CHAPTER I GENERAL PROVISIONS
The purpose of this Decree is to prescribe matters delegated by the Licensed Real Estate Agents Act and matters necessary for the enforcement thereof. <Amended by Presidential Decree No. 25522, Jul. 28, 2014>
| Article 1-2 (Composition of Licensed Real Estate Agent Policy Deliberation Committee) |
| (1) | The Licensed Real Estate Agent Policy Deliberation Committee (hereinafter referred to as the "Deliberation Committee") under Article 2-2 (1) of the Licensed Real Estate Agents Act (hereinafter referred to as the "Act") shall be comprised of at least seven, but not exceeding eleven members, including one chairperson. |
| (2) | The Vice Minister for Land and Infrastructure of the Ministry of Land, Infrastructure and Transport shall be the chairperson of the Deliberation Committee, and members shall be appointed or commissioned by the Minister of Land, Infrastructure and Transport from among the following persons: |
| 1. | A public official of at least Grade IV from the Ministry of Land, Infrastructure and Transport or equivalent, or a public official in general service of the Senior Civil Service; |
| 3. | A person qualified as an attorney-at-law or certified public accountant; |
| 4. | A person recommended by a licensed real estate agent association provided for in Article 41 of the Act; |
| 5. | A person recommended by the head of an institution entrusted, pursuant to Article 45 of the Act, with affairs related to the execution of a qualifying examination for licensed real estate agents provided for in Article 4 of the Act (hereinafter referred to as "examination"); |
| 8. | Other persons with extensive knowledge on and experience in affairs related to the fields of real estate or finance. |
| (3) | The term of office of the members under paragraph (2) 2 through 8 shall be two years, and the term of a member newly commissioned due to resignation, etc. of a member shall be the remainder of his/her predecessor's term of office. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 1-3 (Exclusion, Challenge, Abstention, etc. of Members) |
| (1) | Any member of the Deliberation Committee who falls under any of the following shall be excluded from the mediation and resolution in the Deliberation Committee: |
| 1. | Where a member or a present or former spouse of a member becomes a party to the relevant agenda (where the party is a corporation or an organization, including the executives thereof; hereafter in this subparagraph and subparagraph 2, the same shall apply) or is a joint holder of any right or obligation; |
| 2. | Where a member is or was a relative of a party to the relevant agenda; |
| 3. | Where a member has provided any testimony, statement, or counselling, or conducted any survey, research, service, or appraisal pertaining to the relevant agenda item; |
| 4. | Where a member or a corporation, organization, etc. to which a member belongs is or was a proxy for a party to the relevant agenda item. |
| (2) | If any ground exists making it difficult to expect impartial deliberation and resolution from a member, a party to the relevant agenda item may file a request to challenge the relevant member with the Deliberation Committee, and the Deliberation Committee shall make a decision thereon by resolution. In such cases, no member subject to such request for the challenge shall participate in the resolution. |
| (3) | Where a member falls under any subparagraph of paragraph (1), he/she shall voluntarily abstain from the deliberation and resolution on the relevant agenda item. |
| (4) | If any member fails to abstain despite falling under any subparagraph of paragraph (1), the Minister of Land, Infrastructure and Transport may dismiss the relevant member. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 1-4 (Duties of Chairperson) |
| (1) | The chairperson shall represent the Deliberation Committee and exercise overall control over its affairs. |
| (2) | If the chairperson is unable to perform any of his/her duties due to any extenuating circumstance, a member previously so designated by the chairperson shall act on behalf of the chairperson. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 1-5 (Operation of Deliberation Committee) |
| (1) | The chairperson shall convoke and preside over meetings of the Deliberation Committee. |
| (2) | Any resolution passed in a meeting of the Deliberation Committee shall require the attendance of a majority of all incumbent members and the affirmative vote of a majority of those present. |
| (3) | In convening a meeting of the Deliberation Committee, the chairperson shall notify each member of the date and time, venue, and agenda of the meeting by not later than seven days before the meeting is held: Provided, That if a meeting is to be held urgently or if any extenuating circumstance exist, the chairperson may notify such information by at least one day before holding the relevant meeting. |
| (4) | Where deemed necessary for deliberation, the chairperson may require related experts to attend a meeting and may hear their opinions or request them to submit their opinions. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 1-6 (Administrative Secretary) |
| (1) | In order to manage the affairs of the Deliberation Committee, the Deliberation Committee shall have an administrative secretary. |
| (2) | The administrative secretary shall be appointed by the chairperson of the Deliberative Committee from among public officials from the Ministry of Land, Infrastructure and Transport. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 1-7 (Allowances, etc.) |
Members and related experts who attend Deliberation Committee meetings may be paid allowances and reimbursed for travel expenses, within budgetary limits: Provided, That this shall not apply where a member who is a public official attends a Deliberation Committee meeting directly in connection with his/her relevant duties.
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
Matters necessary for the operation, etc. of the Deliberation Committee, other than those prescribed in this Decree, shall be determined by the chairperson following the resolution of the Deliberation Committee.
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 2 (Scope of Objects of Brokerage) |
The objects of brokerage under subparagraph 3 of Article 3 of the Act shall be as follows: <Amended by Presidential Decree No. 22711, Mar. 15, 2011; Presidential Decree No. 25522, Jul. 28, 2014> | 2. | Factory foundations and mining foundations under the Factory and Mining Foundations Mortgages Act; |
| 3. | Deleted. <by Presidential Decree No. 22711, Mar. 15, 2011> |
CHAPTER II LICENSED REAL ESTATE AGENT
| Article 3 (Qualifying Examination Administered by Minister of Land, Infrastructure and Transport) |
Where the Minister of Land, Infrastructure and Transport is to directly set questions for the examination or to directly execute the examination as provided for in Article 4 (2) of the Act, he/she shall obtain resolution of the Deliberation Committee in advance. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25522, Jul. 28, 2014>
| Article 4 Deleted. <by Presidential Decree No. 25522, Jul. 28, 2014> |
| Article 5 (Examination Method and Partial Exemption from Examination) |
| (1) | The examination shall be carried out by being divided into primary examination and secondary examination. In this case, the secondary examination shall be executed with respect to those persons who have passed the primary examination. |
| (2) | Notwithstanding paragraph (1), when deemed necessary by the Special Metropolitan City Mayor, Metropolitan City Mayor, Do Governor, or Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor"), or the Minister of Land, Infrastructure and Transport (hereinafter referred to as "head of examination-administering institution"), who administers the examination pursuant to Article 4 (1) or (2) of the Act, the primary examination and secondary examination shall be divided but may be executed at the same time, in which case, the examination method of the secondary examination shall be governed by paragraph (4). <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| (3) | In cases where the primary examination and the secondary examination are carried out at the same time pursuant to paragraph (2), the secondary examination of persons who fail in the primary examination shall be null and void. |
| (4) | The primary examination shall be given in a multiple-choice form as a general rule, which may be combined with the short answer form of subjective mode or gap-filling form. |
| (5) | The secondary examination shall be given in an essay form in principle, which may be combined with the short answer form of subjective mode or gap-filling form. |
| (6) | For the persons who have passed the primary examination, the primary examination shall be exempted limited to the examination for the next occasion. |
| Article 6 (Subjects of Examination) |
The subjects of the primary and secondary examinations shall be as shown in the attached Table 1.
