UAE REAL ESTATE AGENTS:Abiding by the legislature
- superiorseo6375
- Jul 11, 2022
- 2 min read
The Dubai real estate industry has been characterized with a great deal of improvements. The UAE government has taken a host of decisions and made modifications in the real estate sector to strengthen the industry with priority. The buyer market has scaled high since 2014, though the property prices in Dubai keep fluctuating. The rules for regulating the real estate agents in Dubai has been specifically mentioned on the Bylaw No. (85), a synopsis of which has been presented here in this article.
Requirements for registration on the Real Property Brokers Register The most important law for getting into the real estate agent business is the registration license by any competent entity .As submitted under Article (6), to get registered as a real estate agent in Dubai, the person must submit an application which should meet the following requirements:
· Attached valid commercial license issued by a Competent entity
· Membership certificate in Dubai Chamber of Commerce and Industry
· True copy of the title deed of the applicant
· Certificate of good conduct and repute of the owner or manager of the company
· Certificate of completion of real property training courses must be attached.
· Passing the Brokerage profession test as prescribed by the DLD is mandatory.
The Article (7) gives power to the Division to review the documents, and ask for the submission of any required document as and when necessary within a period of 7 days.
The Committee is levied with the authority to approve or reject any application for registration However, such decisions rejecting the approval must be reasoned.
The real estate agent applicant in Dubai is provided the flexibility of re-applying for registration after the rejection of the application, within a period of 14 days from the date of rejection notification.
Each property agent must carry an identification card bearing the agent’s name, address, and registration number.
The registration of any broker is subject to renewal annually which must be submitted 30 days prior to the expiry of the registration certificate.
Obligations of Real Property Brokers
The Code of Ethics is the ultimate guide for all real estate agents in Dubai.
All the records of the conducted transactions must be maintained by the agent.
The agent is obliged to disclose all the negotiation details and the process in specification to the clients with transparency. They must discuss all the essential details on the subject matter of the agreement to avoid any further uncertainty.
The property agent is to be liable for any kind of damages suffered by the contracting parties as a result of his failure to abide by the rules and codes.
No deal is to be made that violates the rule of the Emirates.
Comments