CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to promote the development of the real estate services industry and contribute to the improvement in the convenience of people, the creation of quality jobs, and the sustainable development of the national economy, by prescribing matters necessary to provide a foundation for, support, and foster the real estate services industry.
The terms used in this Act shall be defined as follows:
| 1. | The term "real estate service" means planning, development, leasing, management, brokerage, appraisal, financing, consultation, providing information, etc. regarding real estate; |
| 2. | The term "real estate services industry" means an industry that creates economic or social added value through real estate services; |
| 3. | The term "real estate service business" means a business that engages in real estate service activities; |
| 4. | The term “real estate service provider" means a person who runs a real estate service business. |
| Article 3 (Relationship to Other Acts) |
This Act shall apply to the real estate services industry, except as otherwise expressly provided for by other Acts.
| Article 4 (Obligations of the State, Local Governments, etc.) |
| (1) | The State and local governments shall establish and implement policies necessary to promote the real estate services industry. |
| (2) | The State and local governments shall endeavor to improve the transparency of the real estate services industry, the safety of real estate transactions, and consumer protection. |
| (3) | Real estate service providers shall endeavor to create a sound and transparent real estate market and to build trust and credibility of consumers, and shall actively cooperate with government policies. |
CHAPTER II POLICIES TO PROMOTE REAL ESTATE SERVICES INDUSTRY
| Article 5 (Formulation, etc. of Master Plans for Promotion of Real Estate Services Industry) |
| (1) | Every five years, the Minister of Land, Infrastructure and Transport shall formulate and implement a master plan for promotion of the real estate services industry (hereinafter referred to as “master plan”) to promote the real estate services industry. |
| (2) | Each master plan shall include the following: |
| 1. | Basic policy direction-setting for promoting the real estate services industry; |
| 2. | Policies for promoting each field of the real estate services industry; |
| 3. | Matters concerning the promotion of research and development of each field of the real estate services industry; |
| 4. | Matters concerning fact-finding surveys on the real estate services industry; |
| 5. | Matters concerning the establishment of statistical and information systems on the real estate services industry, disclosure and use of information, etc.; |
| 6. | Matters concerning the promotion of job creation and starting up new businesses in the real estate services industry; |
| 7. | Matters concerning the nurturing of manpower in the real estate services industry and the enhancement of their expertise; |
| 8. | Matters concerning international cooperation and promotion of overseas expansion in the real estate services industry; |
| 9. | Matters concerning the creation of a sound real estate market and strengthening of consumer protection; |
| 10. | Other matters necessary for promoting the real estate services industry. |
| (3) | The Minister of Land, Infrastructure and Transport may formulate and implement an annual action plan for promoting the real estate services industry (hereinafter referred to as “action plan”) based on the master plan. |
| (4) | The Minister of Land, Infrastructure and Transport shall consult with the heads of the relevant central administrative agencies in advance before formulating a master plan and an action plan or before changing the matters prescribed by Presidential Decree. |
| (5) | Matters necessary for formulating, modifying and implementing a master plan and an action plan, other than the matters provided for in paragraphs (1) through (4), shall be prescribed by Presidential Decree. |
| Article 6 (Establishment and Composition of the Real Estate Services Industry Policy Committee) |
| (1) | The Real Estate Services Industry Policy Committee (hereinafter referred to as the “Committee”) shall be established under the Ministry of Land, Infrastructure and Transport to deliberate on and coordinate important policies on the real estate services industry. |
| (2) | The Committee shall be comprised of not more than 20 members, including one Chairperson. |
| (3) | The Chairperson shall be the Minister of Land, Infrastructure and Transport, and the members shall be the following persons: |
| 1. | Vice-ministerial public officials of the relevant central administrative agencies prescribed by Presidential Decree; |
| 2. | Persons commissioned by the Minister of Land, Infrastructure and Transport, from among persons with competent knowledge and experience in the real estate services industry and who meet the qualifications prescribed by Presidential Decree. |
| (4) | The Committee may establish and operate subcommittees to perform its specialized functions. |
| (5) | Necessary matters concerning the term of office of members, establishment and operation of the Committee and subcommittees, etc. shall be prescribed by Presidential Decree. |
| Article 7 (Functions of the Committee) |
The Committee shall deliberate on and coordinate the following matters:
| 1. | Matters concerning the formulation and implementation of a master plan and an action plan; |
| 2. | Matters on consultations among the relevant agencies concerning the promotion of the real estate services industry; |
| 3. | Matters requested by the relevant central administrative agencies regarding the promotion of the real estate services industry; |
| 4. | Matters concerning the improvement of the system related to the development of the real estate services industry; |
| 5. | Matters necessary for developing the real estate services industry, raised by the Chairperson to the Committee for deliberation. |