| Article 7 (Execution and Publication of Examinations) |
| (1) | Examinations shall be administered at least once a year: Provided, That if there exist extenuating circumstances that may make it impossible to administer an examination, the head of the examination-administering institution may choose not to administer the examination in the relevant year with the approval of the Deliberation Committee. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | When the head of the examination-administering institution intends to administer an examination pursuant to Article 4 of the Act, he/she shall publish the planned examination schedule, such as examination dates and methods in the Official Gazette and general daily newspapers defined in subparagraph 1 (a) of Article 2 of the Act on the Promotion of Newspapers, etc. (hereinafter referred to as "daily newspaper"), by no later than February 28 every year. <Amended by Presidential Decree No. 21148, Dec. 3, 2008; Presidential Decree No. 22003, Jan. 27, 2010> |
| (3) | When the head of the examination-administering institution intends to administer an examination after publication under paragraph (2), he/she shall publish necessary matters concerning execution of the examination, such as examination date, place and methods, methods of deciding successful examinees and refund of application fees in the Official Gazette and daily newspapers by no later than 90 days before the examination is administered. <Amended by Presidential Decree No. 23759, May 1, 2012> |
| Article 8 (Application Form for Examination, etc.) |
| (1) | A person who intends to take the examination shall submit an application form as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| (2) | Where a person who has paid an application fee falls under any of the following cases, the head of the examination-administering institution shall fully or partially refund the fee, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport: <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 24912, Dec. 4, 2013> |
| 1. | Where he/she has erroneously or overpaid the fee; |
| 2. | Where he/she is unable to take the examination due to any cause attributable to the examination-administering institution; |
| 3. | Where he/she withdraws his/her application by not later than 10 days prior to the date of examination. |
| Article 9 (Preparation and Scoring of Examination) |
| (1) | The head of the examination-administering institution shall appoint or commission persons to be in charge of the selection of examination questions and the preparing, reviewing and marking of examination papers (hereafter in this Article and Article 11 referred to as "members preparing examination papers") from among persons who have ample learning and experience in the field of real estate brokerage and related fields. |
| (2) | Persons appointed or commissioned as members preparing examination papers pursuant to paragraph (1) shall faithfully observe the matters to be kept in mind and other compliance rules in selecting examination questions or preparing, reviewing or marking the examination papers, as requested by the head of the examination-administering institution. |
| (3) | When any members preparing the examination papers, by violating paragraph (2), behave in a way which allows the reliability of the examination to severely deteriorate, the head of the examination-administering institution shall notify the list of their names to the heads of other examination-administering institutions and of the agencies to which the members preparing the examination papers concerned belong. |
| (4) | The Minister of Land, Infrastructure and Transport or the Mayor/Do Governor shall not commission the members preparing examination papers whose names are notified by the head of the examination-administering institution pursuant to paragraph (3), as members preparing examination papers for five years from the date when he/she is notified thereof. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| Article 10 (Decision on Successful Examinees) |
| (1) | In the primary examination, the successful examinees shall be the persons who gain not less than 40 points in each subject as well as an average of not less than 60 points in all subjects, by making 100 points as a perfect score for each subject. |
| (2) | In the secondary examination, the persons who gain not less than 40 points in each subject and an average of not less than 60 points in all subjects, by making 100 points as a perfect score for each subject, shall be determined as the successful examinees: Provided, That in case where the head of the examination-administering institution, deeming it necessary from the view of supply and demand of licensed real estate agents, publicly notifies in advance the planned number of persons to be selected subject to the decision of the Deliberation Committee, successful examinees shall be decided in the order of the higher scorer in the total points on all subjects, from among persons whose score is 40 points or more in each subject, within the limit of the planned number of persons to be selected. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | Where the number of successful examinees determined under the proviso to paragraph (2) and paragraph (5) exceeds the planned number of persons to be selected due to the same scorers, all of such same scorers shall be deemed as successful examinees. |
| (4) | The head of the examination-administering institution may, when deemed necessary to ensure equity among examinees, announce in advance the minimum number or percentage of successful examinees, subject to the decision of the Deliberation Committee. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (5) | Where the minimum number or percentage of successful examinees is announced pursuant to paragraph (4), if persons who gain not less than 40 points in each subject and an average of not less than 60 points in all subjects in the secondary examination fall short of the prescribed minimum number or percentage of successful examinees, the successful examinees shall be determined in the order of the higher scorer in the total points on all subjects from among persons who gain not less than 40 points in each subject, within the limit of the prescribed minimum number or percentage of successful examinees. |
| Article 11 (Payment of Examination Allowances, etc.) |
The members preparing examination papers and persons engaged in examination execution duties, etc. may be paid allowances and travel expenses within budget's limit.
| Article 12 Deleted. <by Presidential Decree No. 23086, Aug. 19, 2011> |
CHAPTER III BROKERAGE BUSINESS, ETC.
