Real Estate Agents to Have University Degrees or Risk Jail Term
The Real Estate Regulation Bill, 2023, is poised for a second reading in the Senate on Wednesday, February 28, as per the tentative agreement reached by the Senate.
Prepared by Trans Nzoia Senator Allan Kiprotich Chesang, the bill outlines a requirement for real estate agents to hold a degree as a prerequisite for obtaining an operating license.
ALSO READ: Education to Reap Big in the 2024/25 Ksh.4.14 Trillion Budget
Under this proposed legislation, those attempting to bypass this requirement could face a two-year jail term upon conviction.
According to the bill, a person qualifies for registration as a real estate agent if they are a Kenyan citizen holding a degree in real estate or its equivalent from a university recognized in Kenya.
Senator Chesang argues in the bill that Kenya urgently needs a robust regulatory framework to govern real estate agents and streamline real estate projects.
The sector, with an annual turnover of Ksh100 billion, has long been plagued by fraudsters, he notes.
ALSO READ: St Joseph’s Boys Kitale Signs MOU With US Academy, Monteverde
To enter the industry, agents must submit their academic qualifications and personal details to the Real Estate Board for approval. Additionally, agents will be required to pay a fee prescribed by the Board, subject to frequent revisions.
Upon approval, agents are prohibited from facilitating the sale or rent of any parcel of land, apartment, or building in an unregistered real estate project.
The bill also introduces the establishment of an up-to-date real estate portal to facilitate the registration of both real estate agents and projects.
This measure is designed to protect Kenyans from falling victim to fraudsters selling non-existent property, addressing a longstanding issue in the sector.
ALSO READ: Primary School Pupils Shot Dead, Livestock Stolen in Bandit Attack
Real Estate Agents to Have University Degrees or Risk Jail Term
