Getting a real estate license adds credibility to your business. It not only gives legitimacy to your business but also instates trust between your company and the client. Getting a real estate license may appear to be a hassle, but if you have all the necessary documents in order, then the process gets extremely simplified.
In Dubai, the Dubai Economic Department (DED) grants real estate license to businesses having sole owners. On the other hand, the Real Estate Regulatory Agency (RERA) issues the broker license across the UAE.
Obtaining a Real Estate License
Here is a step-by-step breakdown on how to obtain your real estate license:
- Start the process by gaining a resident visa. You can do this by getting sponsorship from an employer or from your spouse.
- Once you have obtained a resident visa, you need to apply for a RERA Real Estate Agent course
- Since you are applying as a new agent, you need to apply for ‘Certified Training for Real Estate Brokers,’ which costs around AED 2,500.
- Enter and submit all your details and take a print of your registration receipt.
- The course fee has to be paid in person. Also, remember to submit your fees before the commencement of the course.
- Carry your passport, a copy of your visa, and your registration receipt when you go to make the course payment at a registered RERA Training Center, which is located in the Dubai Land Department. Make the payment.
- Attend the two-day all-day classes at the RERA Training Center. Learn everything that you need to know about contract types, fiduciary relationships, local laws, and all the buzzwords that appear to be circulating through the real estate industry.
- Appear for the RERA Licensing exam, which will be scheduled a day after the two-day course. It is mandatory to pass this test to earn your real estate license.
Real estate agents are required to take the RERA test annually and score above 85% to renew their licenses. The renewal fees are AED 700 and the individual needs to appear for the test a month before the license expires.