RERA Training Programs: What Agents Learn

We work with RERA-certified agents daily (RERA BRN 1573501). This guide explains what the training actually covers, how the exam works, and what you as a buyer or investor should expect from a properly trained agent. Data sourced from Dubai Land Department. Last updated April 2026.

RERA training takes 4 days of classroom instruction plus an exam. The Certified Training for Real Estate Brokers (CTREB) program is mandatory for all new agents. It costs approximately AED 3,000-5,000.

Agents learn 8 core modules covering law, valuation, ethics, and contracts. The curriculum is standardized by the Dubai Real Estate Institute under the Dubai Land Department.

You can verify any agent's certification on the DLD website using their BRN number. Over 30,000 licensed brokers hold active RERA cards in Dubai as of 2026.

RERA training is mandatory for four groups: new real estate brokers, property managers, real estate appraisers, and developers' sales staff. No one can legally facilitate a property transaction in Dubai without completing the program and passing the exam.

The requirement applies to all nationalities. A UAE residency visa is required before enrollment. Agents must also be sponsored by a RERA-registered brokerage firm before they can sit the exam.

You need three things to enroll: a valid UAE residency visa, sponsorship from a licensed brokerage, and a clean background check. The brokerage files a sponsorship application through the DLD portal, which typically takes 3-5 business days to process.

There is no prior real estate experience requirement. Agents from other countries can enroll regardless of their home market credentials. The program is offered in English and Arabic.

The CTREB program covers 8 modules over 4 days (32 hours of instruction). Each module includes case studies based on actual Dubai transactions. Here is what agents study in each module.

This module covers the legal framework governing property in Dubai. Agents study Law No. 7 of 2006 (concerning land registration), Law No. 13 of 2008 (regulating the interim property register for off-plan sales), and Law No. 26 of 2007 (rental regulations).

The module takes 6 hours. Agents learn the difference between freehold and leasehold zones, foreign ownership rights in designated areas, and the legal requirements for valid property contracts.

Agents learn every step of a Dubai property transaction from listing to title deed transfer. This includes preparing the Form F (listing agreement), Form A (buyer agreement), Form B (seller agreement), and the MOU (Memorandum of Understanding).

The module covers DLD registration fees (4% of purchase price plus AED 580 admin), trustee office procedures, and the NOC (No Objection Certificate) process from the developer. Agents practice filling out actual DLD forms during the session.

This module teaches agents three valuation methods: comparable sales approach, income capitalization approach, and cost approach. Agents practice calculating gross rental yield, net yield after service charges, and cap rates.

The course uses real DLD transaction data. Agents learn to pull comparable sales from the DLD REST app and the Ejari rental database to support pricing recommendations.

RERA holds agents to a strict code of conduct. This module covers disclosure obligations, conflict of interest rules, dual agency restrictions, and advertising standards. Agents cannot represent both buyer and seller in the same transaction without written consent from both parties.

The module also covers anti-money laundering (AML) requirements. Agents must report suspicious transactions and verify buyer identity documents before proceeding with any deal.

Module 5 covers Dubai market analysis. Agents study supply pipeline data, absorption rates, and price trend analysis by community. Module 6 focuses on property marketing regulations, including rules for advertising claims and virtual tour disclosures.

Module 7 dives deep into contract law for sale and purchase agreements. Agents learn to identify red flags in SPAs and negotiate standard contract terms. Module 8 covers the RERA escrow system for off-plan purchases, including developer payment milestones and buyer protections under Law No. 13 of 2008.

Here is a breakdown of costs and time requirements for RERA certification.

Agents pay these fees themselves or through their sponsoring brokerage. Most brokerages cover the training cost and deduct it from the agent's first commissions.

The RERA exam is a 2-hour, multiple-choice test with 100 questions. You need to score 70% or higher to pass. The exam is computer-based and conducted at DREI testing centers.

Questions cover all 8 modules. Approximately 30% of questions focus on Dubai property law and transaction procedures. Another 20% cover valuation and market analysis. The remaining 50% is split across ethics, contracts, marketing, and escrow.

The first-attempt pass rate is approximately 65-70%. Candidates who fail can retake the exam after a 2-week waiting period by paying the exam fee again. There is no limit on retake attempts.

A properly trained RERA agent should be able to answer these questions without hesitation. Use this checklist when evaluating any agent you plan to work with.

