CHAPTER I GENERAL PROVISIONS
The purpose of this Act is to prescribe the business affairs of licensed real estate agents in order to enhance the expertise of licensed real estate agents and foster the real estate brokerage business in a sound manner, thereby contributing to the national economy.
[This Article Wholly Amended on Jan. 28, 2014]
The definitions of the terms used in this Act are as follows: <Amended on Jan. 28, 2014; Jun. 9, 2020>
| 1. | The term "brokerage" means mediation of sale, exchange, lease, and other gain, loss and transfer of titles between parties to a transaction concerning the objects of brokerage as provided for in Article 3; |
| 2. | The term "licensed real estate agent" means a person who has obtained a real estate agent's license under this Act; |
| 3. | The term "brokerage business" means a business of brokerage run for compensation at another person's request; |
| 4. | The term "practicing licensed real estate agent" means a person who has completed a registration of the establishment of a brokerage office under this Act; |
| 5. | The term "affiliated real estate agent" means a licensed real estate agent who is affiliated with a practicing licensed real estate agent (including any practicing licensed real estate agent who works for a practicing corporate licensed real estate agent as its member or executive officer) and performs the brokerage business or assists the practicing licensed real estate agent; |
| 6. | The term "brokerage assistant" means a person affiliated with a practicing licensed real estate agent, who conducts uncomplicated services incidental to the practicing licensed real estate agent's brokerage business, such as leading clients over the places where the objects of brokerage are located, conducting general affairs, etc., without holding a real estate agent's license. |
| Article 2-2 (Licensed Real Estate Agent Policy Deliberation Committee) |
| (1) | The licensed real estate agent policy deliberation committee may be established under the Ministry of Land, Infrastructure and Transport to deliberate on the following matters concerning the business of licensed real estate agents: |
| 1. | Matters concerning the acquisition of qualifications for a licensed real estate agent, including qualifying examination, etc. for licensed real estate agents; |
| 2. | Matters concerning the cultivation of real estate brokerage business; |
| 3. | Matters concerning the adjustment of brokerage compensation; |
| 4. | Matters concerning guarantees, etc. of indemnification of losses. |
| (2) | Matters necessary for the organization, operation, etc. of the licensed real estate agent policy deliberation committee shall be prescribed by Presidential Decree. |
| (3) | Among the matters deliberated upon by the licensed real estate agent policy deliberation committee pursuant to paragraph (1), a Special Metropolitan City Mayor, Metropolitan City Mayor, Do Governor, and the Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor") shall comply with the matters referred to in subparagraph 1. |
[This Article Newly Inserted on Jan. 28, 2014]
| Article 3 (Scope of Objects of Brokerage) |
The objects of brokerage referred to in this Act are as follows: <Amended on Jun. 9, 2020>
| 2. | Buildings and other fixtures on land; |
| 3. | Other property rights and objects as prescribed by Presidential Decree. |
CHAPTER II LICENSED REAL ESTATE AGENT
| Article 4 (Qualifying Examination) |
| (1) | Any person who intends to be a licensed real estate agent shall pass a qualifying examination for licensed real estate agents administered by a Mayor/Do Governor. <Amended on Jun. 13, 2008; Jan. 28, 2014> |
| (2) | If it is deemed necessary to keep the level, etc. of qualifying examination for licensed real estate agents in balance, the Minister of Land, Infrastructure and Transport may directly set questions for the examination or execute the examination as prescribed by Presidential Decree. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (3) | Subjects, methods and partial exemption of the qualifying examination for licensed real estate agents and other necessary matters concerning such examination shall be prescribed by Presidential Decree. |
| Article 4-2 Deleted. <Jan. 28, 2014> |
| Article 4-3 (Sanctions for Cheating on Examinations) |
A Mayor/Do Governor or the Minister of Land, Infrastructure and Transport who administers the examination under Article 4 (1) or (2) (hereinafter referred to as the "head of an institution in charge of examinations") shall take a disposition to nullify an examination taken by an examinee who has engaged in cheating behaviors during the examination and place restrictions on his/her eligibility to take an examination for five years from the date such disposition was taken. In such cases, the head of the institution in charge of such examination shall notify without delay the heads of other institutions in charge of examination thereof. <Amended on Mar. 23, 2013> [This Article Newly Inserted on May 19, 2011]
| Article 5 (Issuance, etc. of Qualification Certificates) |
| (1) | The head of any institution in charge of examination which administers the qualifying examination for licensed real estate agents in accordance with Article 4 (1) and (2) shall, when successful examinees in the qualification examination are determined, publicly announce them. <Amended on Jun. 9, 2020> |
| (2) | The Mayor/Do Governor shall issue the certificate of a licensed real estate agent's qualification to any such successful examinees referred to in paragraph (1), as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (3) | When any person who has received the certificate of a licensed real estate agent's qualification pursuant to paragraph (2) finds that he/she lost his/her certificate or such certificate became useless, he/she may apply for reissue of such certificate to the Mayor/Do Governor as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| Article 6 (Grounds for Disqualification) |
No person for whom three years have not passed since his/her qualification as a licensed real estate agent was revoked under Article 35 (1) may become a licensed real estate agent. <Amended on Jun. 9, 2020>
| Article 7 (Prohibition of Lending, etc. of Qualification Certificates) |
| (1) | No licensed real estate agent shall have another person render brokerage services using his/her name, or transfer or lend his/her certificate of qualification to another person. |
| (2) | No person shall use another person's licensed real estate agent qualification certificate through taking over or borrowing the certificate. |
| Article 8 (Prohibition on Use of Similar Title) |
Any person unqualified as a licensed real estate agent shall be prohibited from using the title of licensed real estate agent or any other similar title.
CHAPTER III BROKERAGE BUSINESS, ETC.
| Article 9 (Establishment Registration of Brokerage Office) |
| (1) | Any person who intends to carry on a brokerage business shall file a registration of the opening of his/her brokerage office (referring to the principal brokerage office in case of a juristic person) with 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) or the head of a Gun/Gu (hereinafter referred to as "registration authority"), who has jurisdiction over an area where he/she intends to open such office as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Jun. 13, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (2) | Any person who is neither a licensed real estate agent (excluding an affiliated licensed real estate agent) nor a juristic person shall be prohibited from filing a registration of the opening of a brokerage office under paragraph (1). <Amended on Jun. 9, 2020> |
| (3) | Standards for registering the establishment of brokerage offices under paragraph (1) shall be prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| Article 10 (Disqualifications, etc. for Registration) |
| (1) | Any of the following persons shall be disqualified for filing a registration of the opening of a brokerage office: <Amended on Jun. 4, 2013; Jan. 28, 2014; May 21, 2014; Apr. 17, 2018; Jun. 9, 2020> |
| 2. | A person under adult guardianship or limited guardianship; |
| 3. | A person declared bankrupt and not yet reinstated; |
| 4. | A person for whom three years have not elapsed since his/her imprisonment without labor or heavier punishment declared by a court was completely executed (including the case where the execution of the sentence is deemed to be completed) or exempted; |
| 5. | A person who is under suspension of the execution of his/her imprisonment without labor or heavier punishment declared by a court; |
| 6. | A person for whom three years have not passed since the qualification of licensed real estate agent was revoked under Article 35 (1); |
| 7. | A person for whom the qualification of licensed real estate agent has been suspended under Article 36 (1) and who is still under the period of such suspension; |
| 8. | A person for whom three years (where the registration was revoked pursuant to Article 40 (3), referring to the period computed by subtracting the period of business closure provided for in subparagraph 1 of the said paragraph from the three years) have not passed since the registration of establishment of his/her brokerage office was revoked on the ground of falling under any of Article 38 (1) 2 and 4 through 8 or (2) 2 through 11; |
| 9. | A person whose business has been suspended pursuant to Article 39 and who has made the report of business closure under Article 21 and is still under the period of business suspension (the period shall be deemed to continue to run regardless of business closure); |
| 10. | A person who was a member or executive officer of the practicing corporate real estate agent whose business was suspended pursuant to Article 39 at the time when the grounds for such business suspension have occurred, and is still under the period of business suspension; |
| 11. | A person who was sentenced to the punishment of a fine not exceeding three million won for violating this Act, and for whom three years have not passed; |
| 12. | A juristic person which has a member or executive officer who falls under any of subparagraphs 1 through 11. |
| (2) | None of the persons falling under any of paragraph (1) 1 through 11 may become an affiliated licensed real estate agent or a brokerage assistant. <Amended on Jun. 9, 2020> |
| (3) | In order to ascertain whether a practicing licensed real estate agent, an affiliated licensed real estate agent, a brokerage assistant, or a member or executive officer of a practicing corporate real estate agent (hereinafter referred to as "practicing licensed real estate agent, etc.") falls under any of subparagraph (1) 1 through 11, a registration authority may inquire of the related institution thereabout. <Newly Inserted on Jun. 4, 2013; Jan. 28, 2014> |
| Article 10-2 (Separate Sentence of Fines) |
Where any sentence of a fine is to be imposed on concurrent crimes consisting of a crime prescribed in Article 48 or 49 and any other crime, such crimes shall be sentenced non-concurrently, notwithstanding Article 38 of the Criminal Act. [This Article Newly Inserted on Jan. 28, 2014]
| Article 11 (Issuance, etc. of Registration Certificates) |
| (1) | The registration authority shall issue a brokerage office registration certificate to a person who has filed a registration of the opening of his/ her brokerage office pursuant to Article 9, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (2) | Article 5 (3) shall apply mutatis mutandis with respect to the re-issuance of brokerage office registration certificates. |
| Article 12 (Prohibition on Double Registration, etc.) |
| (1) | No practicing licensed real estate agent shall perform his/her brokerage business with a double registration of the establishment of the brokerage office. <Amended on Jan. 28, 2014> |
| (2) | No practicing licensed real estate agent, etc. shall become a licensed real estate agent or brokerage assistant affiliated with another practicing licensed real estate agent, or a member or executive officer of another practicing corporate real estate agent. <Amended on Jun. 4, 2013; Jan. 28, 2014> |
