A friend in Casablanca wants to start showing apartments to buyers next month. What official permit does Moroccan law require before an agent can practise?

1. A broker card issued by the Ministry of Housing after an exam
2. A licence from the ANCFCC land registry
3. None: there is no licence, professional card or entry exam for agents
4. Registration with the Chamber of Notaries

A client asks you about draft law 36.17 on the status of real estate agents. What is its situation as of October 2026?

1. Filed in 2014 and sent to the Government's Secretariat General in 2017, but still not adopted
2. Adopted in 2023 and in force since January 2025
3. Withdrawn in 2017 and replaced by a ministerial order
4. Adopted for Casablanca only, as a pilot

If draft law 36.17 were adopted as written, which entry conditions would it set for someone who wants to work as an agent?

1. A university master's degree and a bank guarantee
2. Membership of a regional chamber and a two-year internship
3. Moroccan nationality and a MAD 1,000,000 company capital
4. A clean criminal record plus a Bac+2 diploma or five years of experience

A Spanish broker moves to Tangier and sets up her own agency as manager and shareholder. Does she need an ANAPEC certificate to work in it?

1. Yes, every foreigner working in Morocco needs one
2. No, managers, partners and shareholders are among the exempt categories
3. Only if the agency has more than five staff
4. Yes, unless she pays the agency's business tax in advance

A Rabat agency hires a Belgian agent as an employee. From when does his employment contract take legal effect?

1. From the day both parties sign it
2. From his first day in the office
3. From the date the Ministry of Employment visas it on the TAECHIR platform
4. From the day he receives his residence card

Four foreigners apply for salaried agent jobs in Marrakech. Whose contract can be visaed without the usual ANAPEC certificate?

1. An Italian agent who arrived two years ago
2. A Tunisian national, thanks to a bilateral agreement
3. A British agent with three years of experience in Dubai
4. An American who entered Morocco on a tourist stamp

Coming from Dubai, you look for the Moroccan equivalent of Form A to list a seller's villa. What should you use?

1. The official listing form issued by the Ministry of Housing
2. A form registered online with the ANCFCC
3. Nothing: a verbal agreement is the legal standard
4. A written mandate signed by the seller, since no official form exists

Your buyer and seller agree on a price. Who is NOT allowed to draw up the final sale deed?

1. A notaire
2. The real estate agent
3. Two adouls
4. A notaire based in another Moroccan city

A seller in the old medina shows you a melkia instead of a land title. How does this document prove ownership?

1. Through witness testimony recorded by two adouls, with no central register
2. Through a plan stamped by the municipality
3. Through an entry in the ANCFCC register that is final against everyone
4. Through a notarised bank transfer from the first owner

Which office keeps the titre foncier and records every sale or mortgage on it?

1. The commune's urban planning office
2. The Office des Changes
3. The conservation foncière, part of the ANCFCC
4. The court of first instance

Your buyer likes a house held under melkia and plans to register it after the sale. How long does that registration usually take?

1. About two weeks
2. Three to six months
3. Exactly five years
4. On average 12 to 36 months, depending on region and file

A listing says the plot is covered by a réquisition d'immatriculation. What does that tell you?

1. An application to register the land has been filed but the title is not yet issued
2. The land is final and titled with no pending procedure
3. The land has been seized by a bank
4. The land is classified agricultural and closed to foreigners

Under Morocco's anti-money laundering law 43-05, to which authority does an agent send a suspicious transaction report?

1. Bank Al-Maghrib
2. The Office des Changes
3. The ANRF (Autorité Nationale du Renseignement Financier)
4. The local police station

Which duty does Housing Ministry Order 133.23, in force since January 2023, place on real estate agents?

1. Paying a yearly AML fee of MAD 5,000
2. Reporting every deal above MAD 1,000,000 to the police
3. Holding client deposits in a ministry escrow account
4. Refusing to deal with unidentified persons or shell companies, and sending an annual report to the ministry

Example figures: in September 2026 a flat in Rabat sells for MAD 1,200,000. The buyer pays MAD 850,000 by bank transfer and MAD 350,000 in cash, with no bank loan. How much extra registration duty does the cash part trigger?

All four sales below close in October 2026 and include some cash, with no bank loan. Which one is outside the new 2% cash surcharge?

1. A MAD 900,000 flat with MAD 100,000 in cash
2. A MAD 250,000 studio with MAD 50,000 in cash
3. A MAD 2,000,000 villa with MAD 50,000 in cash
4. A MAD 400,000 flat with 10% paid in cash

Your seller lives in Paris and wants his brother to sign the sale in Marrakech under a power of attorney. What has changed since 1 June 2026 (Law 31.18)?

1. The power of attorney must first be registered at the court of first instance, or it is void for the sale
2. Powers of attorney are no longer accepted for property sales
3. The power of attorney only needs to be stamped by the agent
4. Only a power of attorney signed at the Moroccan consulate is valid, with no further step

Example figures: your buyer purchases a resale apartment in Casablanca for MAD 1,500,000. How much registration duty does he pay at the standard rate for built property?

