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Questions and Answers

What happens if an applicant does not receive communication about deficiencies or rejection within the specified period?

  • The application is considered registered. (correct)
  • The application is put on hold indefinitely.
  • The application is automatically rejected.
  • The applicant must reapply immediately.

    • Which of the following statements about the registration number for real estate agents is correct?

  • It must be quoted in every transaction. (correct)
  • It can be created by the agent themselves.
  • It is only required for sales over a certain amount.
  • It is optional to use it in transactions.

    • How long is the validity period of a real estate agent's registration?

  • Five years. (correct)
  • Ten years.
  • Indefinitely.
  • One year.

    • Under what condition can the Authority revoke or suspend a real estate agent's registration?

    <p>If the agent has committed a breach of conditions specified under the Act.</p> Signup and view all the answers

    What opportunity is provided to an agent before their registration is revoked or suspended?

    <p>Opportunity for a hearing.</p> Signup and view all the answers

    Which of the following describes the classification of real estate agents by MahaRERA?

    <p>Individuals and Other than Individuals.</p> Signup and view all the answers

    Which of these options is NOT a breach that could lead to the revocation or suspension of an agent's registration?

    <p>Failure to complete a sale.</p> Signup and view all the answers

    What must an agent do to renew their registration?

    <p>Pay a prescribed fee.</p> Signup and view all the answers

    What characterizes an individual real estate agent?

    <p>Carries out business solely in their own name.</p> Signup and view all the answers

    Which option best describes a non-individual real estate agent?

    <p>Operates under the name of an organization.</p> Signup and view all the answers

    Why is the differentiation between individual and non-individual real estate agents important?

    <p>To establish liability for employee actions.</p> Signup and view all the answers

    What is a mandatory requirement for real estate agents before marketing properties?

    <p>They must register themselves with MahaRERA.</p> Signup and view all the answers

    What document is required to be submitted with the application for registration?

    <p>Form ‘G’ along with specific documents.</p> Signup and view all the answers

    What must all communication from an organization's employees to clients include?

    <p>MahaRERA Registration number.</p> Signup and view all the answers

    In what situation would a real estate agent NOT be required to register?

    <p>When engaging in transactions without compensation.</p> Signup and view all the answers

    Which of the following is NOT true regarding non-individual real estate agents?

    <p>They are solely responsible for employee actions.</p> Signup and view all the answers

    What should be verified to ensure the legitimacy of a property before facilitating its sale?

    <p>Promoter identity and project details</p> Signup and view all the answers

    Which document confirms the legal ownership of the property?

    <p>Title of Property</p> Signup and view all the answers

    Which item is NOT included in the due diligence process for property sales?

    <p>Interest rates on loans</p> Signup and view all the answers

    What is the significance of a commencement certificate in real estate transactions?

    <p>It grants permission to begin construction.</p> Signup and view all the answers

    Which of the following is a necessary component in the sales process of real estate?

    <p>Model form of agreement</p> Signup and view all the answers

    Which tax is specifically applicable to the purchase of an apartment?

    <p>Goods and Services Tax (GST)</p> Signup and view all the answers

    What is typically included in the cost sheet for property transactions?

    <p>Legal fees</p> Signup and view all the answers

    How does the Real Estate (Regulation and Development) Act, 2016 view real estate agents?

    <p>As key stakeholders in transactions</p> Signup and view all the answers

    What feature allows users to submit grievances on the MahaRERA portal?

    <p>Make a Complaint</p> Signup and view all the answers

    What is displayed on the dashboard of the MahaRERA web portal?

    <p>Project Registrations and Agents Registered</p> Signup and view all the answers

    Which of the following is NOT a service provided on the MahaRERA portal?

    <p>Market Price Analysis</p> Signup and view all the answers

    What does the 'Monthly Cause List' feature provide?

    <p>Details of monthly complaints including complaint and hearing dates</p> Signup and view all the answers

    How can users switch the language of the MahaRERA portal?

    <p>By selecting the English tab</p> Signup and view all the answers

    Which of the following best defines a 'dashboard' as described in the MahaRERA portal?

    <p>An interface showing key performance indicators</p> Signup and view all the answers

    Which section of the portal showcases the latest updates and notifications?

    <p>What’s News</p> Signup and view all the answers

    What type of modifications can users request on the MahaRERA portal?

    <p>Major Modifications</p> Signup and view all the answers

    What must the advertisement or prospectus issued by the promoter prominently include?

    <p>The website address of MahaRERA and the registration number</p> Signup and view all the answers

    What is required from the allottees for any major addition or alteration to a project?

    <p>Consent of at least 2/3rd of allottees</p> Signup and view all the answers

    Which action is the developer prohibited from undertaking arbitrarily?

    <p>Cancelling units</p> Signup and view all the answers

    What must the developer define clearly regarding the apartments?

    <p>The number, type, and carpet area of the apartment</p> Signup and view all the answers

    When can the developer advertise the project?

    <p>Only after registration with MahaRERA</p> Signup and view all the answers

    What is a significant benefit of the accountability enforced by the act?

    <p>Reinforced trust in the real estate sector</p> Signup and view all the answers

    What must the developer obtain consent for regarding the transfer of majority rights?

    <p>From at least 2/3rd of allottees</p> Signup and view all the answers

    What does the act detail concerning stakeholders?

    <p>Their roles and responsibilities</p> Signup and view all the answers

    What is the main goal of MahaRERA's skilling initiative?

