ Which law applies to Jointly Owned Property ("JOPs") - ANSLaw No. 27/ Which law applies to Land Registration & Ownership (Role of DLD) - ANSLaw No. 7/ Which law applies to Mortgage Law - ANSLaw No. 14/ Which law applies to Regulation of Real Estate Brokers - ANSLaw No. 85/ Which law applies to
Who is first responsible for drafting a preliminary JOP Declaration? - ANSEach developer must initially draft a preliminary JOP Declaration. Who must register a rental agreement? - ANSThe landlord Who pays for registering the rental agreement? - ANSThe tenant Who signs form F first? - ANSBuyer signs first = offer Seller signs second = contract Who's name is a project's trust account created - ANSThe project