Example figures: a single titled flat in Rabat sells for MAD 2,000,000. What land registry (conservation foncière) fee does the buyer pay?

Example figures: an investor sells a rented flat (not his main home) in Tangier for MAD 1,900,000. After deducting the purchase price and allowable costs, his net gain is MAD 100,000. How much property gains tax (TPI) does he pay?

A French client wants to buy a farm with orchards outside Marrakech to grow olives. What should you tell him?

1. Foreigners can buy any land with no conditions
2. He can buy it once he holds a residence card
3. Agricultural land is generally closed to foreigners, unlike flats and villas
4. He only needs a notaire to confirm he paid in foreign currency

A German buyer asks if he will be able to send the money back home when he resells his Marrakech riad. What is the key condition?

1. He must keep the riad for at least ten years
2. He must reinvest half of the proceeds in Morocco
3. Transfers abroad are never allowed for foreign owners
4. The purchase must have been financed in foreign currency, with proof kept alongside the sale deed and tax receipt

Casa Anfa, the large new urban district in central Casablanca, is being built on the site of:

1. The old Casa-Port railway yards
2. The former Anfa airport
3. A drained salt marsh near Mohammedia
4. The former Sidi Maarouf industrial zone

According to ReaConsult's mid-2026 estimates, which Casablanca area has the highest apartment prices per sqm?

1. Maarif
2. Bouskoura
3. Gauthier
4. Anfa Supérieur and Ain Diab

A young family working in Casablanca wants a villa or a home in a gated project with a garden, on a moderate budget. Which areas fit best?

1. Bouskoura and Dar Bouazza, in the southern suburbs
2. Ain Diab, on the Corniche
3. Casablanca Finance City
4. The old medina near the port

Where is the Zenata eco-city?

1. South of Casablanca, next to Mohammed V airport
2. In the Bouregreg valley between Rabat and Salé
3. On the coast between Casablanca and Mohammedia
4. East of Tangier, near Tanger Med

Why does Casablanca Finance City (CFC) feed rental demand from foreign executives in areas like Anfa and Racine?

1. CFC staff get free housing from the state
2. CFC companies can hire foreign staff without the usual ANAPEC certificate
3. Foreigners may only rent, not buy, inside CFC
4. CFC employees pay no income tax on rent

The Grand Stade Hassan II, built for the 2030 World Cup, is located:

1. In Benslimane, about 38 km from Casablanca, with 115,000 seats
2. In Ain Diab, on the Casablanca Corniche, with 68,000 seats
3. In Salé, across the river from Rabat, with 75,500 seats
4. Next to Mohammed V airport, with 45,000 seats

Which landmark, inaugurated in April 2026, now dominates the Bouregreg valley between Rabat and Salé?

1. The Hassan Tower
2. Casablanca Twin Center
3. The Mohammed VI Tower, about 250 m tall
4. The Kasbah of the Udayas

A diplomat wants a large home in Rabat's embassy and villa belt, and budget is not the issue. Which district, the most expensive in ReaConsult's 2026 barometer, should you show first?

1. Yacoub El Mansour
2. L'Océan
3. Temara
4. Souissi

A first-time buyer working in Rabat has a budget under MAD 700,000 and hopes to use the government's direct housing aid. Where is the most realistic place to look?

1. Temara, south of the capital
2. Haut Agdal
3. Hay Riad
4. The Bouregreg marina

What did the Rabat-Salé tramway and the Hassan II bridge, both opened in 2011, change for property in the capital?

1. They linked Rabat to Casablanca airport
2. They connected Rabat and Salé across the Bouregreg river, bringing Salé closer to Rabat's job centres
3. They opened the Harhoura coast to building for the first time
4. They replaced the high-speed train between Rabat and Kenitra

In Q2 2026, which of the four big cities recorded the strongest quarter-on-quarter jump in property transactions, according to the official price index (Bank Al-Maghrib and ANCFCC)?

1. Casablanca, +4.4%
2. Tangier, +11.5%
3. Rabat, +61.2%
4. Marrakech, +18.3%

In Marrakech, which district is the "Ville Nouvelle" laid out by the French during the protectorate, now the modern city centre of shops, offices and cafés?

1. The Mellah
2. Gueliz
3. The Palmeraie
4. Targa

A French couple wants a villa with a large garden and a golf nearby, outside the bustle of central Marrakech. Which area do you suggest?

1. The Medina
2. Gueliz
3. Hivernage
4. The Palmeraie, with estates such as Amelkis and Royal Palm

A client wants to buy a riad in the Marrakech medina to run as a holiday let. What are the two key checks?

1. The title (many riads are untitled melkia) and the Law 80-14 tourist accommodation licence
2. A RERA permit and a Dubai-style Ejari
3. The VEFA guarantee and the 20% handover payment
4. Only the price per sqm, since all medina riads are titled

According to Knight Frank (2026), which nationalities lead foreign demand for prime homes in Marrakech?

