Broker license to be cancelled if not renewed within six months of expiry | Broker license to be cancelled if not renewed within six months of expiry -
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Broker license to be cancelled if not renewed within six months of expiry

: Monday, June 30 - 2014 @ 10:03

The Real Estate Regulatory Agency (RERA), the regulatory authority of Dubai Land Department (DLD), has announced a new mandatory prerequisite for brokers. The ruling states that every broker must pass the test of the Dubai Real Estate Institution (DREI) – the educational arm of the department – in order to renew their Real Estate Brokerage License.

The new requirement was disseminated by RERA to all brokerage agencies and offices in Dubai in the form of an official notice. The letter stated that RERA will not accept any request for the renewal of the Real Estate Brokerage License unless the request is accompanied with the results of the test.

DLD aims to ensure that Dubai’s real estate brokers are fully equipped and prepared to serve clients in the real estate sector. The organisation has stated that the passing of the annual test will help brokers to be familiar with the requirements of the work, which will guarantee the provision of high quality services to all clients, sellers as well as buyers.

The Real Estate Licensing Department of RERA requires brokers to register and apply for the necessary test one month before their brokerage licenses expire. If brokers do not comply with the time limit for registering for the test, they will be subject to taking a course as a prerequisite for the renewal of their licenses.

DLD has achieved an international level of excellence through its many activities, with real estate training being one of its most important facets. 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. 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.

RERA’s official letter also included a notice pertaining to the cancellation of expired brokers’ licenses. Any license that has expired for six or more months will be cancelled 10 days from the date of the circular’s issuance. RERA has called-on brokers to immediately renew their licenses in order to avoid such cancellation, which will necessitate the re-starting of the registration process.

RERA has informed that the registration fee for the Real Estate Brokerage License test is Dhs700. The charge for those needing to enroll in the training course for Real Estate Certified Training for Brokers is Dhs2500. Registration for the test and course can be done through the DREI website: www.drei.ae

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Monday, June 30- 2014 @ 10:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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