I85PREP
⌘ K
MahaRERA Agent study materials
MahaRERA Agent study resources

MahaRERA Agent practice questions

One question at a time. Build your MahaRERA Agent understanding.

First 50 of 200 questions. Each one lists the choices, the correct answer, and an explanation. The checker at the top of this page saves progress in this browser when it is available.

Continue in the practice tool above to load more questions, 50 at a time.

Question 1Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Under RERA, which of the following is included in the 'carpet area' of an apartment?

  1. The area of an exclusive open terrace attached to the apartment
  2. The area covered by the external walls of the building
  3. The area occupied by service shafts passing through the apartment
  4. The area of internal partition walls within the apartment Correct answer.

Explanation

Carpet area is defined as the net usable area of an apartment, computed from the inner faces of the walls. It excludes external walls, the area under service shafts, exclusive balcony or verandah area and exclusive open terrace area, but internal partition walls are part of the usable area.

Question 2Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter has not registered a residential project with MahaRERA. Which of the following acts is the promoter prohibited from doing?

  1. Appointing an architect to prepare the building plans for the project
  2. Applying to the local planning authority for sanction of the layout
  3. Preparing a feasibility report on the commercial viability of the project
  4. Advertising the project and inviting persons to purchase apartments Correct answer.

Explanation

Prior registration of the project is mandatory before any advertisement, marketing, booking, selling, offer for sale or invitation to purchase. Technical and preparatory steps that do not involve dealing with buyers in the market are not barred.

Question 3Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

What percentage of the amounts realised from allottees for a real estate project must the promoter deposit in a separate account in a scheduled bank?

  1. Fifty per cent
  2. Seventy per cent Correct answer.
  3. Thirty per cent
  4. One hundred per cent

Explanation

Seventy per cent of the amounts realised from allottees must be deposited in a separate account to cover the cost of construction and land cost, and the money may be used only for that purpose. Withdrawals are permitted in proportion to the percentage of completion of the project.

Question 4Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter may develop a project without registering it with the Authority where the project satisfies which of the following conditions?

  1. The land proposed to be developed measures 450 square metres and the project has 5 apartments Correct answer.
  2. The land proposed to be developed measures 550 square metres and the project has 15 apartments
  3. The land proposed to be developed measures 900 square metres and the project has 12 apartments
  4. The land proposed to be developed measures 700 square metres and the project has 10 apartments

Explanation

Registration is not required where the land proposed to be developed does not exceed 500 square metres or the number of apartments does not exceed eight, inclusive of all phases. A 450 square metre plot satisfies the land-area limit.

Question 5Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following persons must register with the Authority as a real estate agent?

  1. A structural engineer who certifies the safety of the building design
  2. An architect who prepares the building plans for a registered project
  3. A person who, for a fee, negotiates sales of apartments for the promoter Correct answer.
  4. A chartered accountant who audits the promoter's annual accounts

Explanation

A real estate agent is a person who acts on behalf of the promoter or the allottee to facilitate the sale or purchase of a plot, apartment or building, and every such person must be registered. Professional consultants such as architects, auditors and engineers do not thereby become agents.

Question 6Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter wishes to accept a deposit of 15 per cent of the cost of an apartment from a prospective allottee. What must the promoter do first?

  1. Obtain the written consent of two-thirds of the allottees
  2. Obtain the occupancy certificate for the building
  3. Enter into a written agreement for sale with the allottee and register it Correct answer.
  4. Obtain the prior approval of the Appellate Tribunal

Explanation

A promoter cannot accept an advance or deposit exceeding ten per cent of the cost of the apartment unless a written agreement for sale has first been entered into and registered. Any amount beyond that ceiling is therefore permissible only after the agreement stage.

Question 7Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which body is constituted under Section 20 of the Real Estate (Regulation and Development) Act, 2016?

  1. The Real Estate Appellate Tribunal
  2. The Central Advisory Council
  3. The Real Estate Regulatory Authority Correct answer.
  4. The office of the adjudicating officer

Explanation

Section 20 provides for the establishment of a Real Estate Regulatory Authority by the appropriate Government for each State or Union territory. MahaRERA is the Authority so constituted for Maharashtra.

Question 8Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Who is an 'allottee' under RERA?