1. Chinese, Russian and Indian
2. Saudi, Emirati and Qatari
3. French, British and Belgian
4. German, Dutch and Spanish

Knight Frank's May 2026 report puts prime Marrakech homes at about what price per sqm?

1. EUR 1,500 to 2,500
2. EUR 5,500 to 7,000
3. EUR 12,000 to 15,000
4. EUR 3,200 to 3,700

An investor wants a central Marrakech apartment for short lets, close to hotels, restaurants and nightlife, just outside the medina walls. Which district fits?

1. Hivernage
2. Tamansourt
3. Route de l'Ourika
4. Targa

Al Boraq, Africa's first high-speed train, opened in November 2018. Which journey did it cut from about 4h45 to about 2h10?

1. Casablanca to Marrakech
2. Rabat to Fès
3. Tangier to Casablanca
4. Tangier to Tetouan

In 2025, Tanger Med handled a record volume that explains much of Tangier's housing demand from workers and managers. About how many containers was it?

1. 1.1 million TEU
2. 3.2 million TEU
3. 25 million TEU
4. 11.1 million TEU

A buyer wants a villa near the point where the Atlantic meets the Mediterranean, about 14 km west of Tangier, by the famous lighthouse. Which area is this?

1. Malabata
2. Cap Spartel
3. Beni Makada
4. Gzenaya

ReaConsult notes strong residential and holiday demand in Tangier from Moroccans abroad (MRE). Where do these buyers mostly live?

1. Belgium, the Netherlands and Germany
2. The United States and Canada
3. The UAE and Saudi Arabia
4. Italy and Portugal

Morocco co-hosts the 2030 World Cup with Spain and Portugal. Which list gives the six Moroccan host cities?

1. Casablanca, Rabat, Tangier, Marrakech, Agadir, Oujda
2. Casablanca, Rabat, Tangier, Marrakech, Fès, Meknès
3. Casablanca, Rabat, Tetouan, Marrakech, Agadir, Fès
4. Casablanca, Rabat, Tangier, Marrakech, Agadir, Fès

In Yakeey's Agadir price map, which of these districts has the highest estimated apartment price per sqm?

1. Tilila
2. Dakhla
3. Founty
4. Anza

What share of the Agadir destination's hotel nights did Taghazout Bay capture in 2025?

1. About 17%
2. About 5%
3. About 35%
4. About 50%

Global Property Guide puts a typical Agadir two-bedroom at USD 128,900 with a rent of USD 570 a month. What is the gross yield?

1. About 3.2%
2. About 4.2%
3. About 6.8%
4. About 5.3%

The Grand Stade d'Agadir (Adrar) is a 2030 World Cup venue. What capacity is planned after its second phase of works?

1. 35,000 seats
2. 46,000 seats
3. 60,000 seats
4. 75,500 seats

In Q1 2026 Agadir transactions fell 51.4% quarter on quarter while prices moved only -0.3%. What is the most accurate way to brief a buyer?

1. Prices crashed, so wait for a further 30% drop
2. Sales and prices both doubled
3. The market slowed in volume but values held, so there may be room to negotiate
4. The data shows nothing because Agadir is not covered by the index

According to ReaConsult, which foreign client group mainly drives Agadir's seasonal rental market?

1. Winter visitors from France, Germany, Scandinavia and Britain
2. Gulf families on summer holidays only
3. Chinese industrial workers
4. US cruise passengers

Using Yakeey estimates (Founty about MAD 13,928 per sqm, Tilila about MAD 6,997 per sqm), how much more does a 75 sqm apartment cost in Founty than in Tilila?

1. About MAD 250,000
2. About MAD 1,045,000
3. About MAD 380,000
4. About MAD 520,000

Which were the main source markets for Agadir's hotels in 2025, according to Le360?

1. German, Italian and Spanish
2. Moroccan, British and French
3. American, Canadian and Brazilian
4. Saudi, Emirati and Qatari

What did the Q2 2026 real estate price index show for apartments in Agadir compared with Q1 2026?

1. Prices -12%, transactions -50%
2. Prices +11.1%, transactions +48.4%
3. Prices +0.9%, transactions +32.3%
4. Prices -4.4%, transactions -2.8%

What was the status of the Marrakech to Agadir high-speed rail line in May 2026?

1. Studies finished, cost about MAD 55 billion, financing still being sought
2. Already open to passengers
3. Cancelled by the government
4. Under construction with a 2027 opening date

In Yakeey's Fes price map, which neighbourhood has the highest estimated apartment price per sqm?

1. Narjiss
2. Ville Nouvelle
3. Zouagha
4. Menzeh Saiss

When the renovated Fes stadium reopened in June 2025, what was its capacity?

1. 75,500 seats
2. 46,000 seats
3. 20,000 seats
4. 35,000 seats

Which Fes segment saw the steepest drop in sales in Q1 2026?

1. Houses, with transactions down about 70%
2. Apartments, with transactions up 50%
3. Offices, with prices down 20%
4. Villas, with prices up 15%

A client wants a riad in the Fes medina. According to ReaConsult, what is the indicative 2026 price range and the key legal risk?