| Article 13 (Standards for Establishment of Brokerage Office) |
| (1) | A practicing licensed real estate agent may establish only one brokerage office within the jurisdiction of the registration authority. <Amended on Jan. 28, 2014> |
| (2) | A practicing licensed real estate agent shall not set up tents or other relocatable structures as temporary brokerage facilities. <Amended on Jan. 28, 2014> |
| (3) | Notwithstanding paragraph (1), a practicing corporate real estate agent may establish a branch office outside the jurisdiction after reporting to the registration authority according to the standards and procedures prescribed by Presidential Decree. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (4) | The registration authority in receipt of the report on establishment of a branch office pursuant to paragraph (3) shall, if the contents of such report are found to be appropriate, issue a report completion certificate prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport and notify without delay the head of a Si/Gun/Gu having jurisdiction over an area where the applicant intends to open such branch office. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (5) | Article 5 (3) shall apply mutatis mutandis with respect to the re-issuance of a report completion certificate under paragraph (4). <Amended on Jun. 9, 2020> |
| (6) | A practicing licensed real estate agent may, if necessary to efficiently carry on his/her business, use a brokerage office jointly with another practicing licensed real estate agent: Provided, That the same shall not apply where the practicing licensed real estate agent is in the period of business suspension under Article 39 (1) and is subject to a case prescribed by Presidential Decree. <Amended on Jun. 4, 2013; Jan. 28, 2014> |
| (7) | Necessary matters concerning the standards for opening brokerage offices, the operation thereof, etc. shall be prescribed by Presidential Decree. |
| Article 14 (Restrictions, etc. on Concurrent Engagement by Practicing Licensed Real Estate Agents) |
| (1) | Except as otherwise provided in other statutes, no practicing corporate real estate agent shall concurrently engage in any business other than a brokerage business and the business provided in any of the following subparagraphs and paragraph (2): <Amended on Apr. 1, 2009; Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Vicarious management of any real estate such as the lease management of commercial buildings and housing; |
| 2. | Consulting about the use, development and transactions of real estate; |
| 3. | Provision of brokerage business management techniques and information to practicing licensed real estate agents; |
| 4. | Vicarious parceling-out of commercial buildings and housing; |
| 5. | Other business prescribed by Presidential Decree, which is incidental to a brokerage business. |
| (2) | A practicing licensed real estate agent may carry out by proxy the analysis of rights on the real estate subject to the auction under the Civil Execution Act or the public auction under the National Tax Collection Act or other statutes or regulations, the brokerage of acquisition of such real estate, or the application for purchase of or bidding for such real estate. <Amended on Jan. 28, 2014> |
| (3) | Where a practicing licensed real estate agent intends to file by proxy an application for purchase of or bidding for the real estate subject to the auction under the Civil Execution Act pursuant to paragraph (2), he/she shall do so under the supervision of a court after meeting the requirements set by the Supreme Court Regulations and registering himself/herself with the court. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
[Title Amended on Jan. 28, 2014]
| Article 15 (Report, etc. on Employees by Practicing Licensed Real Estate Agents) |
| (1) | Where a practicing licensed real estate agent has employed or terminated employment relationship with a licensed real estate agent or a brokerage assistant, he/she shall report such fact to the registration authority as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 4, 2013; Jan. 28, 2014> |
| (2) | Business activities of a practicing licensed real estate agent or brokerage assistant who is affiliated with a broker shall be considered as those of the practicing licensed real estate agent who has employed him/her. <Amended on Jan. 28, 2014> |
[Title Amended on Jun. 4, 2013; Jan. 28, 2014]
| Article 16 (Registration of Seal) |
| (1) | A practicing licensed real estate agent or an affiliated licensed real estate agent shall register the seal for brokerage with the registration authority as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. The same shall also apply where the registered seal is altered. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| (2) | Where a practicing licensed real estate agent or an affiliated licensed real estate agent conducts a brokerage act, he/she shall use the seal registered under paragraph (1). <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| Article 17 (Notice of Brokerage Office Registration Certificate, etc.) |
A practicing licensed real estate agent shall put up a brokerage office registration certificate, a table of brokerage compensation, and other matters determined by Ordinance of the Ministry of Land, Infrastructure and Transport, at a conspicuous place in the relevant brokerage office. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020>
| (1) | Every practicing licensed real estate agent shall include the words "licensed real estate agent's office" or "real estate brokerage" in the name of his/her office. <Amended on Jan. 28, 2014> |
| (2) | No person other than a practicing licensed real estate agent shall use the title of a "licensed real estate agent's office" or "real estate brokerage" or any other similar title. <Amended on Jan. 28, 2014> |
| (3) | Where any practicing licensed real estate agent puts up an outdoor advertisement provided for in subparagraph 1 of Article 2 of the Act on the Management of Outdoor Advertisements, etc. and Promotion of Outdoor Advertisement Industry, the name of the practicing licensed real estate agent (referring to the representative's name in the case of any corporation and the person in charge whose name is entered in the report completion certificate provided for in Article 13 (4) in the case of the branch office of any corporation), which is entered in his/her brokerage office registration certificate, shall be marked in such outdoor advertisement. <Newly Inserted on Dec. 28, 2006; Jan. 28, 2014; Jan. 6, 2016; Jun. 9, 2020> |
| (4) | Necessary matters concerning ways, etc. to mark the names of brokers, etc. provided for in paragraph (3) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Newly Inserted on Dec. 28, 2006; Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014> |
| (5) | The registration authority may order removal of office signboards, etc. put up in violation of paragraphs (1) through (3). In this case, if the person so ordered fails to remove such signboards, etc., vicarious execution may be carried out pursuant to the Administrative Vicarious Execution Act. <Amended on Dec. 28, 2006; Jun. 9, 2020> |
| Article 18-2 (Labeling and Advertising of Objects of Brokerage) |
| (1) | If a practicing licensed real estate agent intends to place any labeling or advertising (referring to the labeling and advertising under Article 2 of the Act on Fair Labeling and Advertising; hereinafter the same shall apply) of an object of brokerage assigned to him/her, he/she shall specify matters prescribed by Presidential Decree, which are related to the matters concerning the brokerage offices and practicing licensed real estate agents, but shall not specify matters concerning brokerage assistants. <Amended on Jan. 28, 2014; Aug. 20, 2019> |
| (2) | When a practicing licensed real estate agent places any labeling or advertising of objects of brokerage on the Internet, he/she shall, in addition to the matters prescribed in paragraph (1), specify matters prescribed by Presidential Decree, such as the location, area, and price, by type of object of brokerage. <Newly Inserted on Aug. 20, 2019> |
| (3) | No person other than a practicing licensed real estate agent shall place labeling or advertising of any object of brokerage. <Amended on Jan. 28, 2014; Aug. 20, 2019> |
| (4) | No practicing licensed real estate agent shall place any wrongful labeling or advertising that falls under any of the following: <Newly Inserted on Aug. 20, 2019> |
| 1. | Labeling or advertising of any object of brokerage that cannot be transacted because it does not exist; |
| 2. | False labeling or advertising, any content of which such as the price of an object of brokerage is different from the fact, or labeling or advertising that exaggerates a fact; |
| 3. | Other labeling or advertising, the contents of which are prescribed by Presidential Decree as those likely to undermine real estate transaction order or cause damage to brokerage clients. |
| (5) | Matters concerning the detailed types, criteria, etc. of the wrongful labeling or advertising referred to in paragraph (4) shall be determined and publicly notified by the Minister of Land, Infrastructure and Transport. <Newly Inserted on Aug. 20, 2019> |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 18-3 (Monitoring of Labeling and Advertising Placed on Internet) |
| (1) | The Minister of Land, Infrastructure and Transport may monitor whether labeling or advertising of any object of brokerage placed on the Internet complies with the provisions of Article 18-2. |
| (2) | If necessary for monitoring under paragraph (1), the Minister of Land, Infrastructure and Transport may request any provider of information and communications services (referring to a provider of information and communications services defined in Article 2 (1) 3 of the Act on Promotion of Information and Communications Network Utilization and Information Protection; hereafter in this Article the same shall apply) to submit relevant data. In such cases, the provider of information and communications services upon receipt of the request to submit relevant data shall comply with such request unless he/she has any just reason not to do so. |
| (3) | The Minister of Land, Infrastructure and Transport may request any provider of information and communications services to take necessary measures, such as verification of labeling or advertising suspected of violating this Act or posting of additional information, depending on the result of the monitory conducted pursuant to paragraph (1). In such cases, the provider of information and communications services upon receipt of the request to take necessary measures shall comply with such request unless he/she has any just reason not to do so. |
| (4) | The Minister of Land, Infrastructure and Transport may entrust the affairs related to the monitoring referred to in paragraph (1) to an institution prescribed by Presidential Decree. |
| (5) | The Minister of Land, Infrastructure and Transport may subsidize the institution entrusted with the affairs under paragraph (4) necessary for performing the entrusted affairs within budgetary limits. |
| (6) | Matters concerning the content, methods, procedures, etc. of monitoring shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. |
[This Article Newly Inserted on Aug. 20, 2019]
| Article 19 (Prohibition of Lending, etc. of Brokerage Office Registration Certificates) |
| (1) | No practicing licensed real estate agent shall allow another person to render brokerage services using his/her name or trade name, or transfer or lend his/her brokerage office registration certificate to another person. <Amended on Jan. 28, 2014> |
| (2) | No person shall render brokerage services using another person's name or trade name, or use another person's brokerage office registration certificate through taking over or borrowing the certificate. |