| Article 13 (Standards, etc. for Registration of Establishment of Brokerage Offices) |
| (1) | Standards for registering the establishment of brokerage offices pursuant to Article 9 (3) of the Act shall be as follows: Provided, That the following standards shall not apply where the real estate brokerage business is permitted under other Acts: <Amended by Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 21609, Jul. 1, 2009; Presidential Decree No. 22711, Mar. 15, 2011; Presidential Decree No. 23086, Aug. 19, 2011; Presidential Decree No. 25652, Oct. 14, 2014; Presidential Decree No. 26892, Jan. 12, 2016> |
| 1. | Where a licensed real estate agent intends to establish a brokerage office: |
| (b) | He/she shall secure a brokerage office (the right of using shall be secured by means of ownership, a lease on a deposit basis, a lease, a loan for use, etc.) in a building (including buildings which have undergone a completion inspection, obtained the authorization on completion or approval on the use, or have undergone the inspection for the use, etc. before they are registered on the building ledger; hereinafter the same shall apply) registered on the building ledger (excluding the register of temporary buildings referred to in Article 20 (5) of the Building Act; hereinafter the same shall apply); |
| 2. | Where a corporation intends to establish a brokerage office: |
| (c) | Its representative shall be a licensed real estate agent, and at least 1/3 of its executives or employees (referring to the employees with unlimited liability of an unlimited partnership company or limited partnership company; hereafter in this Article the same shall apply) excluding its representative shall be licensed real estate agents; |
| (d) | Its representative, all of its executives or employees, and the person in charge of its branch office (limited to cases where a branch office is to be established pursuant to Article 13 (3) of the Act) shall complete in-service education under Article 34 (1) of the Act; |
| (e) | It shall have a brokerage office in a building registered on the building ledger (the right of using shall be secured by means of ownership, a lease on a deposit basis, a lease, a loan for use, etc.). |
| (2) | The head of a Si (referring to the head of a Si in which no Gu is established and the head of an administrative city in the Special Self-Governing Province; hereinafter the same shall apply)/Gun/Gu (hereinafter referred to as "registration authority") shall grant the registration of the establishment of a brokerage office unless an application filed under Article 9 of the Act falls under any of the following cases: <Newly Inserted by Presidential Decree No. 23086, Aug. 19, 2011> |
| 1. | Where a person who is neither a licensed real estate agent nor a corporation files an application for the registration of the establishment of a brokerage office; |
| 2. | Where the person who has filed an application for the registration of the establishment of a brokerage office falls under any subparagraph of Article 10 (1) of the Act; |
| 3. | Where the application falls short of the standards for registering the establishment of brokerage offices under paragraph (1); |
| 4. | Where the application violates the restrictions imposed under this Act or other statutes. |
| Article 14 (Notification of Registered Matters, etc.) |
In any of the following cases, the registration authority shall notify the Real Estate Brokers Association under Article 41 of the Act of the fact, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport: <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 23086, Aug. 19, 2011; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25522, Jul. 28, 2014> | 3. | Where it receives a report on the employment of or termination of employment relationship with an affiliated licensed real estate agent or a brokerage assistant under Article 15 (1) of the Act; |
| Article 15 (Establishment of Branch Offices) |
| (1) | Branch offices under Article 13 (3) of the Act shall be established in each Si (referring to a Si in which no Gu is established and an administrative city in the Special Self-Governing Province; hereafter the same shall apply in this Article)/Gun/Gu, with the exception of the Si/Gun/Gu in which the main office is located, but the number of branch offices in each Si/Gun/Gu shall not exceed one. <Amended by Presidential Decree No. 21001, Sep. 10, 2008> |
| (2) | The branch offices under paragraph (1) shall have a licensed real estate agent as the person in charge: Provided, That this shall not apply to any branch office of a corporation permitted to engage in brokerage business under other Acts. |
| (3) | Any person who intends to file a report on the establishment of a branch office pursuant to Article 13 (3) of the Act shall submit to the registration authority that has jurisdiction over the location of the main office, a report on the establishment of a branch office determined by Ordinance of the Ministry of Land, Infrastructure and Transport, along with the following documents. In such cases, the registration authority shall request the Mayor/Do Governor who has issued the certificate of a licensed real estate agent's qualification under Article 5 (2) of the Act to verify the qualification of the licensed real estate agent of the person in charge of the branch office, and shall verify the corporation registration certificate through the sharing of administrative information provided in Article 36 (1) of the Electronic Government Act: <Amended by Presidential Decree No. 19507, Jun. 12, 2006; Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 22151, May 4, 2010; Presidential Decree No. 22467, Nov. 2, 2010; Presidential Decree No. 22711, Mar. 15, 2011; Presidential Decree No. 23918, Jun. 29, 2012; Presidential Decree No. 24443, Mar. 23, 2013> |
| 1. | Deleted; <by Presidential Decree No. 23918, Jun. 29, 2012> |
| 2. | Deleted; <by Presidential Decree No. 19507, Jun. 12, 2006> |
| 3. | A copy of a certificate of in-service education undergone by the person in charge of the branch office under Article 34 (1) of the Act; |
| 4. | A document attesting the establishment of guarantee under Article 25; |
| 5. | A document attesting the fact that the branch office is secured in a building entered on the building ledger (the right of using shall be secured by means of ownership, a lease on a deposit basis, a lease, a loan for use, etc.): Provided, That if the branch office is secured in a building which is not entered on the building ledger, a document stating the reason for the delay in entering the building on the building ledger shall also be submitted. |
| Article 16 (Joint Use of Brokerage Offices) |
| (1) | A practicing licensed real estate agent who intends to jointly use a brokerage office pursuant to the main sentence of Article 13 (6) of the Act shall attach a written consent from the other practicing licensed real estate agent entitled to use the brokerage office when he/she files for registration of the opening of his/her brokerage office under Article 9 of the Act or a report on the relocation of his/her brokerage office under Article 20 of the Act. <Amended by Presidential Decree No. 24912, Dec. 4, 2013; Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | No practicing licensed real estate agent in a period of business suspension under Article 39 of the Act shall use a brokerage office jointly with another practicing licensed real estate agent in any of the following ways, pursuant to the proviso to Article 13 (6) of the Act: <Newly Inserted by Presidential Decree No. 24912, Dec. 4, 2013; Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | Issuing a written consent referred to in paragraph (1) by a practising licensed real estate agent in a period of business suspension under Article 39 of the Act to another practising licensed real estate agent for joint use of a brokerage office: Provided, That a practising licensed real estate agent who has been using the brokerage office jointly with the practising licensed real estate agent in a period of business suspension under Article 39 of the Act even before the latter receives a disposition of business suspension shall be excluded therefrom; |