1. MAD 30,000 to 40,000 per sqm, no legal risk
2. MAD 1,000 to 2,000 per sqm, risk of rent control
3. MAD 5,000 to 14,000 per sqm, risk of traditional melkia titles
4. MAD 20,000 per sqm flat, risk of foreign ownership ban

Using Yakeey's estimate of about MAD 7,844 per sqm, what is the approximate value of a 90 sqm apartment in Fes Ville Nouvelle?

1. About MAD 430,000
2. About MAD 706,000
3. About MAD 1,250,000
4. About MAD 920,000

How many hotel nights did the city of Fes record in 2025?

1. About 6.3 million
2. About 400,000
3. About 3.5 million
4. About 1.67 million

Yakeey estimates villas at about MAD 8,940 per sqm on Route Immouzere and about MAD 6,293 per sqm in Hay Atlas. What is the price gap on a 250 sqm villa?

1. About MAD 265,000
2. About MAD 1,573,000
3. About MAD 662,000
4. About MAD 2,235,000

How much investment had been approved in the Fes-Meknes region by the end of September 2025?

1. About MAD 16.7 billion, up 91% on 2024, with 16,453 jobs forecast
2. About MAD 1.2 billion, down 10%
3. About MAD 55 billion, all in tourism
4. About MAD 300 million, mostly in housing

How did passenger traffic at Fes-Saiss airport change in 2025?

1. Up 11% to 3.5 million
2. Slightly down, by 1.34%, to about 1.92 million
3. Doubled to 4 million
4. Up 25% to 2.5 million

Which statement about the Fes medina rehabilitation programme is correct?

1. It was cancelled in 2015
2. It cost MAD 55 billion and moved residents out of the medina
3. It only restored mosques, not housing
4. About MAD 3 billion was invested from 2010 to 2025 and 4,671 buildings at risk were treated

Which legal text governs off-plan sales (VEFA) of homes in Morocco?

1. Law 67-12, as amended in 2016
2. Law 31.18 on powers of attorney
3. Law 44-00, as amended by Law 107-12, inside the Code of Obligations and Contracts
4. Law 80-14 on tourist accommodation

A developer in Tangier wants to start taking VEFA reservation contracts for a new tower. What must he have before any reservation contract is valid?

1. The building permit for the project
2. The occupancy permit (permis d'habiter)
3. Completed ground-floor foundations
4. Signed reservations covering 30% of the units

Under the VEFA text in force since Law 107-12, from what point can the preliminary sale contract (contrat préliminaire) be signed?

1. Only once the ground-floor foundations are finished
2. Only once the structural work (gros oeuvre) is finished
3. Only once the developer has sold half of the units
4. As soon as the building permit is obtained

Who can draw up a valid VEFA preliminary contract in Morocco?

1. The developer's sales office, on its own letterhead
2. A notary or two adouls, as an authentic deed
3. Any real estate agent who holds a signed mandate
4. Only the land registry (conservation foncière)

Example figures: a Casablanca flat is sold off-plan for MAD 1,200,000 and the buyer signs a VEFA reservation contract. What is the maximum the developer can ask at that signature (in MAD)?

Example figures: an off-plan flat in Rabat costs MAD 1,500,000. The buyer signed a reservation contract, then a preliminary contract, and works have now started. Following the legal schedule, what is the most he can have paid in total at this point (in MAD)?

In the legal VEFA payment schedule, 60% of the price is spread over three construction stages. Which three?

1. Excavation, foundations, roof
2. Ground-floor foundations, structural work of the whole building, finishing works plus the occupancy permit or certificate of conformity
3. Each third of the building's floors
4. Permit, structural work, key handover

Example figures: a villa in Marrakech is bought off-plan for MAD 2,000,000 under a VEFA contract that follows the legal schedule. How much is still due at the final contract and key handover (in MAD)?

Ten days after signing a VEFA reservation contract, your client changes her mind. What does the law give her?

1. Nothing: the deposit is lost once the contract is signed
2. A partial refund, minus a 15% indemnity
3. A refund only if the developer finds another buyer
4. She can withdraw within one month of signing and the developer must refund the full amount within 7 days

A sales office asks your client for a MAD 50,000 cheque against a simple 'bon de réservation' receipt, with no reservation or preliminary contract. What is the right advice?

1. Do not pay: a payment made before a proper reservation or preliminary contract is void under the VEFA law, and a receipt gives almost no protection
2. Pay, because a receipt has the same value as a reservation contract
3. Pay in cash instead, so the amount is not traceable
4. Pay, as long as the amount stays under 10% of the price

After the preliminary contract is signed, what must a private developer set up for the buyer?

1. A rental guarantee on the finished unit
2. A life insurance policy in the buyer's name
3. A completion guarantee for the works, or a guarantee refunding the instalments paid
4. A mortgage on the developer's head office

A client wants to check that the developer really controls the land of an off-plan project. Which document shows this best?

1. The project brochure and the show flat
2. The land title (titre foncier) and its record at the conservation foncière, together with the building permit
3. The developer's Instagram page
4. A letter from the sales manager

On a titled plot, your VEFA buyer has paid more than 50% of the price. What can he ask the land registrar to record, to protect his rights?

