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 -
... [Show More] 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 (und [Show Less]