Dubai RERA Broker Exam flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Law No. 3 of 2003

Dubai law governing real estate registration; it establishes the Land Department's register and the issuance of title deeds for registered property.

Law No. 13 of 2008

Dubai law regulating real estate brokerage; it requires brokers and brokerage firms to be licensed and prohibits unlicensed brokerage activity in the emirate.

Law No. 8 of 2007

Dubai law requiring escrow guarantee accounts for real estate development; off-plan buyer payments must be deposited into the project escrow account.

Law No. 26 of 2007

Dubai tenancy law governing landlord-tenant relationships; it sets rules for rent, maintenance, eviction and renewal, and is amended by Law No. 33 of 2008.

RERA

Dubai Real Estate Regulatory Agency, the regulatory arm of the Dubai Land Department; it licenses brokers, regulates developers, escrow, service charges and the rental index.

RERA rental index

Official Dubai rent benchmark used to assess permitted rent increases; increases must comply with the index and Decree No. 43 of 2013.

Mollak

Dubai Land Department system for managing jointly owned property service charges; it records budgets, invoices and payments for owners associations.

Broker card

Personal RERA-issued licence that authorises an individual to practise real estate brokerage in Dubai; it must be valid and linked to a licensed brokerage.

Brokerage licence

DLD/RERA authorisation for a real estate company to conduct brokerage; the firm must hold a valid trade licence and registered office.

Broker exam

RERA-administered test that applicants must pass to obtain a broker card; it covers Dubai legislation, ethics, transactions and compliance.

Fiduciary duty

Broker's legal obligation to act in the client's best interest, avoid undisclosed conflicts, and refrain from secret commissions or self-dealing.

Dual commission

Commission earned from both buyer and seller, or landlord and tenant; it must be disclosed in writing and agreed by both parties.

Misrepresentation

False or misleading statement about a property, price or transaction; it can expose the broker to disciplinary action and legal liability.

Form A

RERA standard exclusive agency agreement between property owner and broker; it grants one brokerage the right to market the property for a stated period.

Form B

RERA standard non-exclusive agency agreement; it allows the owner to appoint more than one broker and specifies commission terms.

DLD transfer fee

Fee payable on property transfer, generally four percent of the property value plus a fixed administrative charge; it is collected at registration.

Ejari

Dubai tenancy registration system; every tenancy contract must be registered to be enforceable for official purposes such as visas and utilities.

Rent increase notice

Landlord's written notice of a proposed rent increase; it must be served at least ninety days before renewal and comply with the RERA index.

Rental Dispute Centre

Dubai judicial body that hears landlord-tenant disputes; it can order eviction, rent adjustment, compensation or performance of tenancy obligations.

Oqood

Dubai Land Department system for registering off-plan sale contracts; it records the buyer's interest before the project is completed and titled.

Escrow account

Project-specific bank account for off-plan development; buyer payments are deposited there and released to the developer against verified construction milestones.

Project registration

RERA approval of an off-plan project before sales; the developer must register the project, escrow account and developer details.

Dubai REST

Dubai Land Department application and portal for property services; users can access title deeds, Ejari, Oqood, Mollak and transaction information.

Title deed

Official DLD document proving registered ownership of a property; it identifies the owner, plot, unit, mortgage and any restrictions.

Developer NOC

No-objection certificate from the developer confirming that service charges and project obligations are settled before a unit transfer is registered.

Gross rental yield

Annual rent divided by property price, multiplied by one hundred; it measures the income return before expenses and vacancy.

Capitalisation rate

Net operating income divided by property value, expressed as a percentage; it reflects the market's required income return.

Sales comparison approach

Valuation method that estimates value by analysing recent comparable sales, adjusting for location, size, condition and transaction date.

Customer due diligence

AML process of identifying the customer and beneficial owner, verifying documents and understanding the purpose of the property transaction.

Suspicious transaction report

Confidential report filed with the UAE Financial Intelligence Unit through goAML when a broker suspects money laundering or terrorist financing.

Politically exposed person

Individual entrusted with prominent public functions, or a close associate or family member; enhanced due diligence and senior approval are required.

Record retention period

UAE AML rules require real estate businesses to keep customer identification and transaction records for five years after the relationship or transaction ends.