1. A full transfer of ownership
2. A cancellation of the developer's title
3. A rental lien on the building
4. A prénotation, based on his preliminary contract

Which conditions must be met before the final VEFA sale contract can be signed?

1. Structural work finished and 80% of the price paid
2. Occupancy permit or certificate of conformity issued, separate land titles created (for titled land) and the balance paid, with an architect's completion certificate
3. Only the payment of the balance
4. Delivery of the keys and one year of occupation

A developer sees he will miss the VEFA delivery date. What extra time can he get under the law?

1. Up to 6 months, if he notifies the buyer at least one month before the original deadline
2. Up to 12 months, with no notice needed
3. Unlimited time, as long as works continue
4. Up to 24 months, with the land registry's approval

Under the VEFA law, what indemnity can a buyer claim from a developer who is late on the works?

1. A flat 5% of the price, paid at delivery
2. 2% per month with no cap
3. 1% per month of the sum due, capped at 10% a year, starting one month after a formal notice
4. Nothing, delay penalties are not allowed in Morocco

Example figures: the developer misses the agreed delivery date (extension included) and the buyer, who has paid MAD 480,000, terminates the VEFA contract. What indemnity can he claim on top of the refund (in MAD)?

A VEFA buyer wants to sell his position before the building is finished. What does the law say?

1. It is forbidden until the final contract is registered
2. It only needs a private letter between the two buyers
3. The developer must buy the unit back at the original price
4. He can assign his rights to a third party, with the same formalities as the reservation or preliminary contract, and it binds the seller once he is legally notified

Which buyer qualifies for Morocco's direct housing aid (2024 to 2028 programme)?

1. A French investor buying a second flat to rent out
2. A Moroccan living in Belgium who owns no home in Morocco, buying a first-sale flat priced MAD 650,000 including tax as his main residence
3. A Moroccan who already owns a flat in Fes, buying a second one in Rabat
4. A Moroccan buying a resale flat built in 2015 for MAD 400,000

Example figures: an eligible Moroccan first-time buyer buys a new flat priced MAD 450,000 including tax and receives the state direct housing aid. How much of the price remains for him to fund (in MAD)?

Casa Anfa, one of Casablanca's main investment zones, is being built on which site?

1. The former Casablanca port docks
2. The former Anfa airport
3. Farmland next to Mohammed V airport
4. The old medina of Casablanca

Why do investors watch Benslimane, about 38 km from Casablanca (situation in May 2026)?

1. It hosts the second phase of Casablanca Finance City
2. It is where the Zenata eco-city is being built
3. It is the site of the 115,000-seat Grand Stade Hassan II, due for completion in December 2027, and will get a high-speed rail station
4. It was named the new administrative capital of the Casablanca-Settat region

Which landmark, inaugurated in April 2026, anchors the Bouregreg valley between Rabat and Salé?

1. The Grand Theatre of Rabat
2. The Prince Moulay Abdellah stadium
3. The Grand Stade Hassan II
4. The Mohammed VI Tower, 250 metres and 55 floors

In 2025, how much container traffic did the port of Tanger Med handle, and why does it matter to a Tangier broker?

1. About 11.1 million TEU, up 8.4%: port and free-zone jobs feed demand for worker and manager housing
2. About 3.2 million TEU, down 12%: the port is losing ground to Spain
3. About 161 million TEU, up 13.3%: the city has become a cruise hub
4. About 1.1 million TEU, stable: the port has little effect on housing

Morocco co-hosts the 2030 World Cup (8 June to 21 July 2030) with Spain and Portugal. Which of these cities is NOT one of the six Moroccan host cities?

1. Agadir
2. Fès
3. Oujda
4. Tangier

A client in October 2026 says the 2030 World Cup guarantees a jump in Casablanca flat prices. Which answer is the most accurate?

1. Yes: prices in host cities rose about 20% after AFCON 2025, so the same will happen
2. Yes, but only in Benslimane, because the final is confirmed at the Grand Stade Hassan II
3. No: a six-week tournament has no effect at all on property
4. The proven effects are infrastructure and tourism (hotels were 80% to 95% full during AFCON 2025); no study has measured a property price effect, so sell connectivity and long-term demand, not a guaranteed jump

What was the status of the Kenitra to Marrakech high-speed line in May 2026?

1. About 200 km, in service since 2018
2. About 430 km, about 30% built, target opening September 2029
3. About 430 km, completed in time for AFCON 2025
4. About 600 km to Agadir, about 50% built

Once the Kenitra to Marrakech high-speed line opens (target 2029), roughly how long should the Tangier to Marrakech trip take, against about 6.5 hours today?

1. About 3.5 hours
2. About 2 hours
3. About 5 hours
4. About 1 hour 20 minutes

According to the Bank Al-Maghrib and ANCFCC real estate price index, how did the national market move year on year in Q2 2026?