    <p>To enhance the skills of the workforce and promote a competitive real estate sector</p> Signup and view all the answers

    Under the Registered Projects submenu, what can Real Estate Agents and the general public view?

    <p>Details about registered projects including their registration status</p> Signup and view all the answers

    What additional information can be viewed on the Registered Projects detail page?

    <p>Detailed project and promoter information including address and contact details</p> Signup and view all the answers

    What type of information can Real Estate Agents find about a project regarding its completion?

    <p>Completion status, work in progress, and any litigation information</p> Signup and view all the answers

    Who can view the last modified date and documents related to Registered Projects?

    <p>Real Estate Agents and the general public</p> Signup and view all the answers

    What type of details are included about the promoters of a project?

    <p>Experience of the promoter and details of involved management</p> Signup and view all the answers

    In the detail view of a project, what type of tasks related to the projects can be found?

    <p>Tasks related to development works, building details, and apartment types</p> Signup and view all the answers

    Which of the following is NOT mentioned as part of the project details available to view?

    <p>Electricity and water supply arrangements</p> Signup and view all the answers

    Study Notes

    MahaRERA Real Estate Agent Handbook 2022

    • This handbook provides a comprehensive understanding of the Real Estate (Regulation and Development) Act 2016 (RERA) for real estate agents.
    • It details legal requirements to comply with and effectively serve clients.
    • The handbook is a result of contributions from multiple individuals and organizations.
    • The All India Institute of Local Self-Government (AIILSG) played a key role in the development.
    • It acknowledges the contributions of many experts and sources for their valuable insights.
    • The handbook aims to be a valuable resource for real estate agents.

    Acknowledgement

    • Real estate agents are crucial stakeholders in the real estate industry.
    • The Act regulates the real estate sector and promotes industry development.
    • Agents need to understand RERA to effectively serve clients.

    Table of Contents

    • The handbook covers a wide range of topics including course orientation, RERA introduction, MahaRERA, registration and responsibilities of real estate agents, project registration, promoter responsibilities, allottee responsibilities, due diligence procedures, sales processes, forms and agreements.
    • Allottee rights and obligations are included.
    • Dispute resolution processes including complaints, adjudication, conciliation, and appeals are covered.
    • Penal provisions for promoters, agents and allottees are outlined.
    • The handbook also contains a variety of supporting documents.

    Course Orientation

    • Real Estate agents are essential elements of the real estate sector, connecting allottees and promoters.
    • RERA recognizes agents as key stakeholders.
    • Agents need comprehensive understanding of the real estate transaction.
    • MahaRERA has introduced a Capacity Building and Certification Program for real estate agents to increase knowledge and awareness of RERA.

    Introduction to Real Estate (Regulation and Development) Act 2016 (RERA)

    • The Act addresses issues in the real estate sector including information asymmetry, lack of grievance redressal, huge delays in project completion and other related issues.
    • RERA promotes uniformity, standardization of business practices and transactions.
    • The Act is applicable across India and each state has its own Real Estate Regulatory Authority.

    Maharashtra Real Estate Regulatory Authority (MahaRERA)

    • Government of Maharashtra established MahaRERA for regulation and promotion of real estate sector.
    • Also a regulatory authority for Daman & Diu and Dadra Nagar Haveli.
    • Includes rules relating to real estate projects registration, agents registration, rates of interest and disclosures on website, employees' appointment, recovery of interest, penalties, compensation, fine, complaint and appeal forms.
    • The authority also established an Appellate Tribunal.
    • It works on principles of transparency, accountability, financial discipline, customer centricity and compliance.
    • These principles are the pillars for the authority's functioning.

    Understanding of MahaRERA Portal

    • MahaRERA has a web-based online system.
    • Offers services for real estate agents, allottees and promoters.
    • Real Estate agents can register, renew registration, and make a complaint on the portal.
    • Allottees can view details of registered projects, make complaints, view lists of orders and judgements.
    • Promoters can register projects, update project details and make complaints.
    • Includes a virtual tour of the portal.

    Real Estate Agent Registration and Responsibilities

    • Agents must be registered under RERA to facilitate property sales/purchases.
    • Agents are liable for penalties if they fail to register.
    • Types of real estate agents are individually or organizationally registered (proprietorship, partnership, company etc.).

    Real Estate Project Registration and Promoter Responsibilities

    • A promoter must register their projects with RERA.
    • Certain projects are exempt from registration, such as those under 500 square meters or 8 apartments.
    • Registration applications must include various details.

    Allottees and their Responsibilities

    • Allottees have rights and duties.
    • They are entitled to information on the registered real estate project.
    • Allottees must pay charges as specified in the agreement.
    • The allottee should take possession of the apartment, plot or building within two months of receiving the occupancy certificate.

    Due Diligence before Facilitating Sale of Property

    • Real estate agents need to verify promoter identity and project details on the MahaRERA website.
    • Verify MahaRERA registration number.
    • Understanding title of property (ownership rights and evidence).
    • Review building approvals and commencement certificates.

    Sales Process, Forms and Agreements

    • Allotment letters are crucial documents during property purchase.
    • A model allotment letter should include details of the proposed apartment/plot, parking details and other relevant information.

    Additional Information

    • Various forms and templates are available on MahaRERA's website.
    • The handbook contains details on online application and payment procedures, along with FAQs.
    • Information about the appellate tribunal and conciliation forum is provided.

    (Further pages 5.3 to end contain highly specific and detailed information regarding procedures, forms and requirements).

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    MahaRERA Real Estate Agent Handbook 2022 PDF

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