| 2. | Reporting on the relocation of the brokerage office by a practising licensed real estate agent in a period of business suspension under Article 39 of the Act to jointly use a brokerage office of another practicing licensed real estate agent. |
| Article 17 (Business of Practicing Corporate Real Estate Agent) |
| (1) | Deleted. <by Presidential Decree No. 21609, Jul. 1, 2009> |
| (2) | "Other business prescribed by Presidential Decree" referred to in Article 14 (1) 5 of the Act means the brokerage of services attended with relocation of residence such as papering and the introduction of moving companies in compliance with a request by the client. |
| Article 17-2 (Labeling and Advertising of Objects of Brokerage) |
"Matters prescribed by Presidential Decree" in Article 18-2 (1) of the Act means the following: <Amended by Presidential Decree No. 25522, Jul. 28, 2014> | 1. | Title, location, and contact information of a brokerage office; |
| 2. | Name of the practicing licensed real estate agent (referring to the name of the representative, in the case of a corporation). |
[This Article Newly Inserted by Presidential Decree No. 24912, Dec. 4, 2013]
| Article 18 (Report, etc. on Suspension or Closure of Business) |
| (1) | Where a practicing licensed real estate agent intends to suspend his/her business (including the cases where the broker fails to commence his/her business after registering the establishment of the brokerage office; hereinafter the same shall apply) in excess of three months, to discontinue his/her business, to resume the suspended business, or to change the period of business suspension pursuant to Article 21 (1) of the Act, he/she shall submit in advance to the registration authority the report (including reporting by means of any electronic document in the case of resumption of real estate brokerage business or alteration of the period of business suspension) prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport, accompanied by a registration certificate of his/her brokerage office (limited to the cases of suspension or closure of business). The same shall also apply with respect to the branch offices of a practicing corporate real estate agent. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | The registration authority which has received a report on resumption of real estate brokerage business under paragraph (1) shall without delay give back the returned registration certificate of brokerage office. |
| 1. | Convalescence following diseases; |
| 2. | Enlistment by conscription; |
| 4. | Other inevitable causes equivalent to the ones referred to in subparagraphs 1 through 3. |
| Article 19 (General Brokerage Contract) |
The Minister of Land, Infrastructure and Transport may prescribe a standard form of the general brokerage contract under Article 22 of the Act and encourage the use of such form. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013>
| Article 20 (Exclusive Brokerage Contract) |
| (1) | The term of validity of the exclusive brokerage contract under Article 23 (1) of the Act shall be 3 months: Provided, That where there is another arrangement between the parties concerned, the term of validity shall be in accordance with such an arrangement. |
| (2) | The details of information relating to the object of brokerage to be disclosed by the practicing licensed real estate agent who concludes the exclusive brokerage contract concerned pursuant to Article 23 (3) of the Act shall be as follows: <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | Matters necessary for specifying the object of brokerage concerned such as the type, location, land category, area of the object, the use, structure, and year of construction of the building concerned; |
| 2. | Conditions of wall surfaces and papering; |
| 3. | Conditions of water service, electricity, gas, fire fighting, heat supply elevator equipment, sewage, wastewater and waste treatment facilities, etc.; |
| 4. | Conditions of location such as linking to roads and public means of transportation, distance to markets and schools, topography, and such other environmental conditions as sunshine, noise, vibrations; |
| 5. | Matters relating to the legal relationship of the object of brokerage concerned such as ownership, lease on a deposit basis, mortgage, surface right, right of lease: Provided, That information with respect to the personal matters of each rightful person such as domicile, name, etc. shall not be made public; |
| 6. | Matters relating to the restrictions on use and transaction regulations under public law; |
| 7. | The expected transaction price and the officially assessed land price of the object of brokerage concerned: Provided, That in the case of a lease, the officially assessed land price need not be made public. |
| Article 21 (Confirmation and Explanation of Object of Brokerage) |
| (1) | Matters which a practicing licensed real estate agent shall confirm and explain pursuant to Article 25 (1) of the Act shall be as follows: <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | Basic matters relating to the object of brokerage concerned such as the type, location, lot number, land category, area, use, structure, year of construction; |
| 2. | Matters relating to the legal relationship of the object of brokerage concerned such as ownership, lease on a deposit basis, mortgage, surface right, right of lease; |
| 3. | The expected transaction price, and the amount and details of calculation of brokerage compensation and other actual expenditure; |
| 4. | Matters relating to the land use planning and the transaction regulations and restrictions on use under public law; |
| 5. | Conditions of water service, electricity, gas, fire fighting, heat supply, elevator, drainage facilities, etc.; |
| 6. | Conditions of wall surfaces and papering; |
| 7. | Environmental conditions such as sunshine, noise, vibrations; |
| 8. | Conditions of location such as linking to roads and public means of transportation, distance to markets and schools; |
| 9. | The items and rates of taxes which must be borne in accordance with the acquiring of rights relating to the object of brokerage concerned. |
| (2) | Where either a client of a sale object of brokerage or a client of a rent, etc. fails to comply with a request for submission of materials concerning the conditions of the object of brokerage under Article 25 (2) of the Act, the practicing licensed real estate agent shall explain such fact to the other party, etc. to such transaction and enter it in a confirmation and explanatory note of the object of brokerage referred to in paragraph (3). <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | The practicing licensed real estate agent shall enter the matters described in subparagraphs of paragraph (1) in a confirmation and explanatory note of the object of brokerage determined by Ordinance of the Ministry of Land, Infrastructure and Transport and deliver it to the parties to transaction, and also keep a copy thereof for three years. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25522, Jul. 28, 2014> |
| Article 22 (Contract Document, etc.) |
| 1. | Personal identities of parties to the transaction; |
| 2. | Marking of the object; |
| 4. | Matters relating to payment, such as the transaction price and the amount of the contract deposit, and the date of payment thereof; |
| 5. | Date and time of handing over of the object; |
| 6. | Details of the transfer of the right concerned; |
| 7. | Terms and conditions or time limit of the contract, if any; |
| 8. | Date of delivery of the confirmation and explanatory note of the object of brokerage; |
| 9. | Details of other stipulations. |
