Brokers in Dubai could be fined in case of violating the Land Department rules and regulations and breaching customer’s rights, a study by the Real Estate Regulatory Agency (RERA) has said.
Yousuf Al Hashmi, director of RERA’s Real Estate Licensing Department, said: “RERA now is studying along with brokerage firms imposing these fines on brokers themselves rather than their firms after providing the rehabilitation training for them.”
There are almost 1,446 real estate companies and 4,062 brokerage in Dubai, Al Hashmi said, and last month the department warned and imposed Dh900,000 fines on 22 real estate companies and brokerage firms across Dubai for not adhering to RERA’s terms and regulations.
He remarked: “RERA is working to support the real estate activities of individuals and companies within a legal framework that improves transactions at the market and strengthens trust and transparency between the relevant parties.”On the other hand, Sultan Al Suwaidi, Section manager at Real Estate Permits and Inspection Section, remarked that RERA had already initiated a detailed and comprehensive study to monitor brokers’ violations.
The preliminary findings show that the top violations by brokers were hiding information from investors, cooperation with unlicensed brokers, failure to maintain the privacy of the firm and client, using telephone calls for promotion and advertisement purposes without obtaining official approval, arranging deals without the knowledge of their accredited office.