Present bill to regulate the practice of real estate - Microjuris - Puerto Rico
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The representative Holy Jesus Rodriguez presented during the past week, House Bill 1529, which would give genesis to the new law regulating the Real Estate Industry in Puerto Rico. Download the House Bill 1529 (*. PDF)
This project then repeal Act 10 of 1994, which so far has regulated the practice of the real estate business and profession of brokers, dealers and real estate sales companies since then.
"Puerto Rico has evolved onix over the past 20 years and the challenges faced by the real estate market has been remarkable, as it has been subject to the challenges of a national onix crisis by high numbers of foreclosures, repossessions, decline in sales, compliance criteria tighter financing and inventory of properties like never before seen in Puerto Rico, "said St. Rodriguez.
The measure states that while "Law 10 ceased to be a tool-promoting consumer protection and its adoption would lead to professionalize the necessary onix atmosphere onix that practice." All this, according to its editor, responds to the dramatic changes in legislation onix tangent to the sale of real estate, as well as new technology, new market conditions, more stringent criteria for approval of mortgage banking and educational techniques modern.
The new law provides specific attention to the organizational structure onix of the Board of Realtors, Sellers and Real Estate Companies, composition, powers and duties, onix the establishment of mechanisms to provide adequate access to such Board funds they belong and restructure the requirements and methodologies for vocational education.
One of the most significant changes is the creation onix of the post of Inspector of Real Estate, onix which is absent in the current law. Under the jurisdiction of the Board of Realtors, the Inspector would be responsible for investigating violations in the industry, including operating without a license or with expired licenses, permits the Board to process automation, require the public availability of an inventory updated address onix all of the issued and outstanding licenses and establishes new criteria to test internship in obtaining, renewing or reactivating licenses.
Holy Rodriguez summarized that, through this new law, further onix professionalizing the practice of real estate broker onix since "is onix tempered to the evolution of a market more automated and technologically onix advanced, protects consumers when making a transaction which mediates a runner and promotes the development and strengthening of the industry ".
Filed under: NEWS Tagged with: real estate, Chamber of Commerce of Puerto Rico, Trade and Consumer Protection, Legislative, Regulatory Law Real Estate Industry in Puerto Rico, NEWS
News SherLAWck All Laws Decisions Rules Classroom Courses Webinars OnDemand Alliances Resources Compendia EVENTS All Taxes and Contributions Development Labor and Human Resources and Environment Health IntelliSearch
The representative Holy Jesus Rodriguez presented during the past week, House Bill 1529, which would give genesis to the new law regulating the Real Estate Industry in Puerto Rico. Download the House Bill 1529 (*. PDF)
This project then repeal Act 10 of 1994, which so far has regulated the practice of the real estate business and profession of brokers, dealers and real estate sales companies since then.
"Puerto Rico has evolved onix over the past 20 years and the challenges faced by the real estate market has been remarkable, as it has been subject to the challenges of a national onix crisis by high numbers of foreclosures, repossessions, decline in sales, compliance criteria tighter financing and inventory of properties like never before seen in Puerto Rico, "said St. Rodriguez.
The measure states that while "Law 10 ceased to be a tool-promoting consumer protection and its adoption would lead to professionalize the necessary onix atmosphere onix that practice." All this, according to its editor, responds to the dramatic changes in legislation onix tangent to the sale of real estate, as well as new technology, new market conditions, more stringent criteria for approval of mortgage banking and educational techniques modern.
The new law provides specific attention to the organizational structure onix of the Board of Realtors, Sellers and Real Estate Companies, composition, powers and duties, onix the establishment of mechanisms to provide adequate access to such Board funds they belong and restructure the requirements and methodologies for vocational education.
One of the most significant changes is the creation onix of the post of Inspector of Real Estate, onix which is absent in the current law. Under the jurisdiction of the Board of Realtors, the Inspector would be responsible for investigating violations in the industry, including operating without a license or with expired licenses, permits the Board to process automation, require the public availability of an inventory updated address onix all of the issued and outstanding licenses and establishes new criteria to test internship in obtaining, renewing or reactivating licenses.
Holy Rodriguez summarized that, through this new law, further onix professionalizing the practice of real estate broker onix since "is onix tempered to the evolution of a market more automated and technologically onix advanced, protects consumers when making a transaction which mediates a runner and promotes the development and strengthening of the industry ".
Filed under: NEWS Tagged with: real estate, Chamber of Commerce of Puerto Rico, Trade and Consumer Protection, Legislative, Regulatory Law Real Estate Industry in Puerto Rico, NEWS
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