| Article 20 (Report on Move of Brokerage Office) |
| (1) | A practicing licensed real estate agent shall, when he/she moves his/her brokerage office, file a report thereon with the registration authority concerned within 10 days from the date of move as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport: Provided, That when he/she moves his/her brokerage office out of the jurisdictional area of the existing registration authority, he/she shall report the move to the head of a Si/Gun/Gu having jurisdiction over the post-move brokerage office (hereafter in this Article referred to as the "post-move registration authority"). <Amended on Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| (2) | The post-move registration authority which receives a report pursuant to the proviso to paragraph (1) shall request the pre-move registration authority to forward the documents concerned. In this case, the pre-move registration authority shall without delay send the documents concerned to the post-move registration authority. <Amended on Jun. 9, 2020> |
| (3) | Any administrative disposition against a practicing licensed real estate agent due to any cause which accrued before reporting provided for in the proviso to paragraph (1) shall be taken by the post-move registration authority. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| Article 21 (Report 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) for more than three months, to discontinue his/her business, or to resume the suspended business, he/she shall file a report thereof to the registration authority. The same shall also apply where he/she intends to change the period of business suspension. <Amended on Feb. 29, 2008; Jun. 13, 2008; Jan. 28, 2014; Jun. 9, 2020> |
| (2) | Suspension as prescribed in paragraph (1) shall not exceed six months: Provided, That the same shall not apply where there are any inevitable grounds prescribed by Presidential Decree, such as convalescence following diseases. <Amended on Jun. 9, 2020> |
| (3) | The matters which are necessary for the procedures, etc. of report in accordance with paragraph (1) shall be determined by Presidential Decree. <Amended on Jun. 13, 2008; Jun. 9, 2020> |
| Article 21-2 (Removal of Signboards) |
| (1) | In any of the following cases, a practicing licensed real estate agent shall remove the signboard of his/her office without delay: <Amended on Jan. 28, 2014> |
| 1. | Where he/she has filed a report on the move of his/her brokerage office with the registration authority pursuant to Article 20 (1); |
| 2. | Where he/she has filed a report on his/her business closure with the registration authority pursuant to Article 21 (1); |
| 3. | Where he/she receives a disposition of revocation of the registration of establishment of the brokerage office pursuant to Article 38 (1) or (2). |
| (2) | Where a practicing licensed real estate agent fails to remove his/her signboards under paragraph (1), the registration authority may remove them vicariously in accordance with the Administrative Vicarious Execution Act. <Amended on Jan. 28, 2014> |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 22 (General Brokerage Contract) |
A brokerage client may, where it is deemed necessary to make clear the contents of a brokerage requested by him/her, ask the relevant practicing licensed real estate agent concerned to prepare a general brokerage contract including the following: <Amended on Jan. 28, 2014; Jun. 9, 2020>
| 1. | Location and size of an object of brokerage; |
| 2. | Estimated price of transaction; |
| 3. | Brokerage compensation set pursuant to Article 32 in respect of estimated price of transaction; |
| 4. | Other matters to be observed by the practicing licensed real estate agent and the client. |
| Article 23 (Exclusive Brokerage Contract) |
| (1) | In case of asking brokerage of an object of brokerage, the client may enter into a contract that allows only a specific practicing licensed real estate agent determined by himself/herself to conduct brokerage of relevant object (hereinafter referred to as "exclusive brokerage contract"). <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | The exclusive brokerage contract referred to in paragraph (1) shall be concluded in written form of contract determined by Ordinance of the Ministry of Land, Infrastructure and Transport, and the practicing licensed real estate agent who has concluded such exclusive brokerage contract shall keep the relevant document for the period prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| (3) | Where a practicing licensed real estate agent has concluded an exclusive brokerage contract, he/she shall disclose information relating to the relevant object of brokerage to the information network for the real estate transaction as provided in Article 24 or in a daily newspaper: Provided, That where the brokerage client requests not to disclose information of object, it shall not be disclosed to the public. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (4) | The terms of validity of an exclusive brokerage contract, the contents of information to be disclosed, and other necessary matters shall be prescribed by Presidential Decree. |
| Article 24 (Designation and Utilization of Information Network for Real Estate Transactions) |
| (1) | The Minister of Land, Infrastructure and Transport may designate a person who establishes and manages information network for real estate transactions for promoting the disclosure and distribution of information among practicing licensed real estate agents concerning their real estate sales, etc. and for establishing a fair real estate transaction order. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jan. 28, 2014> |
| (2) | Any person who may be designated under paragraph (1) shall meet the requirements determined by Ordinance of the Ministry of Land, Infrastructure and Transport as a value-added communications business entity under the Telecommunications Business Act. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (3) | Any person designated under paragraph (1) (hereinafter referred to as "transaction information processor") shall, within three months from the date of designation, establish management regulations concerning utilization of the information network for real estate transactions and methods, etc. of furnishing information (hereinafter referred to as "management regulations") and obtain approval thereof from the Minister of Land, Infrastructure and Transport. The same shall also apply where he/she intends to amend the regulations. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (4) | The transaction information processor shall disclose information of the object requested from a practicing licensed real estate agent only to the information network for real estate transactions in conformity with the contents of such request and shall not give a discriminative treatment by any means to a specific practicing licensed real estate agent in disclosing such information. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (5) | If a transaction information processor falls under any of the following cases, the Minister of Land, Infrastructure and Transport may revoke the designation: <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| 1. | Where he/she obtains designation by fraud or other improper means; |
| 2. | Where he/she fails to obtain approval of the management regulations or change thereof in violation of paragraph (3), or manages the information network for real estate transactions in violation of the management regulations; |
| 3. | Where he/she discloses the information to the public in violation of paragraph (4); |
| 4. | Where he/she fails to establish and manage the information network for real estate transactions without any justifiable reason within one year after he/she obtains designation; |
| 5. | Where it is impossible to manage continually the information network for real estate transactions by reason of death or dissolution, etc. of the transaction information processor that is a natural or juristic person. |
| (6) | Where the Minister of Land, Infrastructure and Transport intends to revoke the designation of a transaction information processor pursuant to paragraph (5) 1 through 4, he/she shall hold a hearing. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (7) | A practicing licensed real estate agent shall not disclose false information concerning the object of brokerage to the information network for real estate transactions, and shall inform the relevant transaction information processor without delay if the transaction of relevant object is made. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (8) | The designation procedure of transaction information processors, contents to be entered in the management regulations, and other necessary matters shall be determined by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013> |
| Article 25 (Confirmation and Explanation of Object of Brokerage) |
| (1) | Upon receipt of a request for brokerage, a practicing licensed real estate agent shall confirm the following matters before the brokerage is completed and explain such matters conscientiously and correctly to the client who intends to acquire the right to the relevant object of brokerage and present the relevant evidentiary materials, such as a certified copy of the land cadastre or a comprehensive certificate of real estate and a certificate of registered matters: <Amended on Apr. 12, 2011; Jul. 17, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Current state, location and right relationship of the relevant object of brokerage; |
| 2. | Restrictions on transactions or utilization under statutes and regulations; |
| 3. | Other matters prescribed by Presidential Decree. |
| (2) | Where necessary to provide confirmation and explanation under paragraph (1), a practicing licensed real estate agent may require the client, etc. who has requested for the sale or rent of the relevant object of brokerage to provide data on the current state of the object of brokerage. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (3) | When a practicing licensed real estate agent prepares a contract after brokerage is completed, he/she shall prepare a note stating the details of confirmation and explanation referred to in paragraph (1), as prescribed by Presidential Decree, issue it to both parties to the relevant transaction and keep the original copy, copies or electronic documents thereof for a period prescribed by Presidential Decree: Provided, That the same shall not apply where the confirmation and explanatory notes are kept at the certified electronic document center prescribed in subparagraph 9 of Article 2 of the Framework Act on Electronic Documents and Transactions (hereinafter referred to as “certified electronic document center”). <Amended on Jan. 28, 2014; Aug. 14, 2018; Jun. 9, 2020> |
| (4) | The confirmation and explanatory notes under paragraph (3) shall be signed and sealed by the relevant practicing licensed real estate agent (if the practicing licensed real estate agent is a corporation, the practicing licensed real estate agent refers to the representative thereof or the person in charge of the branch office thereof, if any); and where such brokerage is performed by an affiliated licensed real estate agent, such note shall be signed and sealed by both the practicing licensed real estate agent and the affiliated licensed real estate agent. <Amended on Apr. 1, 2009; Jan. 28, 2014; Jun. 9, 2020> |
| Article 25-2 (Confirmation of Owners, etc.) |
Where necessary for the performance of brokerage business, a practicing licensed real estate agent may request the brokerage client to present resident registration certificate or any other certificate which verifies his/her identification. <Amended on Jan. 28, 2014>
[This Article Newly Inserted on Jun. 4, 2013]
| Article 26 (Preparation, etc. of Contract) |