They should explain the exact DLD transfer process and fees. Additionally, they should know which areas are freehold for foreign buyers and which are not. They should calculate your total acquisition cost including DLD fees, agency commission, and admin charges.

They should explain the Form F, Form A, and Form B process. Additionally, they should know the NOC requirements for the specific developer of your target property. They should articulate the escrow protections that apply to off-plan purchases.

If an agent cannot answer these questions clearly, they either did not complete their training properly or lack practical experience applying it.

RERA certification is not a one-time event. Agents must renew their broker card annually. Renewal requires completing continuing professional development (CPD) hours through DREI-approved courses.

CPD courses cover market updates, regulatory changes, and specialized topics like commercial property, property management, and off-plan project assessment. Agents who fail to complete CPD requirements risk suspension of their broker card.

DREI introduced new specialized certification tracks in 2024. Agents can now earn additional credentials in property management, real estate appraisal, and commercial brokerage. Each track requires 2-3 additional days of training.

You can verify any agent's RERA status through the Dubai REST app or the DLD website. Search by the agent's BRN (Broker Registration Number) or their full name. The system shows the agent's license status, their sponsoring brokerage, and the license expiry date.

we recommend you verifying before signing any agreement. An agent whose card has expired cannot legally facilitate a transaction. If they do, the contract may be voidable and you lose your fee protections.

You can also check the brokerage firm's registration through the same portal. Every brokerage must hold a valid RERA trade license. The portal shows how many active agents operate under each brokerage.

We see these warning signs regularly. An agent who cannot produce their RERA broker card on request is an immediate disqualifier. Agents who ask you to sign agreements that bypass the standard Form F / Form A / Form B process are operating outside RERA guidelines.

Agents who guarantee specific returns or capital appreciation are violating the RERA code of ethics. The training specifically prohibits projected returns promises. Market projections must be clearly labeled as estimates based on historical data.

Agents who pressure you to skip due diligence steps like developer NOC verification or title deed checks are either untrained or acting in bad faith. A trained agent will proactively walk you through every verification step.

We hold RERA BRN 1573501 and work exclusively with certified agents who meet our internal standards beyond the minimum RERA requirements. Our agents complete an additional 40 hours of Oliva-specific training covering data analysis, investor due diligence, and community-level market reporting.

Browse verified Dubai properties on joinoliva.com. Every listing includes verified DLD data, community-level yield analysis, and direct access to our RERA-certified team. Data sourced from Dubai Land Department. Last updated April 2026.

Related guides: - "Oversupply Problem": Supply Data Analysis - Passive Real Estate Income in Dubai: Options - GBP to AED: Timing Your Dubai Purchase

Dubai property transactions follow a defined regulatory sequence. Understanding the timeline and costs at each stage prevents surprises and speeds up the transfer process.

Days 1-3: Negotiate and agree terms. Buyer and seller agree on price, payment method (cash or mortgage), and handover date. For secondary market sales, the RERA-registered agent prepares the initial offer letter.

Days 4-7: Sign Form F (MOU). The Memorandum of Understanding is signed by buyer, seller, and agent. The buyer pays a 10% deposit (held by agent or in escrow). Form F is registered through the Trakheesi system. Registration fee: AED 10 per party.

Days 8-21 (mortgage cases): Bank valuation and approval. The buyer's bank orders a DLD-approved valuation report (AED 2,500-3,500). Bank approves final mortgage offer and issues a liability letter if the seller has an existing mortgage.

Days 8-14 (cash cases): NOC and title transfer preparation. The seller's developer issues a No Objection Certificate confirming no outstanding service charges or liabilities. NOC fee: AED 500-5,000 depending on developer. Average processing time: 5-10 business days.

Transfer day: DLD registration. Buyer and seller attend a DLD Trustee Office. All parties sign transfer documents. Buyer pays: 4% DLD registration fee + AED 580 admin fee + AED 4,200 trustee office fee. Title deed issues same day. RERA BRN 1573501.

Dubai property costs fall into three categories: acquisition costs (paid once), holding costs (paid annually), and exit costs (paid on sale). Understanding all three determines your actual net return.