| Article 8 (Policies on Disclosure of Real Estate Information) |
| (1) | The Government may formulate and implement related policies, such as the establishment of a cooperative system, to allow the real estate information held by the State, local governments, and public institutions defined in the Act on the Management of Public Institutions (hereinafter referred to as “public institutions”) to be efficiently disclosed. |
| (2) | The Minister of Land, Infrastructure and Transport may request cooperation from the relevant central administrative agencies, local governments, and public institutions to promote the use of real estate information in the private sector. |
| Article 9 (Support, etc. for Convergence and Integration of Real Estate Services Industry) |
| (1) | The Government may formulate and implement policies on convergence and integration of the real estate services industry with related industries, such as the information technology industry, financial industry, logistics industry, and spatial information industry, to create new industries and enhance consumer convenience. |
| (2) | The Minister of Land, Infrastructure and Transport may establish and operate a real estate convergence and integration forum comprised of related experts as prescribed by Presidential Decree, to formulate and implement policies under paragraph (1). |
| Article 10 (Financial Support, etc.) |
The Government may provide financial, administrative, and other necessary support to real estate service providers as prescribed by Presidential Decree, for the development of the real estate services industry.
CHAPTER III ESTABLISHMENT OF FOUNDATION FOR REAL ESTATE SERVICES INDUSTRY
| Article 11 (Fact-finding Surveys on Real Estate Services Industry) |
| (1) | The Minister of Land, Infrastructure and Transport may conduct a fact-finding survey on the real estate services industry (hereinafter referred to as “fact-finding survey”) to collect baseline data and compile statistics necessary for promoting the real estate services industry. |
| (2) | If deemed necessary, the Minister of Land, Infrastructure and Transport may conduct a fact-finding survey jointly with relevant central administrative agencies, local governments, and civil organizations prescribed by Presidential Decree. |
| (3) | Necessary matters for fact-finding surveys under paragraphs (1) and (2), such as the period, method and targets, shall be prescribed by Presidential Decree. |
| Article 12 (Fostering and Management, etc. of Professional Manpower) |
| (1) | The Minister of Land, Infrastructure and Transport may formulate and promote policies for the fostering, management, education and training, etc. of manpower with professional skills and capabilities in the real estate services industry (hereinafter referred to as "professional manpower"). |
| (2) | The policies specified in paragraph (1) shall include the following: |
| 1. | Matters on the supply and demand and the use of professional manpower; |
| 2. | Matters on the fostering, education and training of professional manpower; |
| 3. | Other matters necessary for the fostering and management of professional manpower, which are prescribed by Presidential Decree. |
| (3) | The Minister of Land, Infrastructure and Transport may designate a research institute, university, institution, or organization prescribed by Presidential Decree as a professional training institute to conduct education and training under paragraph (1). |
| (4) | Matters concerning the fostering and management of professional manpower and the qualifications for designation as a professional training institute, such as the number of faculty members under paragraphs (1) through (3), shall be prescribed by Presidential Decree. |
| (5) | If a professional training institute designated under paragraph (3) falls under any of the following subparagraphs, the Minister of Land, Infrastructure and Transport may revoke its designation: Provided, the designation of professional training institute falling under subparagraph 1 shall be revoked: |
| 1. | If it obtains the designation by fraud or other improper means; |
| 2. | If it falls short of the designation qualifications for at least three consecutive months; |
| 3. | If it treats a person not having completed the education and training as completed. |
| Article 13 (Compilation of Statistics on Real Estate Services Industry and Establishment of Statistical System) |
| (1) | The Minister of Land, Infrastructure and Transport may compile and manage statistics on the real estate services industry, to promote the real estate services industry and enhance its competitiveness. |
| (2) | The Minister of Land, Infrastructure and Transport may establish a system for statistical survey and analysis for compiling and managing statistics under paragraph (1). |
| (3) | Necessary matters concerning the targets for statistical compilation, establishment of the system for statistical survey and analysis, etc. under paragraphs (1) and (2) shall be prescribed by Presidential Decree. |
| (4) | The Statistics Act shall apply mutatis mutandis to the compilation and management of statistics under paragraph (1). |
| Article 14 (Research, Development, etc. of Real Estate Services Industry) |
| (1) | The Government may conclude agreements with public institutions, universities, private organizations, and companies to conduct research and development projects necessary for developing the real estate services industry, in order to implement research and development policies for promoting the real estate services industry established pursuant to a master plan. |
| (2) | The Government may encourage entities that have concluded agreements under paragraph (1) to conduct joint research to enhance performance of research and development of the real estate services industry. |