| (1) | If brokerage concerning the object of brokerage is completed, the practicing licensed real estate agent shall prepare a contract therefor as prescribed by Presidential Decree, issue it to both parties to the relevant transaction and keep the original copy, copies or electronic documents thereof for a period prescribed by Presidential Decree: Provided, That the same shall not apply where the contract is kept at the certified electronic document center. <Amended on Jan. 28, 2014; Aug. 14, 2018; Jun. 9, 2020> |
| (2) | In preparing the contract pursuant to paragraph (1), Article 25 (4) shall apply mutatis mutandis. <Amended on Jun. 9, 2020> |
| (3) | In preparing the contract pursuant to paragraph (1), no practicing licensed real estate agent shall falsely state the details of transaction including the price, etc. in the contract or draw up a separate contract differently from the original one. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| Article 27 Deleted. <Jan. 28, 2014> |
| Article 27-2 Deleted. <Jan. 28, 2014> |
| Article 28 Deleted. <Jan. 28, 2014> |
| Article 29 (Basic Ethical Principles of Practicing Licensed Real Estate Agents, etc.) |
| (1) | A practicing licensed real estate agent and a licensed real estate agent affiliated with the practicing licensed real estate agent shall keep his/her dignity as a professional, and perform the acts of brokerage and other related business fairly, keeping faith and sincerity. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | Except as otherwise provided in this Act or other statutes, a practicing licensed real estate agent, etc. shall not disclose private information acquired through the performance of his/her duties. The same shall also apply after the practicing licensed real estate agent, etc. has left the job of brokerage. <Amended on Jan. 28, 2014> |
[Title Amended on Jul. 28, 2014]
| Article 30 (Guarantee of Liability for Damage) |
| (1) | When a practicing licensed real estate agent inflicts property damage upon a transaction party by intention or negligence during brokerage, he/she shall be liable for the damage. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | When a practicing licensed real estate agent inflicts property damage upon a transaction party by presenting his/her brokerage office as a place for brokerage of other people, he/she shall be liable for the damage. <Amended on Jan. 28, 2014> |
| (3) | A practicing licensed real estate agent shall, prior to commencement of his/her business, subscribe to a guarantee insurance or a mutual aid as provided for in Article 42, or make a deposit, for ensuring liability to compensate for damages prescribed in paragraphs (1) and (2), as prescribed by Presidential Decree. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (4) | No deposited money as prescribed in paragraph (3) may be returned within three years after the relevant practicing licensed real estate agent discontinues his/her business or dies. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (5) | When brokerage is completed, the practicing licensed real estate agent shall explain matters of the following subparagraphs regarding the guarantee of damage compensation liability to the relevant transaction party, and deliver a copy of the relevant deed or the electronic document thereon: <Amended on Jan. 28, 2014> |
| 1. | Amount of guarantee money; |
| 2. | Guarantee insurance company, the person who performs the mutual aid project, and the deposit office and location thereof; |
| Article 31 (Repayment Guarantee of Contract Deposit) |
| (1) | A practicing licensed real estate agent may, where deemed necessary to guarantee transaction safety, advise a transaction party to deposit any contract deposit, intermediate payment or the balance (hereafter in this Article referred to as "contract deposit, etc.") in the name of such practicing licensed real estate agent or any other person prescribed by Presidential Decree with a financial institution, a person engaged in the mutual-aid business under Article 42, a truster, etc. under the Financial Investment Services and Capital Markets Act until performance of the transaction contract is completed. <Amended on Aug. 3, 2007; Jan. 28, 2014; Jun. 9, 2020> |
| (2) | Where the contract deposit, etc. is deposited under paragraph (1), any person, including a seller or a lessor, who holds the right to receive the contract deposit, etc. may receive in advance such contract deposit, etc. after delivering a letter of guarantee issued by a financial institution or a guarantee insurance company, which warrants the refund of the contract deposit, etc. when the relevant contract is canceled, to a person who has deposited such contract deposit, etc. in his/her name. <Amended on Jun. 9, 2020> |
| (3) | Necessary matters concerning procedures, etc. for management, withdrawal and refund of the contract deposit, etc. deposited under paragraph (1) shall be prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| Article 32 (Brokerage Compensation, etc.) |
| (1) | A practicing licensed real estate agent is entitled to receive from clients, fixed compensation concerning brokerage business: Provided, That the same shall not apply where a transaction between clients is invalidated, rescinded, or canceled by his/her intention or negligence. <Amended on Jan. 28, 2014> |
| (2) | A practicing licensed real estate agent may receive from clients, reimbursement for actual expenses which incurred in confirming the rights, etc. regarding the object of brokerage as prescribed in Article 25 (1) or to give the repayment guarantee of the contract deposit, etc. under Article 31. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (3) | The timing to pay brokerage compensation under paragraph (1) shall be prescribed by Presidential Decree. <Newly Inserted on Jan. 28, 2014> |
| (4) | Matters necessary for the limit, etc. on the compensation for brokerage of a house (including its appertinent land; hereafter in this paragraph the same shall apply) and the actual expense prescribed in paragraph (2) shall be prescribed by Municipal Ordinance of the Special Metropolitan City, Metropolitan City, Do or Special Self-Governing Province (hereinafter referred to as "City/Do") within the range prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport; and the commission of brokerage of an object other than a house, by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Jun. 13, 2008; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020> |
[Title Amended on Jan. 28, 2014]
| Article 33 (Prohibited Acts) |
| (1) | No practicing licensed real estate agent, etc. shall perform the following acts: <Amended on Jan. 28, 2014; Aug. 20, 2019; Jun. 9, 2020> |
| 1. | Conducting sales of the object of brokerage referred to in Article 3 as business; |
| 2. | While knowing the fact that a person carries on the brokerage business without completing the registration of opening of the brokerage office as referred to in Article 9, the act of accepting referral of brokerage from him/her, or allowing him/her to use the name of broker, etc.; |
| 3. | Receiving money or other valuables exceeding the compensation or actual expense referred to in Article 32 in the form of a reward, donation, etc., regardless of the character; |
| 4. | Causing an error of judgement by the client by means of false words and behavior, etc., concerning important matters relating to transaction of the object of brokerage; |
| 5. | Conducting sales as business or intermediating sales or exchange, etc. of the deeds, etc., which are related to parceling-out or lease, etc. of real estate, the transfer or intermediation, etc. of which is prohibited under the relevant statutes or regulations; |
| 6. | Conducting direct transaction with the client or representing both of the transaction parties; |
| 7. | Promoting real estate speculation, such as mediating, etc. the sales of real estate for which registration of ownership conservation or transfer has not been made or the alteration of rights such as resale, etc. is restricted by the relevant statutes or regulations, with the intention of evading taxes or otherwise violating the relevant statutes or regulations; |
| 8. | Unfairly affecting, or conducting an act that is likely to unfairly affect, the market price of an object of brokerage, such as disguising fraudulently as if the transaction is completed, for the purpose of making a third party to gain unfair profit; |
| 9. | Restricting brokerage of specific objects of brokerage by organizing a group, or restricting joint brokerage with a person who is not a member of such group. |
| (2) | No person shall interfere with the business of practicing licensed real estate agents, etc. by any of the following methods for the purpose of unfairly affecting market prices: <Newly Inserted on Aug. 20, 2019> |
| 1. | Restricting or inducing to restrict requests for brokerage to any specific practicing licensed real estate agent, etc. by utilizing a notice, online community, etc.; |
| 2. | Unfairly discriminating other practicing licensed real estate agents, etc. by inducing to request brokerage only to a specific practicing licensed real estate agent, etc. who places labeling or advertising or performs brokerage of an object of brokerage at a price significantly higher than the market price, by utilizing a notice, online community, etc.; |
| 3. | Inducing not to request brokerage at a price not higher than a specific price, by utilizing a notice, online community, etc.; |
| 4. | Interfering with legitimate labeling and advertising of objects of brokerage of a practicing licensed real estate agent, etc. without any just ground; |
| 5. | Compelling a practicing licensed real estate agent, etc. to place labeling or advertising at a price significantly higher than the market price, or inducing him/her to place labeling or advertising at a price significantly higher than the market price, promising to pay for it. |
| Article 34 (Education of Practicing Licensed Real Estate Agents, etc.) |
| (1) | Any person (in cases of a corporation, its member or executive officers; where it is intended to report on the establishment of a branch office under Article 13 (3), the person in charge of the branch office) who intends to apply for registration of establishment of a brokerage office as prescribed in Article 9 shall receive in-service education conducted by the Mayor/Do Governor within one year prior to the date of application for such registration (in cases of reporting on establishment of a branch office, the date of such report): Provided, That this shall not apply to any of the following persons: <Amended on Feb. 29, 2008; Jun. 13, 2008; Jun. 4, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| 1. | A person who intends to reapply for registration of establishment of a brokerage office within one year after filing a report on business closure; |
| 2. | An affiliated licensed real estate agent who intends to apply for registration of establishment of a brokerage office within one year after filing a report on termination of employment relationship. |
| (2) | An affiliated licensed real estate agent shall receive in-service education conducted by the Mayor/Do Governor within one year prior to the date of report on his/her employment under Article 15 (1): Provided, That the same shall not apply to any of the following: <Newly Inserted on Jun. 4, 2013; May 21, 2014> |
| 1. | A person who intends to refile a report on his/her employment within one year after filing a report on termination of employment relationship; |
| 2. | A practicing licensed real estate agent who intends to file a report on his/her employment as an affiliated licensed real estate agent within one year after filing a report on business closure. |
| (3) | A brokerage assistant shall receive job education conducted by the Mayor/Do Governor within one year prior to the date of report on his/her employment under Article 15 (1): Provided, That the same shall not apply to any person who intends to refile a report on employment within one year after a report on termination of employment relationship was filed. <Newly Inserted on Jun. 4, 2013; May 21, 2014> |