| (3) | The Minister of Land, Infrastructure and Transport may determine a standard form of the contract document to be drawn up by any practicing licensed real estate agent and encourage the use of such form. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25522, Jul. 28, 2014> |
| Articles 23 through 23-3 Deleted. <by Presidential Decree No. 25522, Jul. 28, 2014> |
| Article 24 (Guarantee for Damage Compensation Liability) |
| (1) | A practicing licensed real estate agent shall subscribe to a guarantee insurance or a mutual aid or make a deposit to guarantee an amount provided for in any of the following subparagraphs pursuant to Article 30 (3) of the Act: <Amended by Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | A practicing corporate real estate agent: At least 200 million won: Provided, That where branch offices are established, at least 100 million won shall be added for each such branch office; |
| 2. | A practicing licensed real estate agent who is not a juristic person: At least 100 million won. |
| (2) | Where a practicing licensed real estate agent completes a registration of the establishment of a brokerage office, he/she shall take measures to ensure liability to compensate for damages (hereafter referred to in this Article and Article 25 as "guarantee") under paragraph (1) prior to commencement of his/her business, and then file a report thereon with the registration authority concerned, along with the documentary evidence: Provided, That the report may be exempted where a guarantee insurance company, a mutual aid project operator, or a depository (hereinafter referred to as "guarantee agency") notifies directly the registration authority of the fact of guarantee. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | Where a local agricultural cooperative operates a real estate brokerage business pursuant to Articles 12 (1) and 57 (1) 2 (f) of the Agricultural Cooperatives Act, it shall, prior to commencement of such business, set up a guarantee of ten million won or more to a guarantee agency and make a report thereon to the registration authority, along with the documentary evidence. |
| Article 25 (Change of Guarantee) |
| (1) | Where a practicing licensed real estate agent who sets up a guarantee pursuant to Article 24 desires to change such guarantee to another guarantee, he/she shall, during the period in which the already set-up guarantee is still valid, set up another guarantee and make a report thereon to the registration authority, along with the documentary evidence. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | A person who, as a practicing licensed real estate agent subscribed to a guarantee insurance or a mutual aid desires to reset the guarantee on the grounds of the expiration of the period of the guarantee shall, before the expiration of the period of the guarantee, reset the guarantee and make a report thereon to the registration authority, along with the documentary evidence. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | The proviso to Article 24 (2) shall apply mutatis mutandis to a report under paragraph (1) or (2). |
| Article 26 (Payment, etc. of Guaranteed Insurance) |
| (1) | Where a brokerage client desires to receive the guaranteed insurance, the mutual aid money, or the deposit money as a damage compensation, he/she shall request a guarantee agency to pay it by accompanying the written agreement between the client and the practicing licensed real estate agent concerning the damages, the protocol of in-court settlement, or a copy of the court's final and conclusive judgement or other documents corresponding thereto. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | When damages have been compensated through the guaranteed insurance, mutual aid money, or deposit money, the practicing licensed real estate agent shall either resubscribe to a guarantee insurance or a mutual aid, or cover the deficiency of the deposit money, within fifteen days. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| Article 27 (Deposit, Management, etc. of Contract Deposit, etc.) |
| (1) | "Any other person prescribed by Presidential Decree" in Article 31 (1) of the Act means the following persons: <Amended by Presidential Decree No. 20947, Jul. 29, 2008; Presidential Decree No. 22493, Nov. 15, 2010> |
| 6. | A company which specializes in the management of any contract deposit, intermediate payment or other remaining sum (hereafter referred to as "contract deposit, etc." in this Article) and other contract-related documents for the purposes of ensuring the fulfillment of real estate transaction contracts. |
| (2) | Where a party to transaction requests a practicing licensed real estate agent to deposit a contract deposit, etc. in a financial institution, etc. under the name of the broker under Article 31 (1) of the Act, the practicing licensed real estate agent shall enter into an agreement with the party to transaction about the method of giving the consent of the party to transaction to the withdrawal of the contract deposit, etc. due to the complete fulfillment or cancellation, etc. of the contract, the actual expense involved in the repayment guarantee of the contract deposit, etc. under Article 32 (3) of the Act, and other matters necessary to ensure the safety of transaction. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | Where a practicing licensed real estate agent deposits a contract deposit, etc. regarding a transaction contract in a financial institution, etc. under his/her own name under paragraph (2), he/she shall manage it separately from his/her own deposits and shall not draw it without the consent of the party concerned. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (4) | Where a practicing licensed real estate agent deposits a contract deposit, etc. in a financial institution, etc. under his/her own name under paragraph (2), he/she shall subscribe to a guarantee insurance or a mutual aid referred to in Article 42 of the Act or make a deposit necessary for guaranteeing an amount corresponding to the contract deposit, etc. so as to ensure the payment of the contract deposit, etc. to the party to transaction concerned, and shall issue to the party concerned a copy of the deed concerned or the electronic document thereon. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| Article 27-2 (Timing to Pay Brokerage Compensation) |
The timing to pay brokerage compensation under Article 32 (3) of the Act shall be subject to agreement between the relevant practicing licensed real estate agent and his/her client; and where no agreement exists, it shall be the date the payment of the transaction price of the object of brokerage is made. [This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
| Article 28 (Education, etc. of Practicing Licensed Real Estate Agents) |
| (1) | Curricula and hours of in-service education under Article 34 (1) and (2) of the Act shall be as follows: <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | Curricula of education: Knowledge of laws, real estate brokerage and management practices, professional ethics, etc. necessary to perform duties of a practicing licensed real estate agent and affiliated licensed real estate agent; |
| 2. | Hours of education: At least 28, but not exceeding 32 hours. |
| 1. | Curricula of education: Professional ethics, etc. necessary for a brokerage assistant to perform his/her duties; |
| 2. | Hours of education: At least three, but not exceeding four hours. |
| 1. | Curricula of education: Changed matters in the laws and systems related to the real estate brokerage, practices of real estate brokerage and management, professional ethics, etc.; |
| 2. | Hours of education: At least 12, but not exceeding 16 hours. |
| (4) | In conducting training education under Article 34 (4) of the Act, a Mayor/Do Governor shall notify the persons subject to education of the date and time, place, contents of such training, etc. by not later than two months before two years elapse after receiving in-service education or training education. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| 1. | Objectives of education; |
