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Dubai Guide : The Code of Ethics of a Real Estate Agent in Dubai

Dubai Guide : The Code of Ethics of a Real Estate Agent in Dubai. Complete Dubai city guide including arts & culture, things to do, restaurants, bars, hotels, events and where to go, plus latest Dubai news. Dubai information guide with tourist information, things to do, Dubi attractions, best restaurants, upcoming events, business directory, Dubia jobs, education and business listing.

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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 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 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:

• Misleading a Buyer or a Seller on the current market value of the price of a property

• Deliberately or unintentionally withholding relevant information from a Buyer or a Seller

• Marketing, Advertising, Listing or promoting property too high or too low in price without written consent and agreement from the Owner

• False or misleading advertising to consumers on the price, features or benefits of a property causing loss or financial harm to investors by print or electronic media.

• Impeding or interfering in an existing contract of sale causing buyer or seller to default through action or lack of action related to the Broker / Agent’s professional duty of care

• Breach of Privacy of the Client by revealing the reason for the Sale or other private knowledge of the Client without permission

• Revealing the details of personal or private information related to the Client or Customer or revealing the reason for the Sale or other private knowledge of the Client without express permission

• Pressuring a consumer to sign a document without them reading, or understanding the document and their legal obligations as per the document, or denying them the opportunity to seek legal advice prior to signing if they so desire

• Making direct contact with another agent’s client whilst they have an agreement in place

• Delaying presenting an ‘offer to buy’ to a Seller, or making an unauthorized decision regarding the sale without prior consent of the Owner of the property

• Telling outright lies

The law in Dubai is strict, and if any real estate agent in Dubai can be proved to have breached the Code of Ethics the injured party has a legal cause of action and can sue such a real estate agent in court or bring claims before competent authorities.

Dubai Guide : The Code of Ethics of a Real Estate Agent in Dubai. Complete Dubai city guide including arts & culture, things to do, restaurants, bars, hotels, events and where to go, plus latest Dubai news. Dubai information guide with tourist information, things to do, Dubi attractions, best restaurants, upcoming events, business directory, Dubia jobs, education and business listing.

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