The Real Estate Regulatory Agency (RERA), the regulatory arm of Dubai Land Department (DLD), has launched the 'Real Estate Brokerage Practice Guide' in conjunction with its participation in Cityscape Dubai 2022 that was held in strategic partnership with DLD at the Dubai World Trade Centre from 21st - 23rd November.
Through this guide, RERA aims to enhance the level of awareness and knowledge of all real estate brokers and raise their professional competence, which is a strategic goal for the RERA on its journey towards providing high quality services with complete professionalism, which in turn contributes to the happiness of customers and real estate investors alike.
The Real Estate Brokerage Practice Guide includes all the information, laws and procedures related to the brokerage profession and the ways to practice it in Dubai, to ensure that all are familiar with these regulatory procedures; thus, ensuring that they carry out real estate transactions in a healthy and transparent manner, and fully commit to all laws to avoid any practices outside this framework, which may entail taking legal measures against violating companies.
Ali Abdullah Al Ali, Director of the Real Estate Licensing Department at RERA, said:
“Today, through this guide, we offer an integrated service for real estate brokers that helps them fully and comprehensively understand the concept of practicing in Dubai in accordance with the best standards, thus contributing to our journey towards enhancing the happiness and confidence of investors and customers alike in Dubai's real estate environment. We are always keen to ensure that our services are professional and of high quality, for a pioneering and sustainable real estate ecosystem, whose effects are reflected by all sector stakeholders, including investors, customers and brokers.”
The laws, procedures and regulations that the guide highlights include the Trakheesi system, the Dubai REST application, smart marketing and sales contracts, as well as the criteria for classifying brokerage offices and brokers, the green list, the mechanism for marketing off-plan projects, amicable settlements and obtaining a broker card. It also looks at the real estate brokerage register in Dubai, a number of real estate circulars, the ethics of practicing the profession, and others.
RERA stresses the need for brokers to abide by all the directives covered in the guide, in order to maintain the highest possible level of professional competence and transparency in the implementation of related tasks.
News Source: Emirates News Agency