Real Estate Agent Guidelines in Kenya Real Estate Bill 2023

Real Estate Career Kenya
Real Estate Career Kenya

The Real Estate Regulation Bill, 2023, is poised for a second reading in the Senate, scheduled for February 28th. Crafted by Trans Nzoia Senator Allan Kiprotich Chesang, the bill introduces stringent requirements for real estate agents, aiming to elevate professionalism and curb fraudulent practices within the industry.

Under the proposed legislation, aspiring real estate agents must hold a degree in real estate or its equivalent from a recognized Kenyan university to obtain a license. Failure to comply could lead to a two-year imprisonment upon conviction, emphasizing the seriousness of adhering to the regulatory framework.

Senator Chesang advocates for a comprehensive regulatory structure to oversee real estate activities, citing the sector’s annual turnover of Ksh100 billion and its susceptibility to fraudulent schemes. To ensure compliance, individuals seeking to enter the industry must submit their academic qualifications and personal details to the Real Estate Board for approval.

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Furthermore, approved agents will be required to pay a prescribed fee, subject to periodic revisions by the Board. They will be prohibited from facilitating the sale or rent of any property not registered with the Board, thereby enhancing transparency and accountability in real estate transactions.

To bolster consumer protection, a centralized real estate portal will be established to facilitate the registration of agents and projects. This initiative aims to shield Kenyans from falling victim to scams involving non-existent properties, fostering trust and confidence in the real estate market.

In summary, the proposed Real Estate Regulation Bill seeks to professionalize the industry, safeguard consumer interests, and promote integrity and accountability among real estate agents. By adhering to stringent guidelines and regulatory measures, stakeholders can contribute to a more transparent and trustworthy real estate sector in Kenya.

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