| (4) | A practicing licensed real estate agent and an affiliated licensed real estate agent who have received in-service education under paragraphs (1) and (2) shall receive training education conducted by the Mayor/Do Governor every two years after receiving in-service education. <Amended on Jun. 4, 2013; Jan. 28, 2014> |
| (5) | If deemed necessary to maintain nationwide balance in in-service education, job education, or training education conducted by the Mayor/Do Governor pursuant to paragraphs (1) through 4, the Minister of Land, Infrastructure and Transport may establish and implement guidelines for the relevant education. <Amended on Jun. 4, 2013> |
| (6) | Necessary matters concerning the education and the education guidelines referred to in paragraphs (1) through (5) shall be prescribed by Presidential Decree. <Amended on Jun. 4, 2013> |
[Title Amended on Jan. 28, 2014]
| Article 34-2 (Subsidization of Expenses for Education of Practicing Licensed Real Estate Agents, etc.) |
| (1) | Where practicing licensed real estate agents, etc. receive education for prevention of real estate transaction incidents, etc., the Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or the registration authority may subsidize expenses incurred therein, as prescribed by Presidential Decree. |
| (2) | If deemed necessary, the Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or the registration authority may conduct education of practicing licensed real estate agents, etc. to prevent incidents in real estate transaction, etc., as prescribed by Presidential Decree. <Amended on May 21, 2014> |
[This Article Newly Inserted on Jan. 28, 2014]
CHAPTER IV GUIDANCE AND SUPERVISION
| Article 35 (Revocation of Qualification) |
| (1) | If a licensed real estate agent falls under any of the following cases, the Mayor/Do Governor shall revoke the qualification: <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Where he/she has obtained his/her qualification by improper means; |
| 2. | Where he/she has allowed another person to render brokerage services using his/her name or transferred or lent his/her licensed real estate agent qualification certificate to another person in violation of Article 7 (1); |
| 3. | Where he/she has rendered brokerage services (including the cases where he/she has become a licensed real estate agent or brokerage assistant affiliated with another practicing licensed real estate agent or a member or executive officer of a practicing corporate real estate agent) during the period of qualification suspension under Article 36; |
| 4. | Where he/she is sentenced to imprisonment with labor in violation of this Act. |
| (2) | Where the Mayor/Do Governor desires to revoke a licensed real estate agent's qualification under paragraph (1), he/she shall hold a hearing. <Amended on Jun. 9, 2020> |
| (3) | A person who is disqualified for a licensed real estate agent under paragraph (1) shall return the certificate of his/her qualification to the Mayor/Do Governor, as determined by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (4) | Any person who cannot return his/her licensed real estate agent qualification certificate pursuant to paragraph (3) due to its loss, etc. shall submit the reason therefor in writing to the Mayor/Do Governor in lieu thereof, notwithstanding paragraph (3). <Newly Inserted on Dec. 7, 2005; Jun. 9, 2020> |
| Article 36 (Suspension of Qualification) |
| (1) | If an affiliated licensed real estate agent falls under any of the following cases during the period of performing his/her business, the Mayor/Do Governor may suspend his/her qualification for a fixed period of up to six months: <Amended on Apr. 1, 2009; Aug. 20, 2019; Jun. 9, 2020> |
| 1. | Where he/she is affiliated with at least two brokerage offices, in violation of Article 12 (2); |
| 2. | Where he/she fails to make the seal registration or uses the seal which is not registered, in violation of Article 16; |
| 3. | Where he/she fails to confirm the object of brokerage and give an explanation thereof faithfully and correctly or to present the relevant materials, in violation of Article 25 (1); |
| 4. | Where he/she fails to sign and seal the confirmation and explanatory note of the object of brokerage, in violation of Article 25 (4); |
| 5. | Where he/she fails to sign and seal the contract document, in violation of Article 26 (2); |
| 6. | Where he/she enters false details regarding the transaction price, etc. in the contract document or draws up separate contract documents which are different from the original in details in violation of Article 26 (3); |
| 7. | Where he/she does any prohibited act provided in the subparagraphs of Article 33 (1). |
| (2) | When the registration authority is found that a licensed real estate agent falls under any subparagraph of paragraph (1), it shall without delay inform the Mayor/Do Governor thereof. |
| (3) | Standards for suspension of qualification under paragraph (1) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| Article 37 (Order, etc. for Supervision) |
| (1) | Where any of the following cases occurs, the Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or the registration authority (including the head of a Si/Gun/Gu in the location of the branch office of a practicing corporate real estate agent; hereafter in this Article the same shall apply) may request a practicing licensed real estate agent or a transaction information processor to file a report with respect to his/ her business matters or furnish relevant data, or issue any other necessary order to such practicing licensed real estate agent or such transaction information processor, and may have his/her or its public officials access the brokerage office concerned (including the office of a person who runs the brokerage business without effecting a registration of the opening of his/her brokerage office under Article 9) and examine or inspect relevant books, documents, etc.: <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 4, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Deleted; <Apr. 1, 2009> |
| 2. | Deleted; <Apr. 1, 2009> |
| 3. | Where necessary to ascertain the trend of transactions, including speculative investment in real estate; |
| 4. | Where necessary to confirm a violation of this Act or issue an administrative disposition to revoke or suspend the qualification of a licensed real estate agent or to revoke or suspend the registration or business of a broker. |
| (2) | Any public official assigned to access and inspect under paragraph (1) shall carry a certificate prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport which indicates his/her authority and produce it to interested persons. <Amended on Feb. 29, 2008; Apr. 1, 2009; Mar. 23, 2013> |
| (3) | When necessary for the restriction of illegal brokerage, etc., the Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or the registration authority may request cooperation from a licensed real estate agents association referred to in Article 41 and related institutions. In such cases, the licensed real estate agents association shall comply with such request unless there exists a special reason for not doing so. <Newly Inserted on Jun. 4, 2013; Jun. 9, 2020> |
| Article 38 (Revocation of Registration) |
| (1) | If any practicing licensed real estate agent falls under any of the following cases, the registration authority shall revoke the registration of establishment of the relevant brokerage office: <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Where a practicing licensed real estate agent who is a natural person dies or a practicing corporate real estate agent is dissolved; |
| 2. | Where he/she files for registration of establishment of his/her brokerage office by fraud or other improper means; |
| 3. | Where he/she falls under any ground for disqualification referred to in Article 10 (1) 2 through 6, 11 and 12: Provided, That this shall not apply where he/she falls under the ground for disqualification referred to in subparagraph 12 of the same paragraph but such ground for disqualification ceases to exist within two months from the date it occurred; |
| 4. | Where he/she files a double registration of the establishment of his/ her brokerage office, in violation of Article 12 (1); |
| 5. | Where he/she becomes a licensed real estate agent or brokerage assistant affiliated with another practicing licensed real estate agent, or a member or executive officers of another practicing corporate real estate agent in violation of Article 12 (2); |
| 6. | Where he/she allows another person to render brokerage services using his/her name or trade name, or transfers or lends his/her brokerage office registration certificate to another person, in violation of Article 19 (1); |
| 7. | Where he/she renders brokerage services during the period for which his/her business is suspended or has a licensed real estate agent affiliated with him/her, whose qualification is suspended, render brokerage services during a period for which his/her qualification is suspended; |
| 8. | Where he/she does an act subject to a disposition to suspend his/her business under this Act again after having been subject to such disposition on at least two occasions within the past one year. |
| (2) | If any practicing licensed real estate agent falls under any of the following cases, the registration authority may revoke the registration of establishment of the relevant brokerage office: <Amended on May 19, 2011; Jan. 28, 2014; Aug. 20, 2019; Jun. 9, 2020> |
| 1. | Where he/she fails to meet standards for registration prescribed in Article 9 (3); |
| 2. | Where he/she establishes at least two brokerage offices, in violation of Article 13 (1); |
| 3. | Where he/she establishes a temporary brokerage facility, in violation of Article 13 (2); |
| 4. | Where he/she engages concurrently in any other business, in violation of Article 14 (1); |
| 5. | Where he/she suspends his/her business for more than six consecutive months, in violation of Article 21 (2); |
| 6. | Where he/she fails to disclose the information on the object of brokerage or discloses the information on the object of brokerage against the client's request for keeping the information confidential, in violation of Article 23 (3); |
| 7. | Where he/she enters false contents regarding the transaction price, etc. in the contract document or executes at least two separate contract documents which are different from the original in contents, in violation of Article 26 (3); |
| 8. | Where he/she commences his/her business without taking any measures for ensuring the liability to compensate for damages under Article 30 (3); |
| 9. | Where he/she does any prohibited act provided in the subparagraphs of Article 33 (1); |
| 10. | Where he/she does an act subject to a disposition to suspend his/her business or an administrative fine under this Act again after having being subject to such disposition on at least three occasions within the past one year (excluding the cases falling under paragraph (1) 8); |
| (3) | Where the registration authority intends to revoke the registration of establishment of a brokerage office due to any cause provided in paragraph (1) 2 through 8 or any subparagraph of paragraph (2), it shall hold a hearing. <Amended on Jun. 9, 2020> |
| (4) | A person, the registration of whose brokerage office is revoked under paragraph (1) or (2), shall return his/her brokerage office registration certificate to the registration authority as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| Article 39 (Suspension of Business) |
| (1) | If any practicing licensed real estate agent falls under any of the cases, the registration authority may issue an order to suspend his/her business for a fixed period not exceeding six months. In such cases, with respect to a practicing corporate real estate agent, it may issue an order to suspend business respectively to the corporation or its relevant branch office: <Amended on Feb. 29, 2008; Apr. 1, 2009; May 19, 2011; Mar. 23, 2013; Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Where he/she employs a person falling under any of Article 10 (1) 1 through 11 as a licensed real estate agent or brokerage assistant affiliated with him/her, in violation of Article 10 (2): Provided, That this shall not apply where the cause for business suspension is removed within two months from the date of occurrence; |