1. Prices +7%, transactions +0.6%
2. Prices -2.4%, transactions -40.2%
3. Prices +0.7%, transactions +6.3%
4. Prices +16%, transactions +12%

In Q1 2026 the national price index fell 2.4% and transactions fell 40.2% against Q4 2025. In Q2 2026 transactions rebounded 11% quarter on quarter. How should a broker present this to an investor?

1. The market crashed in early 2026, so the investor should wait for further falls
2. Quarter-on-quarter moves are volatile; the year-on-year view in Q2 2026 (prices +0.7%, transactions +6.3%) shows a stable, slowly rising market
3. The Q2 rebound proves a boom, with prices set to rise double digits in 2026
4. The index only covers Casablanca, so it says nothing about other cities

In its May 2026 report, what did Knight Frank say about prime residential values in Marrakech?

1. About EUR 2,300 to 2,500 per sqm, down 5% since 2023
2. About EUR 5,500 to 7,000 per sqm (around EUR 6,000), up about 16% since 2023
3. About EUR 12,000 per sqm, up 40% since 2023
4. About EUR 3,200 per sqm, flat since 2023

According to Knight Frank (May 2026), which nationality ranks first among buyers of prime Marrakech property, and what growth does it forecast for prime values in 2026?

1. United Kingdom, about 10%
2. Middle East, about 3%
3. United States, about 12%
4. France, about 6%

Using Global Property Guide gross rental yields for Q1 2026, which of the four main cities had the LOWEST gross yield?

1. Rabat, about 6.9%
2. Casablanca, about 8.3%
3. Marrakech, about 8.3%
4. Tangier, about 8.3%

Example figures: an investor buys an apartment in Malabata, Tangier, at MAD 13,000 per sqm and can rent it at MAD 65 per sqm per month. What is the gross rental yield, in percent?

An investor wants to buy a Marrakech flat for short-term rental in October 2026. Which regulatory point should the broker flag?

1. Short-term rentals are banned for foreign owners
2. Income is taxable and tourist rentals fall under Law 80-14; in January 2026 the government said a decree limiting tourist rentals in non-tourist areas was being prepared
3. Income below 90 nights a year is tax-free
4. A short-let licence is issued automatically with the title deed

A buyer loves a medina riad in Marrakech that is held under a melkia (adoul deed) rather than a land title. What is the main risk to explain?

1. Melkia property cannot be rented to tourists
2. Melkia property can only be sold to Moroccan nationals
3. There is no central register, so double sales and disputed ownership are possible, and converting to a title can take 12 to 36 months
4. The registration duty is doubled for melkia property

Example figures: in August 2026 a flat is sold for MAD 900,000, and MAD 250,000 of the price is paid in cash and mentioned in the deed (no bank loan). What extra registration duty does the cash part trigger?

1. MAD 0, because the cash part is below MAD 300,000
2. MAD 18,000
3. MAD 10,000
4. MAD 5,000

A non-resident foreign buyer wants to be able to send the sale price and any capital gain back abroad when they resell. What must they do when buying?

1. Fund the purchase in foreign currency through a Moroccan bank (or a convertible dirham account) and keep the proof
2. Pay in cash in dirhams and declare it at the airport
3. Hold the property through a Moroccan company
4. Nothing: all sale proceeds are freely transferable abroad

On 22 September 2026 Bank Al-Maghrib held its key rate at 2.25%. What was the average real estate loan rate in its Q2 2026 lending survey?

1. 2.25%
2. About 3.5%
3. About 5.06%
4. About 7.3%

In January 2026, HCP figures reported by the press counted about 2.4 million vacant or second homes, close to 30% of the urban stock, while a housing deficit of about 330,000 units remains. What is the main lesson for an investor?

1. Morocco has no housing shortage, so prices will fall everywhere
2. Demand and supply are mismatched: liquidity and resale depend on a product priced for local budgets, as mid-range housing has been neglected while much luxury and second-home stock sits empty
3. Vacant homes are illegal, so they will soon be seized and resold cheaply
4. Second homes only exist in Marrakech, so other cities are safe

Example figures: a buyer purchases a finished apartment in Casablanca for MAD 1,500,000. Registration duty on built property is 4%. How much registration duty is due (in MAD)?

Example figures: a titled apartment in Rabat sells for MAD 1,200,000. The land registry (ANCFCC) charges 1.5% of the price plus a fixed MAD 100 per property. What is the land registry fee (in MAD)?

A client buys a small titled storage room for MAD 20,000. What should you tell them about the land registry (ANCFCC) fee on the sale?

1. It is simply 1.5% of the price, so MAD 300
2. The ANCFCC tariff sets a MAD 500 minimum, so the fee cannot be as low as 1.5% plus MAD 100 would suggest
3. Sales under MAD 140,000 are exempt from land registry fees
4. Only the fixed MAD 100 is due on sales under MAD 50,000

Example figures: a buyer purchases a titled apartment for MAD 2,000,000. The notary quotes a fee of MAD 22,000 including VAT. Registration duty is 4% and the land registry charges 1.5% plus MAD 100. What are the total buyer costs on top of the price (in MAD)?

