Real estate group to seek legislation over profession

A chamber of commerce representing the real estate industry will unveil a new proposal that the chamber will present to the legislature regarding new regulations and reorganization of the real estate industry.

A press release about the conference indicates that this law will include an institution organizing real estate brokers in the country, but a chamber spokesperson would not give specifics.

Presumably, this institution may be similar to the recent project by the chamber of Costa Rican tourism in order to legally change itself from a chamber to a colegio. That would make it the gatekeeper for employees and businesses looking to enter the industry.

This is one of several areas that the Cámara Costarricense de Corredores de Bienes Raíces will address at the conference.

The chamber will also present an index of how to
price property based on location and geography as well as an update of all the rules and regulations that apply to real estate brokers and the industry.

Additionally, the chamber will give an update on its annual real estate development awards, which will be presented at a gala next week Friday.

Real state organizations have been seeking legislation for years that would set up a licensing scheme. Now in Costa Rica anyone can call him or herself a broker and collect a commission on a real estate transaction. Naturally this had led to confusion among potential real estate purchasers.

Some brokers with experience in Canada seek a system similar to that in the north that would restrict licensing to those who have completed a four-year university degree in real estate. Others seek a more liberal system that would mirror licensing as found in U.S. states. That would require some training but not to the extent of a four-year university degree.

Another problem in Costa Rica is that some real estate sales people are working here illegally on tourism visas.

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