| 2. | Where he/she fails to file for registration of his/her seal, or uses the unregistered seal in violation of Article 16; |
| 3. | Where he/she concludes an exclusive brokerage contract in the written form of an exclusive brokerage contract determined by Ordinance of the Ministry of Land, Infrastructure and Transport, or fails to keep the relevant contract document, in violation of Article 23 (2); |
| 4. | Where he/she discloses false information on the object of brokerage, or fails to inform the relevant transaction information processor of the fact that the transaction of the object of brokerage, the disclosure of which is requested, is made, in violation of Article 24 (7); |
| 5. | Deleted; <Jan. 28, 2014> |
| 6. | Where he/she fails to deliver or keep a confirmation and explanatory note of the object of brokerage, in violation of Article 25 (3); |
| 7. | Where he/she fails to sign and seal a confirmation and explanatory note of the object of brokerage, in violation of Article 25 (4); |
| 8. | Where he/she fails to prepare, deliver or keep a contract document in a proper manner, in violation of Article 26 (1); |
| 9. | Where he/she fails to sign and seal a contract document, in violation of Article 26 (2); |
| 10. | Where he/she refuses, interferes with or evades reporting, submission of data, an examination or inspection, fails to comply with any other order, or submits any false report or data in violation of Article 37 (1); |
| 11. | Where he/she falls under any subparagraph of Article 38 (2); |
| 12. | Where he/she does an act subject to a disposition of an administrative fine under this Act again after having been subject to a disposition to suspend his/her business or administrative fines under this Act on at least two occasions within the past one year; |
| 14. | Where he/she violates this Act or any order or disposition issued or taken under this Act. |
| (2) | Standards for suspension of business under paragraph (1) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (3) | A disposition to suspend business under paragraph (1) shall not be taken when three years have passed since any cause falling under any subparagraph of the same paragraph occurred. <Newly Inserted on Dec. 7, 2005; Jun. 9, 2020> |
| Article 39-2 (Requests for Provision of Data) |
Where the Minister of Land, Infrastructure and Transport, any Mayor/Do Governor or the registration authority intends to take any disposition under Article 38 (2) 11 or 39 (1) 13, he/she or it may request the Fair Trade Commission to provide data related to such disposition, and the Fair Trade Commission shall comply with such request unless any justifiable ground exists. <Amended on Mar. 23, 2013> [This Article Newly Inserted on May 19, 2011]
| Article 40 (Succession, etc. to Validity of Dispositions of Administrative Sanctions) |
| (1) | When a practicing licensed real estate agent effects registration of the opening of his/her brokerage office under Article 9 again after filing a report of business closure provided for in Article 21, he/she shall succeed to his/her status as a practicing licensed real estate agent held before the report of business closure is filed. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | In cases under paragraph (1), the validity of any administrative disposition taken against the previous practicing licensed real estate agent due to a violation of any subparagraph of Article 39 (1), any subparagraph of Article 51 (1), any subparagraph of Article 51 (2) or any subparagraph of Article 51 (3) before the report of business closure is filed shall be succeeded by a person who effects a registration of the opening of his/her brokerage office again (hereafter in this Article referred to as "re-registered practicing licensed real estate agent"), for one year from the date the disposition is taken. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (3) | In cases under paragraph (1), an administrative disposition may be taken against the re-registered practicing licensed real estate agent on account of a violation of any subparagraph of Article 38 (1), any subparagraph of Article 38 (2) or any subparagraph of Article 39 (1) committed before the report of business closure is filed: Provided, That this shall not apply to any of the following cases: <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| 1. | Where the period ranging from the date of reporting the business closure to the date of re-registering the opening of the brokerage office (hereafter in subparagraph 2 referred to as "period of business closure") exceeds three years; |
| 2. | Where an administrative disposition which may be taken against a violation committed before a report of business closure is filed, constitutes suspension of business, and the period of business closure exceeds one year. |
| (4) | When any administrative measure is taken under paragraph (3), the period and the reason for business closure shall be taken into consideration. <Amended on Jun. 9, 2020> |
| (5) | Paragraphs (1) through (4) shall apply mutatis mutandis to the representative of a practicing corporate real estate agent. In such cases, "practicing licensed real estate agent" shall be construed as "representative of a corporation". <Newly Inserted on May 21, 2014> |
CHAPTER V LICENSED REAL ESTATE AGENTS ASSOCIATION
| Article 41 (Establishment of Association) |
| (1) | Licensed real estate agents (including any person who is deemed to have registered the opening of his/her brokerage office provided for in this Act under Article 6 (2) of the Addenda) who are practicing licensed real estate agents may establish a licensed real estate agent association (hereinafter referred to as the "Association") for the purpose of efficiently carrying out business concerning the improvement of the quality and maintenance of dignity, and the reformation and operation of systems of the brokerage business. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | The Association shall be a juristic person. |
| (3) | The Association shall come into existence by having the establishment thereof registered at the seat of the principal office with the authorization of the Minister of Land, Infrastructure and Transport after the founders composed of three hundred or more members have written out the articles of incorporation approved by a resolution of the first general meeting. <Amended on Feb. 29, 2008; Mar. 23, 2013> |
| (4) | The Association may set up its branch offices in the Cities/Dos and establish sub-branches in Sis (referring to Sis in which Gus are not established and administrative cities in the Special Self-Governing Province)/Guns/Gus as prescribed in the articles of incorporation. <Amended on Jun. 13, 2008; Jun. 4, 2013> |
| (5) | Matters which are necessary for the establishment of the Association, the application for authorization thereof, etc. shall be prescribed by Presidential Decree. |
| Article 42 (Mutual Aid Projects) |
| (1) | The Association may engage in mutual aid projects, for guaranteeing liability for damage compensation of practicing licensed real estate agents under Article 30. <Amended on Jan. 28, 2014; Jun. 9, 2020> |
| (2) | If the Association seeks to engage in mutual aid projects as prescribed in paragraph (1), it shall make the mutual aid regulations and obtain approval from the Minister of Land, Infrastructure and Transport therefor. The same shall also apply where it intends to amend its mutual aid regulations. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (3) | The mutual aid regulations referred to in paragraph (2) shall include the matters necessary for operating the mutual aid project such as the coverage of the mutual aid project, the details of a mutual aid contract, mutual aid money, mutual aid fees, accounting standards, the reserve ratio of liability reserve, etc. as prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (4) | The Association shall manage the mutual aid project by establishing a separate account therefor and, when seeking to appropriate the liability reserve for other purposes, obtain approval of the Minister of Land, Infrastructure and Transport therefor. <Amended on Feb. 29, 2008; Mar. 23, 2013> |
| (5) | The Association shall make a public announcement of the annual operating results of the mutual aid project to the mutual aid contractors through a daily newspaper, the association letter, etc. as prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (6) | Deleted. <Jun. 4, 2013> |
| (7) | Deleted. <Jun. 4, 2013> |
| Article 42-2 (Operating Committee) |
| (1) | The operating committee shall be established under the Association to deliberate on the matters concerning mutual aid projects under Article 42 (1) and to supervise the execution of affairs related thereto. |
| (2) | The operating committee shall consist of not more than 19 members, comprising the executive officers of the Association; experts in the fields of brokerage business, laws, accounting, finance, insurance, and real estate; related public officials; and other persons who have interest in brokerage business. |
| (3) | Detailed matters necessary for the organization and operation of the operating committee shall be prescribed by Presidential Decree. |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 42-3 (Examination or Inspection) |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 42-4 (Correction Orders Regarding Operation of Mutual Aid Projects) |
Where the Association is deemed likely to cause harm to the rights and interests of victims of brokerage incidents, participants in mutual aid projects, etc. due to the inappropriate operation of mutual aid projects or poor assets status, the Minister of Land, Infrastructure and Transport may order any of the following measures:
| 1. | Change of business execution methods; |
| 2. | Replacement of assets depository institutions; |
| 3. | Change of book value of assets; |
| 4. | Retention of reserve for unsound assets; |
| 5. | Accounting assets deemed to have no value as losses; |
| 6. | Other correction orders where it is likely to cause harm to the soundness of mutual aid projects by failing to comply with this Act or mutual aid regulations. |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 42-5 (Restriction, etc. on Executive Officers) |
Where any mutual aid project is deemed likely to be managed in an unsound manner because any executive officer of the Association falls under any of the following cases, the Minister of Land, Infrastructure and Transport may order to take disciplinary measures against him/her or to discharge him/her from his/her office, or to correct the relevant act of violation:
| 1. | Where any affair has been conducted in violation of mutual aid regulations referred to in Article 42 (2); |
| 2. | Where a correction order referred to in Article 42-4 has not been complied with; |
| 3. | Where the standards for financial soundness referred to in Article 42-6 has not been met. |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 42-6 (Maintenance of Financial Soundness) |
In order to secure the ability to pay mutual aid money and the managerial soundness, the Association shall comply with the standards for financial soundness prescribed by Presidential Decree with respect to the following matters:
| 1. | Matters relating to the appropriateness of capital; |
| 2. | Matters relating to the soundness of assets; |
| 3. | Matters relating to ensuring liquidity. |
[This Article Newly Inserted on Jun. 4, 2013]
| Article 43 (Application Mutatis Mutandis of the Civil Act) |
Except as provided in this Act, the provisions of the Civil Act governing an incorporated association shall apply mutatis mutandis to the Association.
