Law 6 of 2019 Developer Obligations Quiz

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What type of ownership owns the land and building forever?

Freehold ownership

Which online program is used for recording and registering tenancy contracts in Dubai?

Ejari System

How can Contracts A, B, and F be accessed?

Dubai REST App

What does the Buyer bank do before issuing the Final Offer Letter?

<p>Conducts valuation of the property</p> Signup and view all the answers

Is maintaining a Special Transaction Registers (STR) mandatory for registered brokerage companies?

<p>Voluntary</p> Signup and view all the answers

Which factor controls the total property finance amount?

<p>Property value</p> Signup and view all the answers

What is the status of bestowal land in terms of registration with Dubai Land Department?

<p>It is not registered</p> Signup and view all the answers

Which channel can be used to register property valuation issued by Dubai Land Department?

<p>Dubai REST app</p> Signup and view all the answers

What system of Dubai Land Department manages issuing legal notices of unpaid service charge?

<p>Mollak</p> Signup and view all the answers

How can an owner request his dues due to termination by the developer?

<p>Dubai REST - terminated sell contracts refund request</p> Signup and view all the answers

How can one register for refund/compensation of a cancelled development project?

<p>Dubai REST - cancelled project committee service</p> Signup and view all the answers

How can a broker card be validated?

<p>Dubai REST - validate e-card service</p> Signup and view all the answers

What is the obligation of the Developer under Law 6 of 2019?

<p>Repair or correct any defects in the structural parts of the common property for a period of ten years</p> Signup and view all the answers

What are fixtures defined as under Law 6 of 2019?

<p>Mechanical and electrical works, sanitary fittings, sewerage</p> Signup and view all the answers

What are the Dubai Land Department fees for registering a property valued at AED 2,000,000?

<p>AED 100,000 + knowledge and innovation fees</p> Signup and view all the answers

Is it possible to obtain a residence permit on a property if its purchase value is at least AED 750,000?

<p>Yes, if property purchase value is at least AED 750,000 and paid amount is at least AED 750,000</p> Signup and view all the answers

What is the minimum property purchase value required to get a golden residence permit?

<p>AED 2 million</p> Signup and view all the answers

What type of works are included in the definition of fixtures under Law 6 of 2019?

<p><strong>Mechanical and electrical works</strong>, <strong>sanitary fittings</strong>, <strong>sewerage</strong></p> Signup and view all the answers

What is the total cost in AED of a house that Jasim wants to sell for AED 900,000, if his total cost is 10% of the sale price?

<p>AED 810,000</p> Signup and view all the answers

If a bank earns AED 7,500 on a loan of AED 600,000 with a 5% interest rate after 3 months, what is the principal amount paid back by the borrower?

<p>AED 592,500</p> Signup and view all the answers

What will be the yearly net income in AED on an investment of AED 1,260,000 with a rate of return of 12.5%?

<p>AED 157,500</p> Signup and view all the answers

If Jasim wants to purchase a townhouse worth AED 4,500,000 with financing from a bank requiring a 20% down payment, what will be the total cost of the townhouse and down payment combined?

<p>AED 5,625,000</p> Signup and view all the answers

After buying a townhouse with financing from a bank requiring a 20% down payment on the townhouse value, how much does Jasim owe the bank if he pays AED 3,600,000 as the down payment?

<p>AED 1,440,000</p> Signup and view all the answers

If Jasim decides to sell his house for AED 900,000 and incurs a total cost of AED 810,000 based on a 10% cost-to-sale-price ratio, what will be his profit in AED?

<p>AED 90,000</p> Signup and view all the answers

What determines the price of a property according to the text?

<p>The price that a reasonable seller and buyer would agree on</p> Signup and view all the answers

Which factor controls the total property finance amount based on the text?

<p>All answers are correct</p> Signup and view all the answers

In the context of lease renewal, how much can the landlord increase the rent by after giving 90 days notice?

<p>10%</p> Signup and view all the answers

Which document is NOT required for a tenant to register the lease in Ejari according to the text?

<p>No objection certificate</p> Signup and view all the answers

When should a tenant NOT move in according to the text?

<p>When the unit is ready</p> Signup and view all the answers

What is a key factor in determining the price of a property mentioned in the text?

<p>The willingness of a reasonable buyer and seller</p> Signup and view all the answers

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