  1. A person to whom a plot or apartment has been allotted by the promoter Correct answer.
  2. Any person who has provided a construction loan to the promoter
  3. The architect engaged by the promoter for designing the project
  4. The local planning authority that sanctions the layout of the project

Explanation

An allottee is the person to whom a plot, apartment or building has been allotted, sold or otherwise transferred by the promoter, and includes a subsequent transferee. Lenders, consultants and sanctioning authorities are not allottees.

Question 9Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter has received money from allottees into the project's separate account. How may the promoter withdraw amounts from that account to cover project costs?

  1. At the discretion of the auditor appointed by the promoter
  2. Only after the entire project has been completed and occupied
  3. In equal monthly instalments spread over the project period
  4. In proportion to the percentage of completion of the project Correct answer.

Explanation

Withdrawals from the separate account must correspond to the percentage of completion of the project, so that funds are released only as construction actually advances. This ensures the escrowed money remains available for the remaining works.

Question 10Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter filed a complete application for registration, but the Authority neither granted nor rejected it within thirty days. What is the consequence?

  1. The project is deemed to have been registered Correct answer.
  2. The project is registered only after the registration fee is refunded
  3. The application lapses and a fresh application must be filed
  4. The promoter must apply to the Appellate Tribunal for relief

Explanation

The Authority is required to grant or reject an application within thirty days of receipt. If it fails to do so, the project is deemed to have been registered, so that promoters are not prejudiced by administrative delay.

Question 11Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following is a ground on which the Authority may revoke the registration of a real estate project?

  1. The promoter has increased the price of the apartments after registration
  2. The promoter has violated the terms and conditions of the approval granted by the competent authority Correct answer.
  3. The promoter has appointed a new architect for the remaining phases
  4. The promoter has changed the commercial name of the project

Explanation

Registration may be revoked where the promoter defaults in complying with the Act or the rules, violates the terms and conditions of the approval, or is involved in unfair practice or irregularities. Revocation follows a hearing given to the promoter.

Question 12Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter wants to transfer his majority rights and liabilities in a registered project to another company. What is required?

  1. The consent of a simple majority of the allottees is sufficient
  2. Written consent of two-thirds of the allottees and approval of the Authority Correct answer.
  3. The prior written approval of the Authority alone is sufficient
  4. The consent of the promoter's mortgage lender is sufficient

Explanation

The promoter cannot transfer or assign his majority rights and liabilities in the project to a third party without the prior written consent of at least two-thirds of the allottees, other than the promoter, and the prior written approval of the Authority.

Question 13Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter of a registered project wants to make a material change in the sanctioned layout of a building. Whose consent is required?

  1. Two-thirds of the allottees of the building, other than the promoter Correct answer.
  2. One-third of the allottees of the project, by a written resolution
  3. Only the association of allottees constituted after conveyance of the project
  4. Only those allottees who have already taken possession of their units

Explanation

No material change in the sanctioned plans, layout plans or specifications of a building may be made without the previous consent of at least two-thirds of the allottees of that building, other than the promoter, who have agreed to take apartments in it.

Question 14Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter fails to complete a project by the date specified in the agreement for sale. Which remedy is available to an allottee under RERA?

  1. The allottee may apply to the civil court for specific performance of the agreement
  2. The allottee must wait until completion and cannot claim any interest for the delay
  3. The allottee may claim a fresh allotment in another project of the promoter
  4. The allottee may withdraw from the project and claim a refund with interest and compensation Correct answer.

Explanation

Where the promoter fails to complete or hand over possession by the agreed date, the allottee may withdraw from the project, in which case the promoter must return the amount received with interest and compensation. If the allottee does not withdraw, he is entitled to interest for every month of delay.

Question 15Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Within what period must an appeal be filed before the Real Estate Appellate Tribunal against an order of the Authority?

  1. Thirty days from the date of the order
  2. Sixty days from the date of the order Correct answer.
  3. Ninety days from the date of the order
  4. Forty-five days from the date of the order

Explanation

An aggrieved person may appeal to the Appellate Tribunal within sixty days from the date of receipt of the order of the Authority. The Tribunal may entertain an appeal after that period if it is satisfied that there was sufficient cause for the delay, subject to the statutory limit on condonation.

