This is after the Senate agreed that The Real Estate Regulation
Bill, 2023, be presented before the House for a second reading tomorrow.
In the Bill prepared by Trans Nzoia Senator Allan Kiprotich
Chesang, real estate agents will be required to possess a degree before being
granted a licence of operation.
Should they attempt to circumvent this requirement, they
will be liable, upon conviction, to a two-year jail term.
“A person qualifies for registration as a real estate agent
if such person is a citizen of Kenya and has a degree in real estate or
equivalent from a university recognized in Kenya,” the Bill dictates.
“A person who contravenes commits an offence and is liable,
on conviction, to a fine not exceeding five million shillings or to
imprisonment for a term not exceeding two years or to both.”’
Senator Chesang argues that Kenya at the moment
needs a robust regulatory framework that will govern real estate agents
and streamline real estate projects.
He adds that the sector which has an annual turnover of
Ksh100 billion has been for long riddled with fraudsters.
Agents wanting to work in the industry will send their
academic qualifications and personal details to the Real Estate Board for
approval.
The agents will further be required to pay a fee which will
be prescribed by the Board and subject to frequent revisions.
Once approved, agents will not be allowed to facilitate
the sale or rent of any parcel of land, apartment, or building in a real estate
project that is not registered with the Board.
This measure aims to safeguard Kenyans against falling
victim to fraudsters selling non-existent property.
The Kenyan DAILY POST
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