| 2. | Persons subject to education; |
| 3. | Subjects and hours of education; |
| 4. | Qualifications of instructors; |
| 6. | Educational management, such as registration for courses, confirmation of attendance or absence, assessment of education, and issuance of certificates of completion of education; |
| 7. | Other standards and procedures necessary for conducting balanced education. |
[This Article Wholly Amended by Presidential Decree No. 25372, Jun. 3, 2014]
| Article 28-2 (Subsidization of Expenses, etc. Incurred in Education of Practicing Licensed Real Estate Agents, etc.) |
| (1) | Expenses that may be subsidized for education of practicing licensed real estate agent for the prevention, etc. of real estate transaction incidents, etc. under Article 34-2 (1) of the Act shall be as follows: |
| 1. | Expenses incurred in the installation of educational facilities and equipment; |
| 2. | Expenses incurred in the development and supply of education materials; |
| 3. | Expenses incurred in surveys and researches related to education; |
| 4. | Instructor fee for conducting education. |
| (2) | In conducting education for prevention of real estate transaction incidents under Article 34-2 (2) of the Act to establish order in transaction of real estate and to prevent losses from real estate transaction incidents, the Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or a registration authority shall publish or notify persons subject to education, of the date and time, venue, curricula of such training, and other matters necessary for the education, by not later than 10 days before the date of education. |
[This Article Newly Inserted by Presidential Decree No. 25522, Jul. 28, 2014]
CHAPTER IV DIRECTIONS AND SUPERVISION
| Article 29 (Revocation or Suspension of Licensed Real Estate Agent's Qualification) |
| (1) | Dispositions for the revocation or suspension of any licensed real estate agent's qualification under Article 35 or 36 of the Act shall be carried out by the Mayor/Do Governor who has delivered the certificate of qualification to the licensed real estate agent concerned (hereinafter referred to as "certificate of qualification"). |
| (2) | Where the Mayor/Do Governor who has delivered the certificate of qualification is different from the Mayor/Do Governor who has jurisdiction over the location of the office of the licensed real estate agent concerned, the Mayor/Do Governor who exercises jurisdiction over the location of the office of the licensed real estate agent concerned shall implement all procedures necessary to take the disposition for the revocation or suspension of such qualification and then notify the Mayor/Do Governor who has delivered the certificate of qualification thereof. |
| (3) | When the Mayor/Do Governor makes a disposition for the revocation of a licensed real estate agent's qualification, he/she shall, within five days, report such fact to the Minister of Land, Infrastructure and Transport, and inform other Mayors/Do Governors. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
CHAPTER V REAL ESTATE BROKERS ASSOCIATION
| Article 30 (Establishment of Association) |
| (1) | When the establishment of a Real Estate Brokers Association (hereinafter referred to as the "Association") pursuant to Article 41 (1) of the Act is intended, promoters shall obtain authorization from the Minister of Land, Infrastructure and Transport to establish the Association after gaining consent on the articles of association, drawn up by them and with their signatures and seals affixed thereon, of a majority of 600 or more members present at the inaugural general meeting. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| (2) | One hundred or more members from the Seoul Special Metropolitan City and 20 or more members from each Metropolitan City/Do/Special Self-Governing Province shall participate in the inaugural general meeting under paragraph (1). <Amended by Presidential Decree No. 21001, Sep. 10, 2008> |
| (3) | Documents necessary for the application for authorization of the establishment of the Association shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| Article 31 (Duties of Association) |
In order to attain its purposes under Article 41 (1) of the Act, the Association may perform the duties in the following subparagraphs: | 1. | Duties concerning the maintenance of dignity of the members; |
| 2. | Duties concerning research and improvement of the real estate brokerage institution; |
| 3. | Duties concerning guidance, education, and training for upgrading the quality of the members; |
| 4. | Duties concerning the enactment of a code of ethics for the members and its practice; |
| 5. | Duties concerning the provision of real estate information; |
| 6. | Mutual aid projects pursuant to Article 42 of the Act; in this case, the mutual aid projects, as non-profit projects, shall be intended for mutual assistance among members; |
| 7. | Other duties necessary for the attainment of the purpose of the Association's incorporation. |
| Article 32 (Reporting Duties of Association) |
| (1) | The Association shall, without delay, report the details of the resolutions of the general meeting to the Minister of Land, Infrastructure and Transport. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| (2) | When the Association establishes its branch offices or sub-branches, it shall report its branch offices to Mayors/Do Governors, and its sub-branches to the registration authority. |
| Article 33 (Scope of Mutual Aid Project) |
| 1. | Business activities to raise the mutual aid fund and pay mutual aid money necessary for guaranteeing liability for damage compensation as prescribed in Article 30 of the Act; |
| 2. | Business activities incidental to the mutual aid project, which are prescribed by the mutual aid regulations. |
| Article 34 (Mutual Aid Regulations) |
| 1. | Details of mutual aid contract shall include the Association's liability for mutual aid; mutual aid money; mutual aid fees; the period of mutual aid; procedures for applying for and paying mutual aid money; the right to demand indemnity; subrogation right; the nullification of mutual aid contract; and other matters necessary for mutual aid contract. In this case, the mutual aid fees shall be determined in overall consideration of the occurrence rates of accidents subject to mutual aid, guarantee insurance premiums, etc.; |
| 2. | Accounting standards shall be made in detail according to the purposes and accounting principles of each of the damage compensation fund and the welfare fund managed by the mutual aid project; |
| 3. | Reserve ratio of liability reserve shall be determined in overall consideration of the occurrence rates of accidents subject to mutual aid, the amount of mutual aid money paid, etc., which must be at least 10/100 of the total amount of received mutual aid fees. |
| Article 35 (Publication of Mutual Aid Project Operations) |
The Association shall publish the matters in the following subparagraphs in a daily newspaper or a bulletin of the association organ and on its Internet homepage within three months after each fiscal year ends in accordance with Article 42 (5) of the Act: <Amended by Presidential Decree No. 21001, Sep. 10, 2008> | 1. | Reports on the settlement of accounts, such as the summary balance sheet, statement of profit and loss, and audit and inspection report; |
| 2. | Amounts of received mutual aid fees and paid mutual aid money, and the reserved amount of liability reserve; |
| 3. | Other reference matters concerning operation of the mutual aid project. |
| Article 35-2 (Operating Committee) |
| (1) | The operating committee under Article 42-2 of the Act (hereinafter referred to as "operating committee") shall deliberate on the following matters related to mutual aid projects and supervise the execution thereof: |