| Article 44 (Guidance and Supervision, etc.) |
| (1) | Where necessary for guiding and supervising the Association or its branch office or sub-branch, the Minister of Land, Infrastructure and Transport may require the Association or its branch office or sub-branch to file a report with respect to its business matters or furnish relevant data, or give other necessary orders to the Association, etc., and may authorize his/her public officials to access such office to examine or inspect relevant books, documents, etc. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| (2) | Any public official assigned to access the relevant office and conduct an inspection under paragraph (1) shall carry a certificate prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport which indicates his/her authority and shall produce it to interested persons. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
CHAPTER VI SUPPLEMENTARY PROVISIONS
| Article 45 (Business Entrustment) |
The Minister of Land, Infrastructure and Transport, the Mayor/Do Governor or the registration authority may entrust part of his/her or its business to the Association or the institutions prescribed by Presidential Decree, as prescribed by Presidential Decree. <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020>
| Article 46 (Monetary Awards) |
| (1) | The registration authority may give a monetary award to any person who has reported or accused any of the following persons to the registration authority, the investigation agency, or the center for reporting disturbance of real estate transaction order under Article 47-2, as prescribed by Presidential Decree: <Amended on Jun. 9, 2020; Dec. 8, 2020> |
| 1. | A person who carries on the brokerage business without the registration of establishment of a brokerage office under Article 9; |
| 2. | A person who completes the registration of establishment of a brokerage office by fraud or other improper means; |
| 3. | A person who transfers or lends, or obtains by transfer or borrows a registration certificate of a brokerage office or a certificate of qualification of a licensed real estate agent, to or from another person; |
| 4. | A person who places labeling or advertising, in violation of Article 18-2 (3); |
| 5. | A person who engages in any activity referred to in Article 33 (1) 8 or 9; |
| 6. | A person who interferes with the business of a practicing licensed real estate agent, etc., in violation of Article 33 (2). |
| (2) | Expenses incurred in giving monetary awards under paragraph (1) may be partially subsidized by the National Treasury, as prescribed by Presidential Decree. <Amended on Jun. 9, 2020> |
| (1) | Any of the following persons shall pay fees, as prescribed by the Municipal Ordinance of relevant local government: Provided, That where the qualifying examination for licensed real estate agents is administered by the Minister of Land, Transport and Maritime Affairs pursuant to Article 4 (2), a person falling under subparagraph 1 shall pay the fees determined and announced by the Minister of Land, Infrastructure and Transport: <Amended on Feb. 29, 2008; Mar. 23, 2013; Jun. 9, 2020> |
| 1. | A person who applies for the qualifying examination for licensed real estate agents under Article 4; |
| 2. | A person who files an application for reissue of his/her licensed real estate agent qualification certificate in accordance with Article 5 (3); |
| 3. | A person who files a registration of the opening of his/her brokerage office under Article 9 (1); |
| 4. | A person who files an application for reissue of the registration certificate of his/her brokerage office in conformity with Article 11 (2); |
| 5. | A person who files a report with respect to the opening of his/her branch office pursuant to Article 13 (3); |
| 6. | A person who files an application for reissue of a report completion certificate with respect to the opening of his/her branch office under Article 13 (5). |
| (2) | Where business matters relating to the qualifying examination for licensed real estate agents under Article 4 or the reissue of licensed real estate agent qualification certificates in accordance with Article 5 (3) are entrusted in accordance with Article 45, the services fees determined and announced by the person who performs the business matters upon entrustment with approval of the entrusting person shall be paid, respectively. <Amended on Jun. 9, 2020> |
| Article 47-2 (Establishment and Operation of Center for Reporting Disturbance of Real EstateTransaction Order) |
| (1) | The Minister of Land, Infrastructure and Transport may establish and operate a center for reporting disturbance of real estate transaction order (hereafter in this Article referred to as the "reporting center") to prevent the occurrence of prohibited acts prescribed in Article 33 (1) 8 and 9 and the subparagraphs of paragraph (2) of the same Article (hereinafter referred to as "disturbing real estate transaction order of real estate"; hereafter in this Article the same shall apply). |
| (2) | The reporting center shall perform the following duties: |
| 1. | Receipt of reports on disturbing real estate transaction order, and consultation thereon; |
| 2. | Verification of the reported matters or making requests to the competent Mayor/Do Governor, registration authority, etc. to investigate reported matters and to take measures therefor; |
| 3. | Notification of the results of processing reported matters to persons who have filed relevant reports. |
| (3) | The Minister of Land, Infrastructure and Transport may entrust the duties of the reporting center prescribed in paragraph (2) to an institution prescribed by Presidential Decree. |
| (4) | Matters concerning the operation and methods of filing reports to the reporting center established under paragraph (1) and other relevant matters shall be prescribed by Presidential Decree. |
[This Article Newly Inserted on Aug. 20, 2019]
CHAPTER VII PENALTY PROVISIONS
| Article 48 (Penalty Provisions) |
Any of the following persons shall be punished by imprisonment with labor for not more than three years or by a fine not exceeding 30 million won: <Amended on Dec. 2, 2016; Aug. 20, 2019; Jun. 9, 2020>
| 1. | A person who carries on the brokerage business without the registration of establishment of a brokerage office under Article 9; |
| 2. | A person who completes the registration of establishment of a brokerage office by fraud or other improper means; |
| 3. | A person who violates any of subparagraphs 5 through 9 of Article 33 (1); |
| 4. | A person who violates any subparagraph of Article 33 (2). |
| Article 49 (Penalty Provisions) |
| (1) | Any of the following persons shall be punished by imprisonment with labor for not more than one year or by a fine not exceeding 10 million won: <Amended on Jun. 4, 2013; Jan. 28, 2014; Aug. 20, 2019; Jun. 9, 2020> |
| 1. | A person who allows another person to render brokerage services using his/her name, or transfers or lends, or obtains by transfer or borrows a certificate of qualification of a licensed real estate agent to or from another person, in contravention of Article 7; |
| 2. | A person who uses the title of licensed real estate agent or any other similar title without qualification therefor, in contravention of Article 8; |
| 3. | A person who files a double registration of the establishment of his/ her brokerage office or is affiliated with two or more brokerage offices, in contravention of Article 12; |
| 4. | A person who establishes two or more brokerage offices in contravention of Article 13 (1); |
| 5. | A person who establishes a temporary brokerage facility in contravention of Article 13 (2); |
| 6. | A person who uses the title of a "licensed real estate agent's office" or "real estate brokerage" or any other similar title without qualification of a practicing licensed real estate agent in contravention of Article 18 (2); |
| 6-2. | A person who is not a practicing licensed real estate agent but places labeling or advertising of any object of brokerage in order to operate brokerage business, in violation of Article 18-2 (3); |
| 7. | A person who allows another person to render brokerage services using his/her name or trade name or transfers or lends a registration certificate of a brokerage office to another person, or who renders brokerage services using another person's name or trade name or obtains by transfer or borrows a registration certificate of a brokerage office from another person, in contravention of Article 19; |
| 8. | A person who discloses information in contravention of Article 24 (4); |
| 9. | A person who discloses private information acquired through the performance of his/her duties in contravention of Article 29 (2); |
| 10. | A person who violates any of subparagraphs 1 through 4 of Article 33 (1). |
| (2) | A person who violates Article 29 (2) shall not be punished against clear will of the injured party. |
| Article 50 (Joint Penalty Provisions) |
If an affiliated licensed real estate agent or a brokerage assistant, or a member or executive officer of a practicing corporate real estate agent commits a violation under Article 48 or 49 in connection with the property of the brokerage business, not only shall such a violator be punished accordingly, but the practicing licensed real estate agent shall also be punished by a fine under each relevant Article: Provided, That this shall not apply where the practicing licensed real estate agent has not been negligent in giving due attention and supervision concerning the relevant duties to prevent such violation. <Amended on Apr. 1, 2009; Jan. 28, 2014>
| Article 51 (Administrative Fines) |
| (1) | Deleted. <Jan. 28, 2014> |
| (2) | Any of the following persons shall be punished by an administrative fine not exceeding five million won: <Amended on Jun. 4, 2013; May 21, 2014; Aug. 20, 2019> |
| 1. | A person who places any wrongful labeling or advertising, in violation of the subparagraphs of Article 18-2 (4); |
| 1-2. | A person who does not submit relevant data, failing to comply with a request made under Article 18-3 (2), without any just ground; |
| 1-3. | A person who does not take necessary measures, failing to comply with a request made under Article 18-3 (3), without any just ground; |
| 1-4. | A person who operates the information network for real estate transactions without obtaining approval under the management regulations or under an amendment thereof in violation of the provisions of the management regulations, in violation of Article 24 (3); |
| 1-5. | A person who fails to ascertain and explain the object of brokerage conscientiously and correctly or to present the evidentiary materials for the explanation, in violation of Article 25 (1); |
