MahaRERA Real Estate Agent Handbook 2022
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Questions and Answers

What should a reader do to ensure accuracy when referencing facts in this publication?

  • Rely solely on the book's contents.
  • Trust the author's expertise in every subject.
  • Cross-check all facts with original Government notifications. (correct)
  • Consider the book as the final authority.

    • What legal action can occur due to unauthorized reproduction of the book?

  • A warning letter from the publisher.
  • Legal action against the offender. (correct)
  • An immediate recall of the book.
  • A temporary ban from purchasing books.

    • Where are all disputes related to this publication subject to jurisdiction?

  • Delhi.
  • Bangalore.
  • Mumbai. (correct)
  • Chennai.

    • Which section of the book would you refer to for understanding the key components of the RERA?

    <p>Introduction to RERA.</p> Signup and view all the answers

    What is stated about the responsibility of the publisher, author, or seller regarding errors found in the publication?

    <p>They will address noted errors in the next edition.</p> Signup and view all the answers

    What type of content is the book prohibited from being reproduced in?

    <p>Any form or by any means.</p> Signup and view all the answers

    What is one of the main purposes of the publication as stated?

    <p>To shape thinking and inform arguments.</p> Signup and view all the answers

    Which section deals with understanding the MahaRERA Portal?

    <p>Understanding of MahaRERA Portal.</p> Signup and view all the answers

    What is the primary purpose of the Real Estate (Regulation and Development) Act, 2016?

    <p>To establish a Regulatory Authority for real estate.</p> Signup and view all the answers

    What significant change did the RERA Act introduce for consumers in the real estate market?

    <p>Establishment of a grievance redressal mechanism.</p> Signup and view all the answers

    When did the Real Estate (Regulation and Development) Act, 2016, become fully operational?

    <p>May 1, 2017</p> Signup and view all the answers

    What was one of the key issues that led to the introduction of the RERA Act?

    <p>The imbalance in real estate transactions favoring developers.</p> Signup and view all the answers

    What mechanism does the RERA Act establish to handle appeals from the Regulatory Authority's decisions?

    <p>Appellate Tribunal</p> Signup and view all the answers

    Which of the following is NOT a purpose of the RERA Act?

    <p>To safeguard developer investments.</p> Signup and view all the answers

    According to the RERA Act, what is one expected impact on project completion timelines?

    <p>Reduction in the occurrence of huge delays.</p> Signup and view all the answers

    What did the Central Government require from State Governments after the introduction of the RERA Act?

    <p>To formulate their own Rules and Regulations.</p> Signup and view all the answers

    What is the primary focus of MahaRERA in transforming the Real Estate Sector?

    <p>Ensuring transparency in information and transactions</p> Signup and view all the answers

    Which aspect of the projects does MahaRERA specifically ensure is available online for public view?

    <p>Sanctioned plans and layout plans</p> Signup and view all the answers

    How frequently does MahaRERA update the status of the projects?

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

    What type of infrastructure provisions are included in the project completion time schedule?

    <p>Civic infrastructure such as water, sanitation, and electricity</p> Signup and view all the answers

    Which of the following is NOT listed as information available for the public on the MahaRERA website?

    <p>Annual financial reports of developers</p> Signup and view all the answers

    What is one of the aims of MahaRERA in relation to home buyers and developers?

    <p>Bridging the trust gap between home buyers and developers</p> Signup and view all the answers

    What types of updates does MahaRERA provide regarding parking for projects?

    <p>List of covered parking and garages for sale</p> Signup and view all the answers

    What is meant by 'Uniform Regulatory Environment' in the context of MahaRERA?

    <p>Consistent rules and regulations across the real estate sector</p> Signup and view all the answers

    Who will be held liable for unethical business practices committed by the developer?

    <p>Any officer in charge or responsible</p> Signup and view all the answers

    Which of the following is true regarding advance payments from buyers?

    <p>A promoter cannot accept more than 10% without a written agreement</p> Signup and view all the answers

    What percentage of amounts realized for a real estate project must be deposited in a separate account?