| (3) | If deemed necessary to facilitate the use and dissemination of the research and development outcomes under paragraph (1) and to strengthen linkage with related industries, the Government may conduct a pilot project to promote the real estate services industry, as prescribed by Presidential Decree. |
| (4) | Necessary matters concerning the method to conclude agreements under paragraph (1), joint research under paragraph (2), etc. shall be prescribed by Presidential Decree. |
CHAPTER IV ACTIVATION OF REAL ESTATE SERVICES INDUSTRY
| Article 15 (Certification as Excellent Real Estate Service Provider) |
| (1) | The Minister of Land, Infrastructure and Transport may certify excellent real estate service providers (hereinafter referred to as "excellent service provider") to foster a high value-added real estate services industry and enhance consumer convenience. |
| (2) | The certification specified in paragraph (1) shall be awarded to real estate service providers who offer real estate services and who offer integrated services that constitute real estate services or real estate-related services, and detailed matters concerning the issuing authority, targets, etc. of certification shall be prescribed by Presidential Decree. |
| (3) | The Minister of Land, Infrastructure and Transport may inspect whether an excellent service provider certified under paragraph (1) (hereinafter referred to as "certified excellent service provider") maintains the certification requirements, etc. referred to in paragraph (5), as prescribed by Presidential Decree. |
| (4) | If necessary for an inspection under paragraph (3), the Minister of Land, Infrastructure and Transport may request the relevant real estate service provider to submit data. In such cases, the person requested to submit data shall comply therewith, except in extenuating circumstances. |
| (5) | Necessary matters concerning the requirements, procedures, methods, and inspections of certification and methods of certification marking, etc. under paragraph (1) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
| Article 16 (Revocation, etc. of Certification as Excellent Service Provider) |
| (1) | In any of the following cases, the Minister of Land, Infrastructure and Transport may revoke certification of an excellent service provider, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport: Provided, That the certification of a service provider under subparagraph 1 shall be revoked: |
| 1. | If it obtains the certification by fraud or other improper means; |
| 2. | If it refuses an inspection under Article 15 (3) at least three times without justifiable grounds; |
| 3. | If it refuses a request to submit data under Article 15 (4) without justifiable grounds; |
| 4. | If it ceases to meet the certification requirements referred to in Article 15 (5); |
| 5. | If a certified excellent service provider allows a third person to run a business using its name or trade name or lends a certificate. |
| (2) | A real estate service provider whose excellent service provider certification has been revoked shall return its certificate issued under Article 19 (1) and shall cease using the certification mark. |
| Article 17 (Certification Inspection Agency) |
| (1) | The Minister of Land, Infrastructure and Transport may designate a certification inspection agency (hereinafter referred to as "inspection agency") in relation to the certification of excellent service providers, and may authorize the inspection agency to fully or partially perform the certification inspection service. |
| (2) | An inspection agency shall be designated from among the following institutions, as prescribed by Presidential Decree: |
| (3) | The head of an inspection agency may request cooperation from administrative agencies and other relevant agencies, if necessary for performing services under paragraph (1). |
| (4) | Necessary matters concerning the criteria for designation, operation, etc. of inspection agencies shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
| (5) | The Minister of Land, Infrastructure and Transport may direct and supervise the inspection agencies and partially subsidize expenses incurred in operating them. |
| (6) | If necessary for direction and supervision under paragraph (5), the Minister of Land, Infrastructure and Transport may request an inspection agency to submit relevant data. In such cases, the inspection agency shall comply therewith, except in extenuating circumstances. |
| Article 18 (Revocation of Designation as Certification Inspection Agency) |
The Minister of Land, Infrastructure and Transport may revoke the designation of a certification inspection agency falling under any of the following cases: Provided, That the designation of a certification agency under subparagraph 1 or 2 shall be revoked:
| 1. | If it obtains the designation by fraud or other improper means; |
| 2. | If it violates any of the designation criteria intentionally or by gross negligence; |
| 3. | If it refuses to provide certification services without justifiable grounds; |
| 4. | If it provides certification services in violation of any of the certification requirements and procedures; |
| 5. | Other cases prescribed by Presidential Decree where it becomes impossible to provide services as an inspection agency. |
| Article 19 (Certificate and Certification Mark) |
| (1) | The Minister of Land, Infrastructure and Transport may issue a certificate to certified excellent service providers and display a mark indicating the certification (hereinafter referred to as "certification mark") to be used by the certified excellent service providers. |
| (2) | The design, placement, etc. of a certification mark shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
| (3) | No one may make or use a false certification mark, nor falsely impersonate a certified excellent service provider by other means. |
| Article 20 (Support for Certified Excellent Service Providers) |
The State, local governments, or public institutions may provide administrative support to certified excellent service providers, as prescribed by Presidential Decree.