Acquisition costs (one-time): - DLD registration fee: 4% of purchase price + AED 580 admin - Agency commission: 2% (negotiable) - Trustee office fee: AED 4,200 (secondary market) or AED 3,500 (off-plan) - Developer NOC: AED 500-5,000 - Mortgage fees (if applicable): valuation AED 2,500-3,500, bank processing AED 3,000-6,000, mortgage registration 0.25% of loan amount

Annual holding costs: - Service charges: AED 5-25/sqft/year depending on community (billed quarterly by RERA-registered management companies) - DEWA deposit: AED 2,000 (one-time refundable) + consumption - Property management: 5-10% of annual rental income (optional) - Building insurance: AED 500-2,000/year

Exit costs (on sale): - Agency commission: 2% (paid by seller) - DLD transfer fee: 4% (paid by buyer, though sellers sometimes share) - Mortgage discharge (if applicable): AED 1,000-2,500

Total acquisition cost typically runs 6.5-7.5% above the purchase price for cash buyers and 7.5-9% for mortgage buyers. Net annual yield is gross yield minus service charges, management fees, and vacancy provision. The gap between gross and net yield averages 1.5-2.5 percentage points. Source: Dubai Land Department, RERA. RERA BRN 1573501.

Before you commit to any property, prepare your documents, confirm your budget, and verify your financing position. Your passport must have at least 6 months of remaining validity from your expected closing date. Your proof of address must be dated within 3 months.

If you plan to use mortgage financing, get your pre-approval letter before you start viewing properties. Your pre-approval letter tells you your maximum loan amount and gives you a clear budget ceiling. You can typically receive pre-approval within 5-7 business days through a UAE bank.

Once you identify a property you want, verify that your agent holds a valid Trakheesi permit before you sign any paperwork. Your 10% deposit is protected under Form F, but only if your agreement is registered through a RERA-licensed broker. Confirm your due diligence list is complete before transfer day. RERA BRN 1573501. Source: Dubai Land Department.

You qualify for a 10-year UAE Golden Visa through property investment when your total property portfolio in Dubai reaches AED 2,000,000 or more. This AED 2M threshold applies to your combined portfolio, not a single unit. Your visa covers you and your immediate family: spouse, children, and parents.

Off-plan properties qualify once you pay AED 2M toward the purchase price. Ready properties qualify immediately after transfer. Your Golden Visa application goes through ICP (Federal Authority for Identity, Citizenship, Customs and Port Security). Processing typically takes 2 to 4 weeks. You receive a 10-year residence visa that you can renew indefinitely as long as you maintain the qualifying investment.

Your Golden Visa gives you full UAE residency rights: you can open a bank account, sponsor family members, and access UAE healthcare and education. Investors use it as a primary residence visa, eliminating the need for employer-sponsored work visas. No income tax applies to your UAE-sourced earnings. RERA BRN 1573501. Source: Dubai Land Department.

Dubai offers a distinct combination of high yields, zero property tax, and full foreign ownership that most comparable markets do not match. London yields 3 to 4% gross with annual council tax, stamp duty of 2 to 12%, and capital gains tax on resale profits. Dubai yields 6 to 9% gross with zero annual tax and zero capital gains tax.

Singapore allows foreign buyers in limited property types only, and foreign buyers pay an Additional Buyer Stamp Duty of 60% on top of the standard BSD. In Dubai, you pay 4% DLD transfer fee once, with no ongoing tax. Dubai has no stamp duty, no land tax, and no inheritance tax on property assets.

Hong Kong imposes Buyer Stamp Duty of 15% for non-permanent residents. Dubai charges 4% DLD regardless of nationality. New York imposes mansion tax, flip tax, and ongoing property taxes that reduce net yields to 2 to 3%. Your Dubai net yield after service charges typically runs 5.5 to 7%, outperforming comparable markets on an after-cost basis. Source: Dubai Land Department. RERA BRN 1573501.

Dubai residential transaction volume grew 18% year-on-year in Q1 2026, reaching 42,800 total transactions across all property types. Apartment transactions led with 31,200 deals, while villa and townhouse transactions reached 11,600. Off-plan transactions accounted for 58% of total volume, with developers launching 14 new project phases in January and February alone.

Price growth accelerated in the villa segment, where average prices rose 14.7% in the 12 months ending March 2026. Apartment prices increased 11.2% over the same period. The most affordable freehold communities, including International City, Discovery Gardens, and Dubai Silicon Oasis, posted the highest gross yields, ranging from 8.4% to 9.8% based on Ejari-verified rental data.

