RERA Real Estate Regulatory Authority Questions and Answers
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RERA Real Estate Regulatory Authority
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RERA Real Estate Regulatory Authority
RERA Real Estate Regulatory Authority
Main policy of RERA - Answer-set policy, procedure and such for transactions in real estate in order to increase foreign investments and have one central place to secure all parties involved.
Emaar developed - Answer-the springs, meadows, parts of marina,...
RERA Real Estate Regulatory Authority
Main policy of RERA - Answer-set policy, procedure and such for transactions in real
estate in order to increase foreign investments and have one central place to secure
all parties involved.
Emaar developed - Answer-the springs, meadows, parts of marina, burj khalifa, the
greens, lots of downtown
nakheel developed - Answer-palm jumeiarh, international city,
land department established - Answer-1960 january
organize transactions, documents for all parties in real estate for govt of dubai -
Answer-land dept
relationship between rera and land dept - Answer-rera is subsidiary to land dept.
rera does what - Answer-regulates real estate in dubai
rera launched in - Answer-2007
rera is - Answer-a government agency with its own financial admin independence to
make full legal authority to regulate
four types of broker cards - Answer-time share
free zone for specific area
all of dubai
developer properties only
agent code of ethics - Answer-fair treatment
respectful treatment
privacy
trust
quality
respect laws
integrity
society obligations
interest of contracting party
respect documets
, respect land dept regulations
6 ways to evict a tenant - Answer-damage
illegal
not paying
1st degree family moving*
converting from residential to commercial*
*must have one year notice certified, notary public etc.
requirements for landlord to increase rent - Answer-after first year with 90 day official
notice following index as follows:
<25=0 increase
26-35 = 5% increase
36-45 = 10%
46-55 = 15%
56> = 20%
when landlord first rents unit out what price can they put - Answer-anything they
want
Law governing commissions - Answer-law no 13, where buyer pays 1% and seller
pay 1%
developer can charge how much admin fee? - Answer-500 AED for finished
properties with title deeds, and up to 5,000 for off plan with Oqood.
Law #14 - Answer-2008, every mortgage register 0.25%
Law no 26 - Answer-of 2007
Law #8 of - Answer-2007 escrow
Law no 27 of - Answer-2007
law # 85 - Answer-of 2006, cannot perform your job unless you are a registered
broker
max number of agents on an open listing - Answer-is 3
NOI - Answer-net operating income
number of agents in dubai - Answer-6,000,in 2013 adding 300 per month
2008 was peak with 26,000!!
auction system of land department - Answer-e-mart, charges 2% to participate will
soon be fully only will auction your property with minimum starting amount, can have
an agent assist and pay them 2% instead of the 2% system so this protects the
agent
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