What are the requirements for obtaining a real estate broker license in Dubai?
Given its rich opportunities Dubai’s real estate market is a perfect fit for individuals to carve a career in this field starting with becoming a real estate broker. This post will provide a clear guideline of all the necessary requirements and procedures which one has to meet in order to apply for a real estate broker license in Dubai.
The general procedure followed by a candidate who wants to become a Real Estate Broker.
Obtain a Residency Visa
Firstly, the expatriates need to get a residency visa which is very important to them. This is usually more often through getting a job in a real estate firm in Dubai so that the company can act as your sponsor to gain entry into the country.
Full the Certified Training for Real Estate Brokers
Complete the registered course by the Real Estate Regulatory Authority (RERA) which is provided by the Dubai Real Estate Institute (DREI). This is a four day course that gives information about the history of Dubai’s real estate market, dynamics of the market, legal documentation and professional ethics of the market.
Pass the RERA Exam
Subsequent to being trained under the DREI program, there is a consequent RERA examination that one needs to sit and pass. This exam provides your knowledge of real estate laws, regulations, and market practices of Dubai. The passing rate usually stands at 75 percent or above.
DOWNLOAD APPLICATION FOR A BROTHER’S LICENSE
You have to upload your DREI course completion certificate, RERA exam pass, and good conduct certificate to the Dubai Land Department (DLD). The employing brokerage firm has to be register d with the RERA as well. Once approved you will be granted your brokers license by DLD.
Register Your Business
If you want to start your own brokerage company then you must obtain trade license from the Dubai Department of Economy and Tourism (DED). This covers the process of choosing a legal form of the business, the registration of the trade name as well as bearing in mind the set down regulations of the DLD.
Prerequisites and Eligibility Criteria
- Educational Background: Most of the positions demand to have a relevant educational background or experience in real estate.
- Documentation: Other important documents, which are demanded include; certified copy of the passport, Emirates ID, proof of residency, academic certificates and a certificate of good conduct.
- Fees: It comes with different charges, of which; DREI course costs AED 3,000 while the RERA examination costs between AED 3,200 and AED 6,300 based on the educational level of the candidate.
Additional Services by DLD
- Licensing System (Trakheesi): Greece Trakheesi permits and approvals to register a business for access to the Trakheesi system.
- Mollak System: An On-line Billing and Payment software for the division of expenses among people sharing an apartment.
- Ejari: An online system to enable registration of lease contracts so that all rental business are well documented.
If you have met these requirements as outlined above then you are ready to proceed and apply for a real estate broker license to experience a fulfilling career path in one of the fastest-growing real estate industries in the world based in Dubai.