Your entry price point determines which segment you access. Studio apartments in emerging communities start from AED 350,000. One-bedroom apartments in established mid-market areas average AED 900,000. Two-bedroom apartments in prime zones average AED 1.8 million. Villas in master-planned communities start from AED 2.5 million. Source: Dubai Land Department Q1 2026 data. RERA BRN 1573501.

Your Dubai property purchase follows 8 defined steps from offer to title deed. Step 1: make a verbal offer through your RERA-licensed agent. Additionally, step 2: sign the Memorandum of Understanding (MOU, also called Form F) and pay your 10% deposit. Step 3: the seller applies for the No Objection Certificate (NOC) from the developer, which takes 5 to 10 business days and costs AED 500 to AED 5,000 depending on the developer.

At step 4, receive the NOC confirming the property is free of outstanding service charges and developer obligations. Step 5: book a DLD trustee office appointment. You need to bring your passport, Emirates ID (if resident), the signed Form F, and the payment instrument. Step 6: pay the 4% DLD transfer fee plus admin fees of AED 4,000 to AED 8,000. Additionally, step 7: the DLD registers the title deed to your name in the system. Step 8: collect your title deed, which the DLD issues within 1 to 3 hours.

Your total timeline from accepted offer to title deed typically runs 4 to 6 weeks for ready properties and 2 to 4 weeks for off-plan transfers at developer offices. Mortgage purchases add 2 to 3 weeks for bank valuation and approval stages. RERA BRN 1573501. Source: Dubai Land Department.

Off-plan property in Dubai lets you buy at today's prices with payment spread over the construction period, typically 3 to 5 years. Developers offer payment plans with 20% down at launch, 40% during construction, and 40% on handover. Your capital is at lower immediate risk because you commit less upfront, but you accept construction and delivery risk. RERA escrow accounts protect your installments: the developer can only access funds at defined construction milestones.

Ready property gives you immediate rental income, a verifiable condition, and no construction risk. You pay the full price through mortgage or cash at transfer. Your gross yield on a ready property starts from day one. Resale liquidity is higher for ready properties because buyers can view the unit before committing. Ready property pricing already reflects actual market conditions, so you buy with full price discovery.

Your choice depends on your holding period and risk tolerance. If you plan to hold for 5 or more years, off-plan at below-market launch prices typically delivers stronger total returns when the developer is reputable and the project is in a growth corridor. If you need income now or plan to sell within 3 years, ready property gives you a defined asset to underwrite. Most Dubai investors keep a mix of both. RERA BRN 1573501.

Once you own a Dubai property, your annual management costs include service charges, property insurance, and maintenance. Service charges range from AED 3 per sqft in villa communities to AED 20 per sqft in premium towers. For a 1,000 sqft apartment, you typically pay AED 10,000 to AED 18,000 per year in service charges to the building or community operator.

If you rent the property, you need an Ejari-registered tenancy contract. Your tenant pays a security deposit of 5% of annual rent (10% for furnished). You as landlord pay 5% of gross rent as agent commission if you use a letting agent. Your net rental income faces zero income tax in the UAE. You can increase rent only within RERA's permitted range, verified through the RERA Rental Index, which caps annual increases at 0-20% depending on current rent relative to market.

Property management companies charge 5 to 8% of gross annual rent to handle tenant screening, rent collection, maintenance coordination, and Ejari registration on your behalf. This is practical if you are a non-resident investor. If you self-manage, your main annual tasks are renewing the Ejari contract, collecting post-dated cheques, and responding to maintenance requests. RERA BRN 1573501. Source: Dubai Land Department.

Your due diligence on a Dubai property covers three areas: legal, financial, and physical. On the legal side, verify the title deed is registered with DLD in the seller's name with no existing mortgage (or confirm the mortgage will be discharged at transfer). Check that the property is not subject to any court orders or freezes by searching the DLD Oqood system or asking your conveyancing lawyer.

On the financial side, verify the service charge balance. Ask for the last 3 service charge invoices and confirm no outstanding arrears. Unpaid service charges carry a lien on the property and transfer to you on purchase. Request the NOC from the developer which confirms clean financials. Check the RERA Rental Index for your unit to understand the maximum rent you can achieve.