Question 16Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which statement correctly describes the jurisdiction of civil courts in matters covered by RERA?

  1. Civil courts have concurrent jurisdiction with the Authority in all disputes
  2. A civil court may hear a suit for refund if the allottee prefers it to the Authority
  3. No civil court may entertain a matter that the Authority or the Tribunal may decide Correct answer.
  4. A civil court may hear a suit only where the claim exceeds fifty lakh rupees

Explanation

The Act bars the jurisdiction of civil courts in respect of any matter which the Authority or the Appellate Tribunal is empowered to determine. An allottee must therefore approach the Authority, the adjudicating officer or the Tribunal, as the case may be, and not a civil court.

Question 17Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Before handing over possession of apartments to allottees, a promoter of a registered project must -

  1. Obtain a fresh registration for each apartment sold
  2. Obtain the prior approval of the Appellate Tribunal
  3. Obtain the occupancy certificate from the competent local authority Correct answer.
  4. Obtain the written consent of three-fourths of the allottees

Explanation

The promoter must obtain the completion certificate or occupancy certificate, as applicable, from the competent authority before offering possession. Handing over possession without such certificate is a contravention of the Act.

Question 18Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

An allottee wants to complain that the promoter has contravened a provision of RERA. Where may the complaint be filed?

  1. Only before the Central Advisory Council
  2. Before the Authority or the adjudicating officer, as the case may be Correct answer.
  3. Only before the High Court
  4. Only before the local municipal corporation

Explanation

Any aggrieved person may file a complaint with the Authority or with the adjudicating officer, depending on whether the relief sought is a direction or the imposition of a penalty. The Authority and the adjudicating officer are the designated fora for such complaints.

Question 19Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A real estate agent facilitates the sale of apartments in a registered project without being registered with the Authority. What penalty is prescribed under RERA?

  1. Cancellation of the registration of the project by the Authority
  2. A fixed fine of five lakh rupees for the first default and ten lakh for the second
  3. Simple imprisonment for a term of up to three years, without any fine
  4. Ten thousand rupees per day, capped at five per cent of the cost Correct answer.

Explanation

An agent who acts without registration is liable to a penalty of ten thousand rupees for every day during which the default continues, or five per cent of the estimated cost of the plot, building or apartment, whichever is less. The penalty is imposed after inquiry by the adjudicating officer.

Question 20Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following is a statutory duty of a registered real estate agent under RERA?

  1. To certify that the project will be completed within the stated period
  2. To keep books of account and records of the transactions facilitated Correct answer.
  3. To guarantee the quality of construction to the allottee
  4. To arrange the allottee's home loan at the lowest interest rate

Explanation

A registered agent must not facilitate an unfair trade practice, must disclose to the allottee all material information about the project, and must maintain books of account and records of the transactions facilitated. The agent does not warrant construction quality or completion timelines.

Question 21Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Where the registration of a real estate project is revoked, what is the Authority empowered to direct?

  1. That the promoter is released from all further liability towards the allottees under the Act
  2. That the amounts paid by the allottees are forfeited to the Authority
  3. That the association of allottees or the competent authority completes the remaining works Correct answer.
  4. That the project is transferred to the Authority without any payment

Explanation

On revocation, the Authority may direct that the remaining development works be carried out by the association of allottees or by the competent authority, as the case may be. Revocation does not wipe out the promoter's liability for the amounts received or for the defaults committed.

Question 22Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

The definition of 'promoter' under RERA includes which of the following persons?

  1. A bank that sanctions a construction loan to the developer for the project
  2. A supplier of cement and steel to the project, on credit terms
  3. An architect engaged by the developer to design the buildings in the project
  4. A person who sells or transfers the project or part of it to another Correct answer.

Explanation

The definition of promoter covers the builder or developer, a person who constructs a building for sale, a person who develops land into plots, a person who converts an existing building into apartments, and a person who sells or transfers the project or a part of it to another person.

Question 23Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

When RERA came into force, within what period were promoters of ongoing projects that had not received a completion certificate required to register them with the Authority?

  1. Six months
  2. One year
  3. Nine months
  4. Three months Correct answer.

Explanation

The Act required ongoing projects, for which a completion certificate had not been received, to be registered with the Authority within three months of the commencement of the Act. This ensured that projects already under construction were brought within the regulatory framework.