Example figures: for a MAD 1,800,000 flat, the notary quotes 1.2% of the price all inclusive (VAT included). Registration duty is 4% and the land registry 1.5% plus MAD 100. What do the buyer costs represent as a percentage of the price?

Example figures: a seller sells a secondary apartment for MAD 1,800,000. After the deductions the law allows, the net taxable gain is MAD 500,000. TPI is 20% of the net gain, with a minimum of 3% of the sale price. How much TPI is due (in MAD)?

Example figures: an investor sells a flat for MAD 2,000,000. The net taxable gain is only MAD 200,000. Using the TPI rule (20% of the net gain, minimum 3% of the sale price), how much TPI is due (in MAD)?

Example figures: an owner bought a flat as an investment and now sells it for MAD 900,000, below his revalued purchase cost, so there is no gain. The property was never his main residence. How much TPI does he still owe (in MAD)?

Example figures: a family sells the villa they have lived in as their main residence for 7 years, without renting it out, for MAD 5,000,000. The gain is exempt, but a 3% minimum applies to the part of the price above MAD 4,000,000. How much TPI is due (in MAD)?

A seller has lived in her apartment as her main residence for 3 years and wants to sell. What is the capital gains (TPI) position?

1. The gain is exempt because the main residence exemption needs only 2 years
2. The gain is exempt because any main residence is exempt whatever the duration
3. The exemption does not apply yet: the home must have been the main residence for at least 5 years, so normal TPI is due
4. She only pays 3% on the part of the price above MAD 4,000,000

Example figures: an apartment in Tangier costs MAD 1,200,000 and rents for MAD 8,000 a month. What is the gross rental yield?

Example figures: a flat costs MAD 1,500,000 and rents for MAD 9,000 a month. Expect one empty month a year. Yearly costs: syndic charges MAD 6,000, local services tax MAD 3,000, maintenance MAD 4,000. What is the net yield on the price (before income tax)?

Example figures: an investor pays MAD 1,000,000 for a flat plus MAD 70,000 of buying costs (duties, land registry, notary). The net rent after all charges is MAD 60,000 a year. What is the net yield on the total cash invested?

Example figures: an investor bought a flat for MAD 1,400,000 plus MAD 90,000 of buying costs. He resells it for MAD 1,750,000, pays a 2.5% agency commission and MAD 52,500 of TPI. What is his ROI on the total invested (before any rental income)?

Example figures: an agency closes the sale of an apartment at MAD 2,400,000 and charges the common 2.5% commission. What is the commission (in MAD)?

Example figures: an agency earns 3% on a MAD 1,800,000 sale. Its agent receives 40% of the agency commission. How much does the agent earn on this deal (in MAD)?

Example figures: in Marrakech, an agency charges 2.5% to the buyer and 2.5% to the seller on a MAD 3,200,000 villa. The agent who handled both sides gets 35% of the total agency commission. How much does the agent earn (in MAD)?

Example figures: a buyer borrows MAD 1,000,000 over 20 years at a fixed 5% a year (close to the 5.06% average property loan rate in Q2 2026). Use M = P x r / (1 - (1 + r)^-n) with r = 5% / 12 and n = 240. What is the monthly payment (in MAD, rounded)?

Example figures: a Moroccan living in Belgium (MRE) buys a MAD 1,500,000 apartment with the maximum dirham loan now allowed for MRE, 80% of the price. How much must he bring himself (in MAD)?

Example figures: an off-plan (VEFA) flat costs MAD 1,200,000. The legal schedule is 5% at reservation, 5% at the preliminary contract, 10% at the start of works, 60% in three stages, 20% at handover. Works have just started. How much is still left to pay after the start of works instalment (in MAD)?

Example figures: since 1 July 2026, a sale above MAD 300,000 carries an extra 2% registration duty on any part of the price not paid by a traceable means referenced in the deed. A buyer pays MAD 650,000 by bank transfer and MAD 250,000 in cash for a MAD 900,000 flat (no loan). What is the surcharge (in MAD)?

Example figures: a French client asks what a MAD 2,160,000 apartment in Marrakech costs in euros. Use an example rate of EUR 1 = MAD 10.8. What is the price in EUR?

What does the usual working week look like in Morocco?

1. Sunday to Thursday, like most Gulf countries
2. Monday to Friday, sometimes with Saturday morning
3. Saturday to Wednesday
4. Monday to Saturday, full days every day

A buyer in Rabat suggests a site visit on Friday at 12:45. What is the most professional reply?

1. Accept without thinking, Friday is a normal working day
2. Refuse all Friday appointments
3. Insist on that slot because it is the quietest time of the week
4. Check whether the slot clashes with Friday prayer for the client, and offer the morning or later in the afternoon if it does

Which languages are official languages of Morocco under the 2011 Constitution?

1. Arabic and French
2. Arabic only
3. Arabic and Amazigh (Tamazight)
4. Arabic, French and Spanish

You are showing a flat in Tetouan to a local family. The grandmother speaks little French. Besides Darija, which language is most likely to help you in the north?

