To work as a real estate agent or registered broker in Dubai, there are many regulations and rules to follow. The principal law regarding practice as Real Estate Agents in Dubai a real estate agent in Dubai is given in By-Law No. (85) of 2006. Subsequent formalities regarding enrollment in the broker’s register have later been devised by RERA. An important part of the law of brokerage is the Code of Ethics, observing which is mandatory. In essence, the code of ethics for a real estate agent in Dubai is derived from social norms and values that are the heritage of Dubai society.
Liability of a Real Estate Agent in Dubai to Follow the Code of Ethics
By Law No. (85) Chapter 3 – Broker’s Obligations Real Estate Brokers in Dubai Article (22)mentions “A Broker shall be responsible for any losses or damages inflicted on any of the contracting parties as a result of his acts through deception, fraud or non-observance of the principles to be followed as per the provisions of this By-Law or in accordance with the requirements of the Code of Ethics.”
The Code of Ethics for a Real Estate Agent in Dubai
The code of ethics for a registered broker as laid down in the By-Law No. (85) includes eleven principles.
These are:
Fair Treatment, Respectful Treatment, Preservation of Privacy, Trust & Integrity, Quality Observation, Observance of the Rules and Regulations, Integrity, Obligation towards Society, Observance of the Interests of the Contracting Parties, Obligation to Preserve the Document, Respect of the Regulations and Procedures of the Lands and Property Department.
A real estate agent in Dubai is expected to follow these principles in all his actions with relation to any property transaction with which he is involved.
What is Seen As a Breach of the Code of Ethics?
The Real Estate Regulatory Authority (RERA) has given some examples of what would be construed as a breach of the code of ethics by any real estate agent in Dubai. The examples include:
Here are some additional factors to consider when choosing a neighborhood for real estate investment in Dubai:
– Location: The location of the property is one of the most important factors to consider when investing in Real Estate Agents in Dubai . You want to choose a property that is in a desirable location with good access to amenities and transportation.