Question 24Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

If a promoter fails to pay an amount ordered by the Authority or the adjudicating officer, how may the amount be recovered?

  1. As arrears of land revenue by the Authority Correct answer.
  2. By attaching the personal residence of any director of the promoter company
  3. Only by filing a fresh civil suit before the High Court
  4. By deducting the amount from the registration fee of other projects

Explanation

An amount directed to be paid by the Authority or the adjudicating officer, if not paid within the specified time, is recoverable by the Authority as an arrear of land revenue. This gives the order the force of a revenue recovery mechanism without a separate suit.

Question 25Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter's advertisement for a project contains a false statement about the amenities, and an allottee relies on it and suffers loss. What is the promoter's liability under RERA?

  1. The promoter must compensate the allottee who suffered loss due to the false statement Correct answer.
  2. The promoter is liable only to publish a correction in the same newspaper
  3. The promoter is not liable because advertisements are not part of the sale agreement
  4. The promoter is liable only if the allottee proves fraud in a criminal court

Explanation

The promoter is responsible for the accuracy of the information in any advertisement, prospectus or notice and is liable to compensate a person who suffers loss on account of any false statement contained in it. Criminal proof of fraud is not a precondition for this civil liability.

Question 26Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Under the Real Estate (Regulation and Development) Act, 2016, which of the following is excluded from the 'carpet area' of an apartment?

  1. The exclusive balcony attached to the apartment Correct answer.
  2. The area of the living room measured wall to wall
  3. The area of the kitchen and bathroom taken together
  4. The area covered by the internal partition walls

Explanation

Section 2(k) defines carpet area as the net usable floor area of an apartment, excluding the external walls, service shafts, exclusive balcony or verandah, and exclusive open terrace. Internal partition walls, the living room, kitchen and bathroom form part of the net usable area.

Question 27Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following falls within the definition of a 'real estate project' under RERA?

  1. Development of land into plots for sale to prospective buyers Correct answer.
  2. Construction of a farmhouse for the owner's personal use
  3. Repair of an existing building without any re-allotment
  4. Conversion of a residential house into a guest house for own use

Explanation

Section 2(zj) covers the development of a building or land into plots or apartments for the purpose of selling all or some of them, along with common areas and development works. Construction or conversion for the owner's own use, and repair work without re-allotment, are outside the definition.

Question 28Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

For what period is the registration granted to a real estate agent valid under RERA?

  1. Until the project is completed
  2. Five years from the date of registration Correct answer.
  3. Three years from the date of registration
  4. Ten years from the date of registration

Explanation

Section 9(2) provides that the registration of a real estate agent remains valid for five years from the date of grant. The agent must apply for renewal before the registration expires.

Question 29Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

What minimum percentage of amounts realised from allottees must a promoter deposit in a separate account maintained in a scheduled bank?

  1. Thirty per cent
  2. Fifty per cent
  3. Ninety per cent
  4. Seventy per cent Correct answer.

Explanation

Section 4(2)(l)(D) requires the promoter to deposit seventy per cent of the amounts realised from allottees in a separate scheduled bank account. The funds may be used only for construction and land cost of the project.

Question 30Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter proposes to develop a residential project on a plot of 400 square metres comprising six apartments. Is registration with the Authority required?

  1. Yes, because every residential project must be registered
  2. No, because the project is below one acre in extent
  3. Yes, because the project involves sale of apartments to the public
  4. No, because it is within the prescribed area and unit limits Correct answer.

Explanation

Section 3(2)(a) exempts projects where the land area does not exceed 500 square metres or the number of apartments does not exceed eight, inclusive of all phases. The proposed project satisfies both limits, so registration is not mandatory.

Question 31Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Within what period after the issuance of the occupancy certificate must a promoter execute a registered conveyance deed in favour of the allottees?

  1. Two months
  2. Six months
  3. One month
  4. Three months Correct answer.

Explanation

Section 17(1) requires the promoter to execute a registered conveyance deed of the apartment, plot or building in favour of the allottee within three months from the date of issuance of the occupancy certificate.