    <p>70%</p> Signup and view all the answers

    Withdrawal from the accounts maintained for a real estate project is determined by what criteria?

    <p>The percentage of completion of the project</p> Signup and view all the answers

    What must a promoter do if they make a false statement to a buyer?

    <p>Compensate with a full refund and interest</p> Signup and view all the answers

    When must project accounts be audited?

    <p>Within six months after the end of each financial year</p> Signup and view all the answers

    What happens to an officer who consents or connives with unethical conduct?

    <p>They will also be guilty of the offense</p> Signup and view all the answers

    The purpose of maintaining a separate account for project funds is to cover which costs?

    <p>Land cost and construction cost</p> Signup and view all the answers

    What is one responsibility of an individual real estate agent?

    <p>Sourcing leads and closing deals</p> Signup and view all the answers

    Which statement accurately describes a non-individual real estate agent?

    <p>Is registered under the name of an organization</p> Signup and view all the answers

    Under what condition must a real estate agent apply for registration?

    <p>Before engaging in marketing or advertising activities</p> Signup and view all the answers

    What document must be submitted when applying for registration as a real estate agent?

    <p>Form 'G' along with identity verification</p> Signup and view all the answers

    Who is liable for the actions of employees in a non-individual real estate agency?

    <p>The organization as a whole</p> Signup and view all the answers

    What must all communication from a non-individual real estate agent’s employees include?

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

    What is the primary purpose of the MahaRERA Registration for real estate agents?

    <p>To regulate the market practices in real estate</p> Signup and view all the answers

    Why is it important to differentiate between individual and non-individual real estate agents?

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

    What is the validity period of registration for real estate agents?

    <p>Five years</p> Signup and view all the answers

    When should a real estate agent apply for renewal of their registration?

    <p>At least sixty days before expiry</p> Signup and view all the answers

    What form must be used for the renewal application of a real estate agent?

    <p>Form ‘J’</p> Signup and view all the answers

    What happens if a real estate agent's application for renewal is rejected?

    <p>The agent is informed in Form ‘I’</p> Signup and view all the answers

    Which entities are exempt from registration as real estate agents?

    <p>Public authorities selling through lottery</p> Signup and view all the answers

    What must accompany the renewal application submitted by a real estate agent?

    <p>Updated documents specified in sub-rule (a) to (i)</p> Signup and view all the answers

    What is required before an application for renewal of registration can be rejected?

    <p>An opportunity for the applicant to be heard</p> Signup and view all the answers

    What is the consequence of not applying for renewal at least sixty days prior to expiration?

    <p>Inability to renew registration until next period</p> Signup and view all the answers

    Study Notes

    MahaRERA Real Estate Agent Handbook 2022

    • This handbook provides a comprehensive overview of the Real Estate (Regulation and Development) Act 2016 (RERA) for real estate agents.
    • It aims to provide a thorough understanding of RERA , its key provisions, and their implications for real estate agents.
    • It is the result of contributions from multiple individuals and organizations, including a committee for curriculum and training.
    • The handbook acknowledges the crucial role of real estate agents in the real estate industry and their importance in facilitating transactions and providing understanding to stakeholders.
    • It was initiated by the government of Maharashtra
    • Real estate agents play a critical role in the sector and are key stakeholders.
    • The handbook, established in 2022, details the functions of the Maharashtra Real Estate Regulatory Authority (MahaRERA).
    • The authority aims to promote a transparent and efficient real estate sector.
    • Real Estate Agents are mandated to register with MahaRERA.
    • MahaRERA is the regulatory body for real estate in the state of Maharashtra, Daman & Diu, and Dadra Nagar Haveli.
    • The handbook covers critical topics such as course orientation, RERA overview, MahaRERA, agent registration, and promoter responsibilities, allottee responsibilities, due diligence, sales process, calculations, and more.

    Course Orientation

    • The course aims to provide a comprehensive understanding of the Real Estate (Regulation and Development) Act 2016 (RERA) law.
    • It outlines the core objectives and outcomes of the training.
    • Covering the real estate industry, functions of MahaRERA, and aspects of real estate fundamentals.

