In 2024, PRAR established a dedicated committee to evaluate potential improvements to Act 10 of April 26, 1994, the law governing the real estate profession in Puerto Rico. Under the leadership of CR. Vanessa Rivera, the study involved distributing a detailed questionnaire to professionals across the island.
Survey Results: Strong Support for Modernization
The findings revealed widespread agreement that Act 10 requires updates to reflect today’s real estate landscape:
- 75% of respondents believe Act 10 needs to be updated to better protect consumers and professionals
- 84% believe that modern regulations will increase confidence from both the public and investors
Top Priority Areas Identified
Respondents ranked the most important areas for reform:
- Supervision and industry oversight
- Prohibited practices within the profession
- Required practical training before independent practice
- Disciplinary actions and sanctions
Conclusion
The results underscore a unified call from the industry to modernize the statutory framework that shapes real estate practice in Puerto Rico. PRAR’s next steps will include continued review, policy development, and collaboration with industry stakeholders.