Question 32Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Within what period should the Real Estate Regulatory Authority endeavour to dispose of a complaint filed before it?

  1. One hundred and eighty days
  2. Thirty days
  3. Sixty days Correct answer.
  4. Ninety days

Explanation

Section 32 directs the Authority to dispose of complaints as expeditiously as possible and to endeavour to do so within sixty days from the date of filing.

Question 33Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Who constitutes the Central Advisory Council under RERA?

  1. The Real Estate Regulatory Authority
  2. The Central Government Correct answer.
  3. The State Government
  4. The Real Estate Appellate Tribunal

Explanation

Section 41 empowers the Central Government to constitute the Central Advisory Council. Its role is to advise the Central Government on matters relating to the implementation of the Act.

Question 34Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

An aggrieved person wishes to challenge an order of the Real Estate Appellate Tribunal. Within what period must an appeal be filed before the High Court?

  1. Sixty days Correct answer.
  2. Thirty days
  3. Forty-five days
  4. Ninety days

Explanation

Section 45 provides that an appeal against a decision or order of the Appellate Tribunal may be filed before the High Court within sixty days from the date of communication of the decision or order.

Question 35Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

A promoter contravenes a provision of RERA other than the requirement of registration under Section 3. What maximum penalty may be imposed under Section 60?

  1. Five per cent of the estimated cost Correct answer.
  2. Ten per cent of the estimated cost
  3. One per cent of the estimated cost
  4. Twenty per cent of the estimated cost

Explanation

Section 60 provides that a promoter who contravenes any provision other than Section 3 is liable to a penalty of up to five per cent of the estimated cost of the project. The ten per cent ceiling in Section 59 applies specifically to non-registration under Section 3.

Question 36Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following is a function of the Real Estate Regulatory Authority under Section 34 of RERA?

  1. Registering projects and real estate agents Correct answer.
  2. Repealing the laws of the State relating to housing
  3. Constituting the Real Estate Appellate Tribunal
  4. Hearing appeals against its own orders

Explanation

Section 34 lists the functions of the Authority, which include registering and regulating real estate projects and real estate agents and protecting the interests of allottees. Appeals against Authority orders lie to the Appellate Tribunal, which is established by the State Government.

Question 37Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

An allottee fails to pay an instalment due under the agreement for sale. What is the consequence under RERA?

  1. The allottee forfeits the entire amount already paid
  2. The Authority may cancel the registration of the project
  3. The allottee must pay interest at the specified rate Correct answer.
  4. The promoter may terminate the agreement without notice

Explanation

Section 19(6) makes an allottee liable to pay interest at the rate specified for any delay in payment of amounts due under the agreement for sale. The promoter must still follow the agreement and the Act before taking any step to terminate.

Question 38Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

An appeal is filed before the Real Estate Appellate Tribunal 100 days after the order was communicated. Which statement is correct?

  1. The Tribunal may condone the delay only up to a further period of sixty days Correct answer.
  2. The Tribunal may condone the delay if sufficient cause is shown, because no outer limit applies
  3. The appeal must be dismissed because the Tribunal has no power to condone any delay
  4. The appeal is maintainable because the period of limitation is ninety days

Explanation

Section 44(1) sets a sixty-day limitation for appeals to the Tribunal. The proviso permits condonation of delay on sufficient cause, but not beyond a further sixty days, so a 100-day delay falls within the condonable window.

Question 39Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which of the following is included in 'common areas' under RERA?

  1. The carpet area of an apartment used by the allottee
  2. The exclusive open terrace attached to a single apartment
  3. Common areas such as staircases and lobbies Correct answer.
  4. The exclusive balcony of an individual apartment

Explanation

Section 2(g) defines common areas as the land and all areas within the project meant for common use of the allottees, such as staircases and lobbies. Exclusive balconies and terraces attached to a single apartment are not common areas.

Question 40Real Estate (Regulation and Development) Act, 2016 - key provisions and definitions

Which statement about compounding of offences under RERA is correct?

  1. All offences under the Act may be compounded at any stage
  2. Only offences punishable with fine may be compounded
  3. Offences punishable with up to one year's imprisonment Correct answer.
  4. No offence under the Act may be compounded

Explanation

Section 64 permits compounding of offences punishable with fine only or with imprisonment of one year or less. Offences carrying a longer term of imprisonment cannot be compounded.

