RERA announces test for License Renewal of Property Brokers
Posted on 30th June 2014
The Real Estate Regulatory Authority (RERA) today announced in Dubai, that real estate brokers would have to clear an annual test in order to qualify for license renewal. This move is aimed at ensuring that Dubai’s property brokers are “fully equipped and prepared to serve clients,” according to a statement by RERA .
The renewal of a brokerage licence has to now be accompanied with the results of the test, which has a fee of Dh 700. The test, from the Dubai Real Estate Institution (DREI) – the educational arm of the Dubai’s Land Department, must be taken one month before the expiration of the licence. Failure to comply within the prescribed time limit for registeration for the the test will mean the broker will have to take a course as a prerequisite for the renewal of their licences, the statement said. The fee for the certified training course is Dh 2,500. RERA also stated that any licence that has expired for six months will be cancelled within 10 days if a renewal application is not sent.
“Real estate brokers are the most high profile representatives of the sector and the department expects them to be fully cognisant of their rights and duties in order for them to effectively serve their customers,” RERA said. “The training aims to provide Dubai’s real estate market with a high level of efficiency and professionalism, which ensures the maintenance of excellent services worthy of the prestigious name of Dubai,” it added.
With Dubai’s property sector heating up, authorities are announcing new measures to better regulate the market. Earlier this month, RERA issued an official notice to all registered property brokers in Dubai warning them to refrain from cold calling owners who have no plans to sell their properties. The regulatory body said that it decided to take action after it received a rise in complaints about such calls, and it warned brokers not to cause inconvenience to property owners.Back to all Construction News
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