On the physical side, conduct a snagging inspection if buying off-plan before signing the handover form. For ready properties, hire a RICS-qualified surveyor to assess the structural condition, electrical systems, and plumbing. Snagging inspections cost AED 1,500 to AED 3,000 and can identify issues worth AED 20,000 or more in remediation. Raise all defects in writing before you accept handover. RERA BRN 1573501.

You can finance a Dubai property through a UAE bank mortgage, a developer payment plan, or cash. UAE banks lend up to 80% of the property value for UAE residents on properties below AED 5,000,000 (loan-to-value ratio of 80%). For non-residents, the maximum LTV drops to 50%. Banks assess your eligibility based on your Debt Burden Ratio: your total monthly debt obligations, including the new mortgage payment, cannot exceed 50% of your gross monthly income.

Fixed-rate mortgages in Dubai are typically fixed for 1 to 5 years, then revert to a floating rate based on EIBOR plus a margin of 1 to 1.5%. In 2025 and 2026, rates for UAE residents ranged from 3.99% to 5.5% depending on the bank and your income profile. A mortgage of AED 1 million over 25 years at 4.5% costs approximately AED 5,560 per month. Your total interest cost over 25 years is approximately AED 667,000.

Developer payment plans are interest-free but priced into the purchase price at launch. You pay a down payment of 10 to 20%, installments during construction, and a balloon payment at handover or over a post-handover period. Post-handover plans that stretch payments 2 to 5 years beyond completion give you time to generate rental income before completing payment. Mortgage-backed buyers typically refinance at handover to pay the outstanding developer balance. RERA BRN 1573501.

Dubai's rental market in 2026 is shaped by sustained population growth, limited ready supply in prime zones, and strong employment across finance, tech, and tourism sectors. The emirate's population crossed 3.7 million in early 2026 and is forecast to reach 5.8 million by 2040. Each new resident creates rental demand, particularly in the AED 50,000 to AED 150,000 annual rent band that covers most mid-market communities.

Studio apartments in mid-market communities rent for AED 45,000 to AED 75,000 per year. One-bedroom apartments in established zones range from AED 70,000 to AED 130,000 per year. Two-bedroom apartments fetch AED 110,000 to AED 200,000 per year in comparable areas. These rents produce gross yields of 6% to 9% on current purchase prices, before service charges and management fees.

Your occupancy rate in established communities typically runs 85 to 95% on an annual basis. Vacancy risk is highest in communities with large volumes of new supply entering simultaneously. You can check supply pipeline data through DLD's Oqood registration system, which records all off-plan sales and expected handover dates. Communities with low pipeline supply and high employment proximity consistently deliver the strongest occupancy. RERA BRN 1573501.

Your exit from a Dubai property investment involves three choices: sell on the secondary market, transfer to a family member, or hold indefinitely for rental income. Secondary market sales in Dubai are unrestricted for freehold owners. You can list with any RERA-licensed agent, accept any offer, and complete transfer at the DLD trustee office. There is no capital gains tax on your profit and no lock-up period. Selling costs total approximately 2% (agent commission) plus AED 4,000 for DLD trustee fees.

If you plan to sell within 1 to 2 years of purchase, calculate whether your gross profit exceeds your total acquisition cost of 7 to 8%. Many investors flip off-plan units after handover. The typical flip premium above the original purchase price ranges from 8 to 25% in growth corridors, depending on market conditions at handover. Your break-even on fees is approximately 8% capital appreciation, meaning you need at least 8% price growth to cover your entry and exit costs on a flip.

Holding for 5 or more years typically delivers better risk-adjusted returns than short-term flipping, because you collect rental income throughout and benefit from compounding appreciation. Your rental income offsets holding costs including service charges, management fees, and mortgage interest. At a 7% gross yield and 5.5% net yield, a 5-year hold on an AED 1 million property generates approximately AED 275,000 in net rental income before capital gains. RERA BRN 1573501.

Service charges in Dubai cover the cost of maintaining shared facilities in your building or community. You pay service charges every year to the building operator or master community developer. The Dubai Land Department publishes approved service charge rates for each building registered in the Mollak system, which you can verify before you buy. Rates range from AED 3 per sqft in basic villa communities to AED 25 per sqft in luxury towers with extensive amenities.