1. Spanish
2. English
3. Italian
4. German

A Moroccan corporate client in Casablanca writes to you formally. In which language should you usually answer a business email if you do not know his preference?

1. Darija written in Latin letters
2. Amazigh in Tifinagh script
3. English, because it is the official business language
4. French, then switch to the language the client uses

When did Operation Marhaba 2026, the welcome programme for Moroccans living abroad (MRE) coming home for the summer, run?

1. 1 January to 31 March
2. During Ramadan only
3. 10 June to 15 September
4. 1 November to 31 December

A married client in Fes says he must "talk it over with the family" before reserving a villa. What is the best move?

1. Tell him the offer expires tonight to force a decision
2. Offer the discount only if he decides alone
3. Invite the family to a second visit and give him clear documents and costs to share with them
4. Stop following up, he is not a real buyer

In October 2026 an MRE buyer living in Brussels cannot come back for the signing and wants his brother to sign with a power of attorney (procuration). What must you tell him?

1. Since 1 June 2026, a procuration on real rights must be registered at the court of first instance before use, or the sale can be void and refused by the land registry
2. A simple signed letter scanned by email is enough
3. Powers of attorney are no longer allowed for property sales
4. Only the notary's clerk can act for him, never a family member

An MRE client in Germany asks how much a Moroccan bank can lend him in dirhams for his purchase, under the rules reported in July 2026.

1. Nothing, MRE must pay cash
2. Up to 80% of the price, the rest paid in foreign currency
3. Up to 50% of the price
4. 100% of the price with no down payment

A young Moroccan couple who own no home want to buy a MAD 450,000 apartment as their main residence. How much direct housing aid can they expect?

1. MAD 100,000
2. Nothing, the aid stops at MAD 300,000
3. MAD 70,000
4. MAD 45,000, which is 10% of the price

A French couple in their mid-forties, moving to Marrakech with their children, say they are "not sure yet" about which neighbourhood. What is a smart approach?

1. Push them to reserve now before prices rise
2. Offer to find them a long-term rental first and stay in touch while they test schools and daily life
3. Drop them, they are not serious buyers
4. Show only medina riads, since all French buyers want one

A Marrakech buyer objects: "Prices here have exploded, I will wait." What did the official land registry index show for Marrakech over 2025?

1. Prices up about 1%, while the number of sales rose about 24%
2. Prices up about 30% and sales down by half
3. Prices down about 15%
4. No data is published for Marrakech

A Dubai-based investor asks: "If I sell in ten years, can I take my money and my profit back out of Morocco?" What is the accurate answer?

1. Yes, provided the purchase was funded in foreign currency and he keeps the proof, plus the sale deed and proof of tax paid
2. No, foreigners can never transfer sale proceeds abroad
3. Yes, automatically, with no documents needed
4. Only the original price, never the capital gain

A seller offers a foreign buyer a cheap house held only under a melkia (moulkia), with no titre foncier. What should you explain?

1. Melkia and titre foncier give exactly the same protection
2. A melkia is a bank guarantee, safer than a title
3. Foreigners are forbidden from buying any house in Morocco
4. A melkia is based on witness testimony with no central register, so there is a double-sale risk, and converting it to a title can take 12 to 36 months

A British buyer wants to send the 10% deposit straight to the seller's account "to show good faith". What do you advise?

1. Fine, it speeds things up
2. Pay it in cash at the first viewing
3. Send it to the agency's account instead
4. Pay it into the notary's escrow account, where the notary holds it until the sale completes

Example figures: a MAD 1,200,000 apartment is bought without a loan in October 2026, and MAD 250,000 of the price, referenced in the deed, is paid in cash. What extra registration duty does this cash part trigger?

A seller asks that MAD 400,000 be paid "au noir", off the deed, "like everyone does". Why does a professional refuse?

1. Because it lowers the agent's commission
2. Because the tax office can reassess the real value for four years with a 15% surcharge, the buyer will face a bigger taxable gain on resale, and it breaches anti money laundering duties
3. Because it is legal but frowned upon
4. Because only the notary may receive cash

During Ramadan 2026, what schedule did Moroccan public administrations follow, and what does it mean for your deals?

1. A continuous 9:00 to 15:00 day, Monday to Friday, so book administrative steps early in the day
2. Closed for the whole month
3. Normal hours, nothing changes
4. Night shifts only, from 21:00 to 2:00

Why should you check the date of Eid al-Adha every year before fixing a signing or a launch?

1. Because it always falls on 1 January
2. Because it is fixed on the Gregorian calendar
3. Because religious holidays follow the lunar calendar and move each year, and families travel and gather around them
4. Because notaries open only during Eid

A buyer of an off-plan flat asks: "Can the developer deliver late?" Which answer is honest and useful?

1. "Never, delivery dates in Morocco are always guaranteed."
2. "Yes, delays happen. Under the VEFA law the developer can ask for a six month extension, so check the contract type, the guarantee and the delay clauses before you pay."
3. "Delays are illegal, you will get your money back automatically."
4. "Pay everything now and the developer will go faster."