    Introduction to RERA Act 2016

    • The Act regulates the real estate sector.
    • It promotes transparency and efficient transactions in real estate.
    • It safeguards the interests of consumers.
    • It sets up an adjudicating mechanism to resolve disputes quickly.
    • It aims at protecting the interests of allottees and real estate agents.
    • Key challenges addressed by RERA include information asymmetry, grievance redressal, and delays in real estate projects.
    • The Act came fully operational from May 1, 2017.

    Maharashtra Real Estate Regulatory Authority (MahaRERA)

    • MahaRERA is responsible for the regulation and promotion of the real estate sector.
    • MahaRERA's role includes ensuring disclosures from promoters, registering real estate projects, registering real estate agents, and resolving complaints.
    • Several rules have been enacted focusing on the functioning of the authority including those regarding real estate registration, rates of interest, disclosuers on website, employees, penalites, compensation, forms of complaints, appeals, etc.
    • Key components of MahaRERA are the regulatory authority, and the appellate tribunal.

    Understanding MahaRERA Portal

    • The MahaRERA website provides various services for promoters, agents, and allottees.
    • Registered Projects, Registered Agents, and Revoked Projects
    • A wide range of functions are available on the portal.
    • Services include registration, complaint filing, and viewing project details.
    • A virtual tour of the portal, key service details for real estate projects, and agent registration details including step-by-step guidance on agent and non-individual agent registration on the MahaRERA web portal.

    Real Estate Agent Registration and Responsibilities

    • Real Estate Agents are mandated to register with MahaRERA.
    • Types of real estate agents are Individuals, and Other-than-Individuals (like companies, partnerships)
    • Key functions of real estate agents include registration, compliance, and fair dealings.
    • Thorough understanding of the legal requirements and their implications for Real Estate Agents or stakeholders.
    • Important components include registration application and process, types of real estate agents, registration application and process with required documents
    • Agents are required to comply with regulations and codes of conduct.
    • Agents should avoid unfair trade practices.

    Real Estate Project Registration and Promoter Responsibilities

    • Real estate projects need to be registered with MahaRERA.
    • Key registration requirements include filling out forms, providing documentation (e.g., layout plan, specifications, clearances, etc.)
    • Promoters are responsible for adhering to regulations and complying with the Act's provisions.
    • Major responsibilities include project registration, extension of registration, and revocation.

    Allottees and their responsibilities

    • Allottees' rights, obligations, and dispute resolution mechanisms.
    • Key rights of allottees include information access, time-bound project completion, rights, possession, compensation, etc.
    • Allottees have obligations in terms of timely payments for their units as per the agreement of sale.
    • Dispute resolution forums are made available.

    Due Diligence before Facilitating Sale of Property

    • Agents must verify promoter identity and project details from the MahaRERA website.
    • Agents need to validate the title of the property (ownership).
    • Agents need to ensure compliance with all relevant building approvals and other legal requirements.

    Sales Process, Forms and Agreements

    • The process for initiating property transactions, and documents involved.
    • Allotment letters, agreements of sale, payment schedule are explained.

    Other Sections

    • The handbook includes sections on online application processes, an appellate tribunal, a conciliation forum, regulatory agency, and statistics, along with a comprehensive list of legal provisions and guidelines.
    • It provides a detailed understanding of different aspects of real estate transactions.
    • These sections provide detailed information on various topics like complaints handling procedure, penal provisions, responsibilities, processes for non-compliance of rules, and how to seek clarification or assistance when needed.

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    MahaRERA Real Estate Agent Handbook 2022 PDF

    Description

    This handbook offers a comprehensive overview of the Real Estate (Regulation and Development) Act 2016, specifically tailored for real estate agents. It highlights key provisions, implications, and the essential role of agents in facilitating transactions within the real estate sector in Maharashtra. Established in 2022, it serves as a vital resource for understanding the workings of the Maharashtra Real Estate Regulatory Authority (MahaRERA).

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