| 1. | Basic principles of establishment, operation, and management of project plans; |
| 2. | Matters concerning budgeting and settlement of accounts; |
| 3. | Matters concerning loans; |
| 4. | Matters concerning the implementation of major budget items; |
| 5. | Matters concerning the amendment of the terms and conditions of mutual aid and mutual aid regulations, and the enactment, amendment, and repeal of internal regulations related to mutual aid; |
| 6. | Matters concerning the mutual aid fund, mutual aid entrance fees, mutual aid fees, and the rates thereof; |
| 7. | Matters prescribed by the articles of association; |
| 8. | Other matters referred to a meeting as deemed necessary by the chairperson. |
| (2) | The operating committee shall be comprised of the following persons, in consideration of their gender. In such cases, the number of members who fall under subparagraphs 2 and 3 shall not exceed 1/3 of the total number of members: |
| 1. | A person designated by the Minister of Land, Infrastructure and Transport from among public officials under his/her jurisdiction; |
| 2. | The chairperson of the Association; |
| 3. | Persons appointed by the board of directors of the Association from among executives of the Association; |
| 4. | Any of the following persons commissioned after obtaining approval from the Minister of Land, Infrastructure and Transport following recommendation by the chairperson of the Association: |
| (a) | A person has majored in studies related to the fields of real estate law, accounting, finance, or insurance, and is serving or has served at a university, college or government-invested research institute as at least an associate professor or a senior researcher; |
| (b) | A person qualified as an attorney-at-law, certified public accountant, or licensed real estate agent; |
| (c) | A person who is serving or has served at the Financial Supervisory Service or a financial institution as an executive or higher; |
| (d) | A person with extensive knowledge on and experience in the affairs related to mutual aid associations and has served in the relevant affairs for at least five years; |
| (3) | The term of office of a member under paragraph (2) 3 or 4 shall be two years and may be renewed only once, and the term of a supplementary member shall be the remainder of his/her predecessor's term of office. |
| (4) | The operating committee shall have one chairperson and one vice -chairperson, who shall be elected from among and by its members. |
| (5) | The chairperson of the operating committee shall convene and preside over meetings of the operating committee. |
| (6) | The vice-chairperson of the operating committee shall assist the chairperson, and if the chairperson is unable to perform any of his/her duties due to any extenuating circumstance the vice-chairperson shall act on behalf of the chairperson. |
| (7) | The resolution at a meeting of the operating committee shall require the attendance of a majority of all incumbent members and the consent of a majority of those present. |
| (8) | In order to manage the affairs of the operating committee, the operating committee shall have an administrative secretary and clerical staff, appointed by the chairperson from among the employees in charge of mutual aid of the Association. |
| (9) | The administrative secretary shall take minutes at each meeting, report them in the next meeting, and preserve them. |
| (10) | Matters necessary for the operation of the operating committee, other than those prescribed in paragraphs (1) through (9), shall be determined by the chairperson following deliberation by the operating committee. |
[This Article Newly Inserted by Presidential Decree No. 24912, Dec. 4, 2013]
| Article 35-3 (Standards for Financial Soundness) |
| (1) | Pursuant to Article 42-6 of the Act, the Association shall comply with all of the following standards for financial soundness: |
| 1. | Its solvency margin ratio shall be maintained at at least 100 percent; |
| 2. | The soundness of its assets holdings, including claims for reimbursement, shall be rated regularly, and an allowance for bad debts shall be accumulated. |
| (2) | The solvency margin ratio under paragraph (1) 1 shall be calculated by dividing the solvency margin under subparagraph 1 by the standard amount of solvency margin under subparagraph 2, and the solvency margin and the standard amount of solvency margin shall be as follows: |
| 1. | Solvency margin: An amount calculated by subtracting the amount prescribed by the Minister of Land, Infrastructure and Transport, such as the value of business rights and prepaid expenses, from the aggregate amount of capital, allowance for bad debts, earned surplus, and other items corresponding thereto which are prescribed by the Minister of Land, Infrastructure and Transport; |
| 2. | Standard solvency margin: An amount obtained by converting the risks occurring in the course of operating mutual aid projects into an amount, as prescribed by the Minister of Land, Infrastructure and Transport. |
| (3) | The Minister of Land, Infrastructure and Transport may determine detailed standards necessary for the standards for financial soundness referred to in paragraphs (1) and (2). |
[This Article Newly Inserted by Presidential Decree No. 24912, Dec. 4, 2013]
CHAPTER VI SUPPLEMENTARY PROVISIONS
| Article 36 (Business Entrustment) |
| (1) | When the Mayor/Do Governor entrusts a business as prescribed in Article 45 of the Act concerning in-service education, job education or training and education under Article 34 (1) through (4) of the Act, he/she shall entrust the business to an institution or organization equipped with the staff and facilities prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport, which is designated among the institutions or organizations in the following subparagraphs: <Amended by Presidential Decree No. 20109, Jun. 26, 2007; Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 21001, Sep. 10, 2008; Presidential Decree No. 24443, Mar. 23, 2013; Presidential Decree No. 25372, Jun. 3, 2014; Presidential Decree No. 25522, Jul. 28, 2014> |
| (3) | Where the Mayor/Do Governor or the head of the examination-administering institution entrusts the businesses under paragraphs (1) and (2), he/she shall make public notification of the name, representative, and location of the institution which is entrusted with such business, the contents of the entrusted business matters, etc. in the Official Gazette. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 21001, Sep. 10, 2008> |
| (2) | The reward referred to in paragraph (1) shall be paid to any person who has reported or accused a person provided for in any subparagraph of Article 46 (1) of the Act to the registration authority or the investigation agency before the offender is detected by the administrative agency concerned, only when the public prosecutor renders the decision to prosecute the case of report or accusation or to suspend such prosecution. |
| (3) | The ratio of expenses involved in the payment of rewards which can be subsidized by the National Treasury pursuant to Article 46 (2) of the Act shall be within 50/100. |
| (4) | Other necessary matters concerning the methods, procedures, etc. of paying rewards shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended by Presidential Decree No. 20722, Feb. 29, 2008; Presidential Decree No. 24443, Mar. 23, 2013> |
| Article 37-2 (Processing of Personally Identifiable Information) |
The Minister of Land, Infrastructure and Transport, a Mayor/Do Governor or registration authority (including persons to whom the affairs under the jurisdiction of the Minister of Land, Infrastructure and Transport, a Mayor/Do Governor or registration authority are entrusted under Articles 45 of the Act), may process the data containing resident registration numbers and alien registration numbers under subparagraph 1 or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if it is essential to performing the following: <Amended by Presidential Decree No. 25522, Jul. 28, 2014> | 1. | Affairs related to the receipt of application forms for an examination for licensed real estate agents under Article 4 of the Act and Article 8 of this Decree; |