| Article 21 (Support for International Cooperation and Overseas Expansion) |
In order to promote international cooperation and global market expansion of the real estate services industry, the Government may support exchanges of related technologies and personnel, exhibitions, joint research and development projects, etc.
| Article 22 (Start-up Assistance) |
In order to facilitate starting a business by small and medium enterprises defined in Article 2 of the Framework Act on Small and Medium Enterprises and to promote the growth and development of founders of the real estate services businesses, the Minister of Land, Infrastructure and Transport may provide the following support: | 1. | Providing outcomes of research and development projects in the real estate services industry; |
| 2. | Providing consultation on legal, tax, and accounting necessary for starting a real estate service business; |
| 3. | Finding excellent ideas for the real estate services industry and supporting their commercialization; |
| 4. | Other matters prescribed by Presidential Decree. |
CHAPTER V SUPPLEMENTARY PROVISIONS
| Article 23 (Submission of Data) |
The Minister of Land, Infrastructure and Transport may request the heads of the relevant central administrative agencies, local governments, and public institutions; real estate service providers; and agencies or organizations regarding the real estate services industry to submit necessary data, to perform the following business affairs. In such cases, the person requested to submit data shall comply therewith, except in extenuating circumstances:
| 1. | Formulating a master plan and an action plan; |
| 4. | Conducting a fact-finding survey; |
| 5. | Compiling and managing statistics and establishing a system for statistical survey and analysis under Article 13. |
| (1) | A person who intends to obtain certification as an excellent service provider under Article 15 shall pay a fee to the Minister of Land, Infrastructure and Transport or the head of an inspection agency. |
| (2) | Necessary matters concerning the criteria for charging fees, collection procedures, etc. under paragraph (1) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
If the Minister of Land, Infrastructure and Transport intends to impose either of the following measures, he/she shall hold a hearing:
| 1. | Revoking certification of an excellent service provider under Article 16; |
| 2. | Revocation of designation of an inspection agency under Article 18. |
| Article 26 (Delegation and Entrustment of Business Affairs) |
| (1) | The Minister of Land, Infrastructure and Transport may partially delegate business affairs under this Act to the heads of local governments, as prescribed by Presidential Decree. |
| (2) | The Minister of Land, Infrastructure and Transport may partially entrust business affairs under this Act to public institutions or organizations concerned with the real estate services industry, as prescribed by Presidential Decree. |
| Article 27 (Legal Fiction as Public Official in Application of Penal Provisions) |
| 1. | Executives and employees of an inspection agency which performs services under Article 17; |
| 2. | Executives and employees of a public institution or an organization concerned with the real estate services industry entrusted with business affairs under Article 26 (2). |
CHAPTER VI PENAL PROVISIONS
| Article 28 (Penal Provisions) |
| (1) | A person who makes or uses a false certification mark, or falsely impersonates a certified excellent service provider by other means in violation of Article 19 (3), shall be punished by a fine not exceeding 30 million won. |
| (2) | A certified excellent service provider who allows a third party to run a business using its name or trade name or who lends a certificate under Article 16 (1) 5, shall be punished by a fine not exceeding ten million won. |
| Article 29 (Joint Penalty Provisions) |
If a representative of a corporation, or an agent, employee or other servant of a corporation or individual violates Article 28 regarding the business of the corporation or individual, not only shall such violator be punished, but the corporation or individual also shall be punished by a fine under the relevant provisions: Provided, That this shall not apply where such corporation or individual has not been negligent in giving due attention to and supervision over the relevant duties to prevent such violation.
| Article 30 (Administrative Fines) |
| (1) | Either of the following persons shall be subject to an administrative fine not exceeding two million won: |
| 1. | A person who fails to submit data under Article 15 (4), 17 (6) or 23 (excluding the head of a central administrative agency, local government, or public institution) without extenuating circumstances, or submits false data; |
| 2. | A person who continues to use the certification mark, in violation of Article 16 (2). |
| (2) | An administrative fine under paragraph (1) shall be imposed and collected by the Minister of Land, Infrastructure and Transport, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
ADDENDUM
This Act shall enter into force six months after the date of its promulgation.