Question 41Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

Who among the following is required to register with MahaRERA before facilitating the sale of an apartment in a registered project?

  1. A broker who negotiates the sale transaction Correct answer.
  2. The architect who certifies the building plans
  3. The engineer who supervises construction on site
  4. The chartered accountant who audits the promoter's accounts

Explanation

RERA defines a real estate agent as a person acting as a middleman to facilitate the sale or purchase of a plot, apartment or building, and includes property dealers and brokers. Such a person cannot act without registration with the Authority. Consultants engaged only in design, audit or construction are not agents.

Question 42Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

The registration granted to a real estate agent by MahaRERA remains valid for a period of

  1. one year
  2. five years Correct answer.
  3. three years
  4. ten years

Explanation

Section 9 provides that the registration of a real estate agent is valid for five years from the date of grant. It can be renewed in the prescribed manner on application by the agent.

Question 43Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

MahaRERA must dispose of an application for registration of a real estate agent within

  1. fifteen days
  2. sixty days
  3. ninety days
  4. thirty days Correct answer.

Explanation

Under Section 9, the Authority has thirty days from receipt of the application to either grant or reject it. A rejection must follow a hearing and be supported by reasons in writing.

Question 44Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

Under the Maharashtra Rules, the rate of interest payable on delayed payments or refunds under RERA is

  1. SBI MCLR plus 1%
  2. the RBI repo rate
  3. SBI MCLR plus 2% Correct answer.
  4. SBI MCLR less 2%

Explanation

The Maharashtra Rules prescribe the State Bank of India's marginal cost of funds-based lending rate plus 2% as the statutory rate of interest. The same rate applies to a promoter's delayed refund or compensation and to an allottee's delayed payments.

Question 45Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

MahaRERA exercises regulatory powers over real estate projects and agents located in

  1. the whole of India
  2. the Mumbai Metropolitan Region only
  3. the State of Maharashtra Correct answer.
  4. Maharashtra and Goa

Explanation

RERA contemplates a State-level regulatory authority for each State and Union Territory. MahaRERA is the Authority for Maharashtra and its jurisdiction extends throughout the State.

Question 46Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

The Act under which MahaRERA is constituted and the Maharashtra Rules are framed was enacted in the year

  1. 2014
  2. 2017
  3. 2016 Correct answer.
  4. 2015

Explanation

The Real Estate (Regulation and Development) Act was enacted in 2016 and came into force that year. The Maharashtra Rules were notified in 2017 to give effect to the Act in the State.

Question 47Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

The head office of MahaRERA is located at

  1. Pune
  2. Nagpur
  3. Mumbai Correct answer.
  4. Nashik

Explanation

MahaRERA's principal office is in Mumbai, from where it administers registrations, complaints and project disclosures for the whole State. Its orders are subject to appeal before the Maharashtra Real Estate Appellate Tribunal.

Question 48Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

A real estate agent is prohibited from facilitating the sale of an apartment in a project that

  1. has not been registered with MahaRERA Correct answer.
  2. is registered with MahaRERA
  3. has a valid occupancy certificate
  4. has been sanctioned by the local planning authority

Explanation

Section 11 bars an agent from facilitating the sale or purchase of any plot, apartment or building in a project that is not registered with the Authority. Facilitating an unregistered project is a contravention that attracts penalty.

Question 49Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

Under RERA, a registered real estate agent is entitled to receive its commission or fee

  1. only from the promoter
  2. only from the allottee
  3. from the promoter or the allottee, as agreed Correct answer.
  4. at a rate fixed by MahaRERA for each transaction

Explanation

The Act recognises the agent's right to receive commission or fee for services rendered from the promoter or the allottee, as agreed. MahaRERA does not fix or regulate the quantum of commission.

Question 50Maharashtra Real Estate (Regulation and Development) Rules and MahaRERA Regulations

Every real estate agent must maintain and preserve books of account, records and documents for at least

  1. ten years
  2. five years Correct answer.
  3. one year
  4. two years

Explanation

RERA, read with the Maharashtra Rules, requires an agent to maintain and preserve books of account, records and documents for five years. These records support verification of transactions and any inquiry by the Authority.