| 7. | Affairs related to reports on employees by practicing licensed real estate agents under Article 15 of the Act; |
| 9. | Affairs related to the designation of persons to establish and manage information networks for real estate transactions and the approval of management regulations for utilization, etc. of the information network for real estate transactions under Article 24 of the Act; |
| 10. | Deleted; <by Presidential Decree No. 25522, Jul. 28, 2014> |
| 11. | Affairs related to orders, etc. for supervision under Article 37 of the Act concerning the following matters: |
[This Article Newly Inserted by Presidential Decree No. 24912, Dec. 4, 2013]
| Article 37-3 (Re-Examination of Regulations) |
The Minister of Land, Infrastructure and Transport shall examine the appropriateness of the following matters every three years from the following base dates (referring to a date preceding that which is the same with the base date of the year that comes every three years), and shall take measures for modification, etc. thereof: <Amended by Presidential Decree No. 25372, Jun. 3, 2014; Presidential Decree No. 25522, Jul. 28, 2014>
| 1. | deleted; <by Presidential Decree No. 27751, Dec. 30, 2016> |
| 2. | Affairs incidental to brokerage business under Article 17: January 1, 2014; |
| 3. | Education, etc. of practicing licensed real estate agents, etc. under Article 28: January 1, 2014; |
| 4. | Reporting duties of the Association under Article 32: January 1, 2014; |
| 5. | Imposition and collection of administrative fines under Article 38: January 1, 2014. |
[This Article Newly Inserted by Presidential Decree No. No. 25050, Dec. 30, 2013]
CHAPTER VII PENALTY PROVISIONS
| Article 38 (Imposition and Collection of Administrative Fines) |
| (1) | The standards for imposition of administrative fines under Article 51 (2) and (3) of the Act and Article 6 (5) of Addenda to Act No. 7638 shall be as listed in attached Table 2. <Amended by Presidential Decree No. 25522, Jul. 28, 2014> |
| (2) | Deleted. <by Presidential Decree No. 25522, Jul. 28, 2014> |
[This Article Wholly Amended by Presidential Decree No. 21001, Sep. 10, 2008]
ADDENDA
| (1) | (Enforcement Date) This Decree shall enter into force on January 30, 2006: Provided, That the amended provisions of Article 23 and subparagraphs 1 (b) and 3 of the annexed Table 2 shall take effect on January 1, 2006. |
| (2) | (General Transitional Measures) Any disposition, procedure or other acts carried out under the Enforcement Decree of the former Real Estate Brokerage Act at the time this Decree enters into force shall be deemed to be taken or done pursuant to the provisions of this Decree. |
| (3) | (Relationship with Other Statutes) In case where the provisions of the Enforcement Decree of the former Real Estate Brokerage Act are cited in any other statute at the time this Decree enters into force, if there exist any corresponding provisions in this Decree, this Decree or the corresponding provisions in this Decree shall be deemed to be cited in lieu of the previous provisions. |
ADDENDUM <Presidential Decree No. 19507, Jun. 12, 2006>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 20109, Jun. 26, 2007>
This Decree shall enter into force on June 29, 2007.
ADDENDA <Presidential Decree No. 20722, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 20947, Jul. 29, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 4, 2009. (Proviso Omitted.)
Articles 2 through 28 Omitted.
ADDENDUM <Presidential Decree No. 21001, Sep. 10, 2008>
This Decree shall enter into force on September 14, 2008: Provided, That the amended provisions of Article 24 (1) shall enter into force on January 1, 2009.
ADDENDA <Presidential Decree No. 21148, Dec. 3, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 6, 2008.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 21159, Dec. 9, 2008>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 21609, Jul. 1, 2009>
This Decree shall enter into force on July 2, 2009
ADDENDA <Presidential Decree No. 21881, Dec. 14, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Presidential Decree No. 22003, Jan. 27, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 1, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDUM <Presidential Decree No. 22467, Nov. 2, 2010>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 22493, Nov. 15, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22539, Dec. 20, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2011.
Article 2 (Applicability to Standards for Imposition of Administrative Fines)
The amended provisions of the latter part of Article 38 (2) and subparagraph 4 of attached Table 2 shall apply from the calculation of the administrative fines related to reporting on a transaction of a real estate for which the liability to pay acquisition tax is constituted for the first time after this Decree enters into force.
ADDENDUM <Presidential Decree No. 22711, Mar. 15, 2011>
This Decree shall enter into force on the date of its promulgation.
ADDENDUM <Presidential Decree No. 23086, Aug. 19, 2011>
This Decree shall enter into force on August 20, 2011.
ADDENDA <Presidential Decree No. 23759, May 1, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 (Applicability to Publication of Examinations)
Matters concerning the amendment of the deadline for publication of examinations, etc. provided in this Act shall apply from the examinations administered on or after January 1, 2013.
ADDENDUM <Presidential Decree No. 23918, Jun. 29, 2012>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 24443, Mar. 23, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 24912, Dec. 4, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 5, 2013.
Article 2 (Applicability to Restriction on Joint Use of Brokerage Office)
The amended provisions of Article 16 (2) shall apply to brokers whose business becomes suspended under Article 39 (1) of the Act after this Decree enters into force. Article 3 (Applicability to Labeling and Advertising of Objects of Brokerage)
The amended provisions of Article 17-2 shall apply to labeling and advertising of objects of brokerage conducted after this Decree enters into force.
ADDENDUM <Presidential Decree No. 25050, Dec. 30, 2013>
This Decree shall enter into force on January 1, 2014. (Proviso Omitted.)
ADDENDA <Presidential Decree No. 25372, Jun. 3, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 5, 2014.
Article 2 (Transitional Measures concerning Training Education)
Brokers (in the case of a corporation, the employees and executives thereof; and where it is intended to file a report on the establishment of a branch office under Article 13 (3) of the Act, referring to the person responsible for the branch office) who have undergone in-service education under Article 34 (1) of the Act before this Decree enters into force shall complete the training under Article 34 (4) of the Act within two years after this Decree enters into force.
ADDENDA <Presidential Decree No. 25522, Jul. 28, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 29, 2014.
Article 2 Omitted.
Article 3 (Relationship with Other Statutes)
ADDENDA <Presidential Decree No. 25652, Oct. 14, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26302, Jun. 1, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 4, 2015.
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 26892, Jan. 12, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27751, Dec. 30, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 1, 2017. (Proviso Omitted.)
Articles 2 through 12 Omitted.
ADDENDA <Presidential Decree No. 27793, Jan. 17, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 20, 2017.
Articles 2 through 5 Omitted.