Your annual service charge budget directly affects your net rental yield. A 1,000 sqft apartment with AED 14 per sqft service charges costs AED 14,000 per year, which reduces your net yield by approximately 1.4 percentage points on a AED 1 million purchase. Buildings with higher service charges typically offer better amenities, which support higher rents. The net yield impact of service charges is therefore partially offset by higher achievable rents.

You should request the last 3 years of audited service charge accounts from the seller before you complete any purchase. Look for the annual general meeting minutes and the reserve fund balance. A healthy reserve fund (typically 10% of annual service charges per year accumulated) means major repairs are funded without special levies. Buildings with underfunded reserves sometimes issue one-off special levies of AED 10,000 to AED 50,000 for major infrastructure repairs. RERA BRN 1573501.

As a freehold property owner in Dubai, your rights are registered with the Dubai Land Department in a title deed issued in your name. Your title deed gives you permanent ownership of the property with no expiry date and no lease restrictions. You can sell, gift, mortgage, or lease your property without needing permission from any government authority beyond standard DLD registration procedures.

Your freehold rights in Dubai are protected by Law No. 7 of 2006, which established the freehold ownership framework for non-GCC nationals. The law designates specific zones where foreign nationals can hold freehold title. These zones now number more than 60 across the emirate, covering approximately 40% of Dubai's total developed area. Outside designated freehold zones, foreigners can only hold 99-year leasehold interests.

You can inherit Dubai freehold property, and your heirs can receive the title deed through standard probate procedures under UAE law. If you are non-Muslim, Dubai courts apply the laws of your home country to determine inheritance distribution, provided you register a will with the DIFC Wills Service or the Dubai Courts Notary. Registration of a DIFC will costs approximately AED 10,000 and ensures your property passes according to your wishes. RERA BRN 1573501.

Your area selection in Dubai determines your yield profile, your tenant profile, and your capital growth trajectory. High-yield areas (International City, Dubai Silicon Oasis, Discovery Gardens) deliver 8 to 10% gross yields with lower entry prices of AED 350,000 to AED 700,000. These areas attract price-sensitive tenants, produce higher turnover, and require more active management. Capital growth in high-yield areas is typically 5 to 8% per year in growth cycles.

Mid-market areas (Jumeirah Village Circle, Dubai Sports City, Al Furjan) balance yield and growth, delivering 6 to 8% gross yields with entry prices of AED 700,000 to AED 1.5 million. These areas attract professional tenants with 1 to 2 year lease terms, produce moderate turnover, and benefit from infrastructure improvements over time. Capital growth averages 8 to 12% per year in active markets.

Premium areas (Downtown Dubai, Dubai Marina, Palm Jumeirah) prioritize capital growth over yield, delivering 4 to 6% gross yields but 10 to 20% annual appreciation in bull markets. Entry prices start from AED 1.5 million and reach AED 20 million for penthouses. Your tenant base includes high-income professionals and executives. Vacancy risk is low but the absolute AED value of service charges and mortgage payments is high. Match your area to your investment objective before you make any offer. RERA BRN 1573501.

You can buy freehold property in Dubai without UAE residency, a visa, or any UAE bank account. Your passport is sufficient identification for the DLD title deed. Non-residents complete the same Form F and DLD trustee process as residents, with two differences: you need to arrange an international wire transfer for the purchase price and you qualify for a maximum 50% mortgage LTV (versus 80% for residents) if you choose bank financing.

If you are buying with cash, your funds must arrive in a UAE bank account in your name before transfer day. You open a non-resident UAE bank account through standard documentation: passport, proof of address, and source of funds declaration. Emirates NBD, ADCB, and Mashreq all offer non-resident accounts that you can open within 5 to 10 business days remotely or on a short visit.

Your ongoing obligations as a non-resident owner are identical to those of a resident: pay annual service charges, maintain property insurance, and comply with tenancy laws if you rent. You do not need to visit Dubai annually to maintain ownership. If you rent the property, your management company handles Ejari registration and rent collection on your behalf. Rental income transfers internationally without restriction and without UAE withholding tax. RERA BRN 1573501.

Past performance does not guarantee future returns. Investing in real estate involves risk, including the potential loss of capital. Rental yields, capital appreciation projections, and market statistics cited above are based on historical data and are provided for informational purposes only. Please consult a qualified financial or legal advisor before making any investment decision.