DUBAI RERA Class Latest 2022/2023

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 oblig ...

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 (under 10 years) another name for "My strata", and what law is it - ANSWER Mollak, or owners, law 27 what is oqoddi, and what law governs it - ANSWER law 13, 2008, is owners pre registration system, pre title what is the brokers register - ANSWER law 85, 2006, regulates registering brokers annually developers register - ANSWER 8-2007, developers register and their escrow accounts who should not obtain POA from sellers to transact property? - ANSWER agents! because of the conflict of interest