Module 2: The Business of a Broker
This module provides the brokers with the licensing requirements and serves as an update to brokers on the recent policies and procedures adopted by the governing bodies in respect to:
• Trakheesi System for registered companies.
• Brokerage Offices Ranking System.
What is a broker?
A broker is a licensed person who, for a fee acts as an intermediary between Developers/ Buyers in primary market sales, Sellers and Buyers in secondary market sales and Landlord/Tenants in rental transactions. In Dubai, all Brokers must have a RERA card in order to carry on real estate broker activities.
You can become a licensed broker either by:
• Owning a Real Estate brokerage license- ORN
• Working for a licensed brokerage company through which you can get your BRN
• Working for a company that gives you an NOC to get on the licensed brokerage company labor card in order to become a licensed broker with a BRN
If you have a green visa (5 years visa which is great for self-employed/freelancers as it allows them to start a business in Dubai without the need for a local sponsor) your company can give you an NOC to get a labor card through a licensed RERA brokerage firm. Same rule applies if you have a Golden visa.
Expats can now own a brokerage license on the main land in Dubai without the need for local service agent or partnership.
RERA Brokerage Practice Exam (Available in 30+ languages)
To Register for RERA Brokers Certification Exam
1- Visit Dubai Land Department Website: https://dubailand.gov.ae/
2- Select Training Course and Exam- Get Started
3- Select Dubai Brokers
4- Select Dubai Brokers Exam, Register
5- Complete the attendee’s Personal Information including Emirates ID Number. Fee is AED 772.50 via Noqoodi; breakdown is as follows:
Practice Exam Fee: AED 700 Innovation Fee: AED 10 Knowledge Fee: AED 10 Exam license Fee: AED 50 VAT: AED 2.5
If you choose to pay by credit card add AED 12.17 (total AED 784.67)
6- Proceed to Pay
7- To Start the Exam, you need to log in using your UAE Pass Account and the exam link will be emailed to you.
8- Exam is 30 Questions- Duration is 1 hour. You need 75 points to pass the exam.
9- Exam Test Results will be emailed to you.
10- If you pass the Exam, you can download the Certificate through the link that gets emailed to you. The Certificate is valid for one year from issue date.
11- If you don’t pass the Exam, you get 1 FREE RESIT.
12- If you fail the RESIT- you need to pay the Exam Fees and a new link is sent to you for the retake.
13- The Company can issue your Broker Card through Trakhessi once you have the Exam Certificate and your CID Clearance.
14- The Broker Card is linked to the Company’s trade license and needs to be renewed annually.
Advertisement Permits
“Trakheesi” System
Trakheesi is a web application meant for Real Estate Offices for managing Real estate Broker operations.
It enables the Real Estate Office Admin/Broker to perform operations/procedures such as:
• Issuing a broker card,
• Updating broker information,
• Renewing a broker card,
• Cancelling broker card oRegister on Dubai REST App oIssue Advertisement Permits**
Download the Trakheesi User Guide
https://dubailand.gov.ae/media/m3dhpakj/trakheesi-user- guide_eng.pdf?fbclid=PAAaZh7jnx3duzucaMvQ2ycXwRuwC-7F9Osi1hlHNnfmEag7ihXZlEtt_c-9g
In an effort to provide transparency in buying and selling and in the marketing/promotion of properties in Dubai’s real estate market, Dubai Land Department stated that all property ads issued in Dubai must be backed by relevant advertising permits – and it is up to the real estate agency or portal to ensure this happens. Property portals in Dubai must authenticate the permits for these ads through an integrated link with DLD.
Property brokers and portals will need to fill up Contract A , if they want to advertise any unit, whether through online channels or offline (print media).
Contract A for sales listings or its equivalence for rentals listings are a must for all resale and leasing transactions. Without these listings agreements, property agents are not allowed to promote/advertise for their listings through any channel.
The process of signing Contract A with the owner is fully digitized by DLD and requires the official confirmation of property owners via the REST app.
For the process to be completed, property owners must ensure their contact details are updated in DLD’s records.
Madmoun
• As part of DLD’s ongoing efforts to modernize and develop real estate governance procedures and enhance investor confidence, Madmoun will use QR Code technology for any real estate advertisement permit.
• Effective from April 24, 2023, all real estate companies are expected to feature the QR code on their print and audio- visual advertisements to prevent them from being subjected to violations.
• Real estate companies can activate the QR code through the Trakheesi system. The link can be secured to prevent any modification to the data.
• The code enables customers to quickly and easily verify the advertisement’s authenticity and validity, ensuring that it has been approved by RERA. DLD Customers can scan the QR code on each real estate advertisement to get a glimpse of the property’s authorized details and establish if it has been sold or rented.
• Additionally, customers can access the DLD’s website to view the complete advertisement information, including details about the advertising company, the property’s condition and specifications. DLD strongly advises all customers and investors to only engage with real estate advertisements that feature the QR Code to ensure the protection of their rights and prevent their exposure to any fraudulent or unreliable transactions.
RERA has gotten strict about listings that are left up on property portals after they’re sold, leased or no longer available.
It’s also keeping an eye out for listings, ads and social media posts without proper QR (Madmoun) codes.
The above violations have recently resulted in AED 50,000 penalties AND companies’ access to their Trakheesi systems were blocked.
RERA is also cracking down on listings by brokers who are not licensed.
Objective of the Brokerage Offices Ranking Project
Raise the qualifications of real estate service providers (brokers) according to the policies set for the real estate sector based on RERA’s strategic plan by setting a classification for real estate brokerage offices.
……………………………………………….
Objective of the Brokers Classification Project
Create a competitive environment among real estate brokers to provide high quality services and reflect on the performance of the real estate market and raise brokers’ efficiency. It also aims to achieve DLD’s strategic plan.