Real Estate Regulatory Agency says brokers must now pass annual test to renew their licences
The Real Estate Regulatory Agency (RERA), the regulatory authority of Dubai Land Department, said on Sunday that property brokers in the emirate must now pass an annual test to renew their licences.
The new 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 Licence.
The new requirement was sent by RERA to all brokerage agencies and offices in Dubai in the form of an official notice, a statement said.
The letter said that RERA will not accept any request for the renewal of the Real Estate Brokerage Licence unless the request is accompanied with the results of the test which will come with a fee of AED700.
The Land Department said in the statement that the new rule "aims to ensure that Dubai's real estate brokers are fully equipped and prepared to serve clients in the real estate sector".
The Real Estate Licensing Department of RERA requires brokers to register and apply for the necessary test one month before their brokerage licences 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, the statement said, adding that the fee for the course will be AED2,500.
RERA's official letter to brokers also included a notice pertaining to the cancellation of expired brokers' licenses. Any licence that has expired for six or more months will be cancelled 10 days from the date of the circular's issuance.
RERA called on brokers to immediately renew their licences in order to avoid cancellations.