| 2. | Deleted; <Jan. 28, 2014> |
| 3. | Deleted; <Jan. 28, 2014> |
| 4. | Deleted; <Jan. 28, 2014> |
| 5. | Deleted; <Jan. 28, 2014> |
| 5-2. | A person who fails to undergo training education referred to in Article 34 (4) without any justifiable grounds; |
| 6. | A transaction information processor who refuses, obstructs, or evades to report, to supply data, to be examined, or to be inspected, fails to comply with an order, or submits any false report or data, in violation of Article 37 (1); |
| 7. | A person who fails to announce the operating results of the mutual aid project in violation of Article 42 (5); |
| 8. | A person who fails to comply with any corrective order concerning mutual aid affairs under Article 42-4; |
| 8-2. | A person who fails to comply with a request under Article 42-5 for disciplinary measures against an executive officer or discharge him/her from office or to comply with a corrective order; |
| 9. | A person who refuses, obstructs, or evades to report, to supply data, to undergo examination or checking, fails to comply with an order, or submits a false report or data, in violation of Article 42-3 or 44 (1); |
| 10. | Deleted. <Jan. 28, 2014> |
| (3) | Any of the following persons shall be subject to an administrative fine not exceeding one million won: <Amended on Jun. 4, 2013; Aug. 20, 2019> |
| 1. | A person who fails to display a brokerage office registration certificate, etc., in violation of Article 17; |
| 2. | A person who fails to include the words "licensed real estate agent's office" or "real estate brokerage" in the name of his/her office, in violation of Article 18 (1) or (3), or fails to mark his/her name in the outdoor advertisement or marks a false name therein; |
| 2-2. | A person who places labeling or advertising of any object of brokerage, in violation of Article 18-2 (1) or (2); |
| 3. | A person who fails to file a report on the relocation of his/her brokerage office, in violation of Article 20 (1); |
| 4. | A person who fails to file a report on the temporary closure or discontinuance of his/her business, the resumption of a temporarily closed business, or a change in the period of temporary closure, in violation of Article 21 (1); |
| 5. | A person who fails to explain matters regarding a guarantee for indemnification of loss or to deliver a copy of the relevant deed or an electronic document thereof, in violation of Article 30 (5); |
| 6. | A person who fails to return a qualification certificate of licensed real estate agent or to submit, in writing, the reason for such failure, or submits any false reason therefor in violation of Article 35 (3) or (4); |
| 7. | A person who fails to return a registration certificate of his/her brokerage office, in violation of Article 38 (4). |
| (4) | Deleted. <Jan. 28, 2014> |
| (5) | Administrative fines under paragraphs (2) and (3) shall be imposed and collected by the following persons, as prescribed by Presidential Decree: <Amended on Jun. 4, 2013; Jan. 28, 2014; Dec. 2, 2016; Aug. 20, 2019> |
| 1. | In cases falling under paragraph (2) 1-2 through 1-4, 6 through 8, 8-2, and 9: The Minister of Land, Infrastructure and Transport; |
| 2. | In cases falling under paragraphs (2) 5-2 and (3) 6: Mayor/Do Governor; |
| 3. | Deleted; <Jan. 28, 2014> |
| 4. | In cases falling under paragraphs (2) 1 and 1-5 and (3) 1, 2, 2-2, 3 through 5, and 7: Registration authority. |
| (6) | Deleted. <Apr. 1, 2009> |
| (7) | Deleted. <Apr. 1, 2009> |
| (8) | Deleted. <Apr. 1, 2009> |
| (9) | Deleted. <Apr. 1, 2009> |
| (10) | Deleted. <Jan. 28, 2014> |
[This Article Wholly Amended on Jun. 13, 2008]
ADDENDA <Act No. 7638, Jul. 29, 2005>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation: Provided, That Articles 27, 28 and 51 (1) 2 and (3) shall take effect on January 1, 2006. Article 2 (Applicable Cases Concerning Report on Move of Brokerage Office)
The provisions of Article 20 concerning a report on the move of a brokerage office shall be applicable with respect to the move of a brokerage office which is carried out on or after the enforcement date of this Act. Article 3 (Applicable Cases Concerning Report on Transaction of Real Estate)
The provisions of Article 27 concerning a report on the transaction of real estate shall be applicable with respect to the contract document which is drawn up on or after the enforcement date of this Act. Article 4 (Applicable Cases Concerning Succession, etc. to Validity of Dispositions of Administrative Sanctions)
The provisions of Article 40 shall be applicable with respect to the person which commits an offense subject to any administrative disposition under Article 38 or 39 on or after the enforcement date of this Act. Article 5 (General Transitional Measures)
Any disposition, procedure or other acts which are taken or performed under the former Real Estate Brokerage Act at the time this Act enters into force shall be deemed to be taken or performed under this Act. Article 6 (Transitional Measures Concerning Establishment Registration, etc. of Brokerage Office)
| (1) | A person who has filed a registration of the opening of his/her brokerage office under Article 4 of the former Real Estate Brokerage Act at the time this Act enters into force (including the person who is deemed to have filed a registration of the opening of his/her brokerage office under Article 2 of the Addenda of the amended Real Estate Brokerage Act, Act No. 5957) shall be deemed to have filed a registration of the opening of his/her brokerage office under Article 9. |
| (2) | The person who is deemed to have filed a registration of the opening of his/her brokerage office under this Act pursuant to paragraph (1) as the one deemed to have filed a registration of the opening of his/her brokerage office under Article 2 of the Addenda of the amended Real Estate Brokerage Act, Act No. 5957 (excluding any licensed real estate agent and any juristic person) shall be prohibited from carrying on the business provided for in Article 14 (2), notwithstanding the provisions of the said Article 14 (2). |
| (3) | A broker described in paragraph (2) shall not use the letters 'licensed real estate agent's office' in the name of his/her office. |
| (4) | Article 18 (3) shall apply mutatis mutandis with respect to the removal of office signboards put up in violation of paragraph (3) and the vicarious execution thereof. |
| (5) | A person who uses the letters 'licensed real estate agent's office' in the name of his/her office in violation of paragraph (3) shall be punished by an administrative fine not exceeding one million won, which shall be imposed and collected by the registration authority as prescribed by Presidential Decree. In this case, Article 51 (5) through (7) shall apply mutatis mutandis with respect to the imposition and appeal procedures of such administrative fine. |
| (6) | The district boundaries of a broker's business referred to in paragraph (2) shall be within the jurisdictional area of the Special Metropolitan City, Metropolitan City or Do where the brokerage office is located, and he/she may perform the acts of brokerage only for the objects of brokerage located within the jurisdictional area: Provided, That if he/she joins in the information network for real estate transactions under Article 24 and performs the acts of brokerage using such network, he/she may even carry out the brokerage of objects situated outside the jurisdictional area opened to the information network. |
| (7) | Where the broker provided for in paragraph (2) performs brokerage outside the district boundaries of business activities described in paragraph (6), the registration authority having jurisdiction over the location of the broker's brokerage office referred to in paragraph (2) may order him/her to suspend his/her business for a fixed period of not more than six months. |
Article 7 (Transitional Measures Concerning Disqualifications for Establishment Registration of Brokerage Office)
Any broker who falls newly under any disqualification under Article 10 (1) at the time this Act enters into force shall make himself/herself qualified within three months after this Act enters into force. Article 8 (Transitional Measures Concerning Prohibition on Duplicative Affiliation of Broker, etc.)
Where a broker, etc. is in violation of Article 12 (2) at the time this Act enters into force, he/she shall make himself/herself compatible with the said paragraph within three months after this Act enters into force. Article 9 (Transitional Measures Concerning Report of Broker on Employing Servants)
Where a broker has employed an affiliated licensed real estate agent or a brokerage assistant at the time of enforcement of this Act, he/she shall make a report to the registration authority thereon within three months after this Act enters into force.
Article 10 (Transitional Measures Concerning Seal Register)
An affiliated licensed real estate agent shall register his/her seal with the registration authority within one month after this Act enters into force.
Article 11 (Transitional Measures Concerning Title, etc. of Brokerage Office)
| (1) | A broker shall make office signboards, etc. put up in violation of Article 18 (1), at the time this Act enters into force, compatible with the provisions of the said paragraph within three months after this Act enters into force. |
| (2) | A person, other than a broker, who has put up office signboards, etc. in violation of Article 18 (2) at the time this Act enters into force shall make them compatible with the provisions of the said paragraph within three months after this Act enters into force. |
Article 12 (Transitional Measures Concerning Standards for Administrative Disposition)
With respect to any administrative disposition to be taken against an offense committed prior to the enforcement of this Act, it shall be subject to the application of the standards therefor set in the former Real Estate Brokerage Act or this Act, whichever is less strict. Article 13 (Transitional Measures Concerning Real Estate Brokers Association)
The real estate brokerage association established pursuant to Article 30 of the former Real Estate Brokerage Act at the time this Act enters into force shall be deemed the Real Estate Brokers Association set up under Article 41 of this Act. Article 14 (Transitional Measures Concerning Approval of Mutual Aid Regulations)
The Association shall amend the mutual aid regulations and obtain the approval of the Minister of Construction and Transportation therefor pursuant to Article 42, within one year after this Act enters into force. Article 15 (Transitional Measures Concerning Penalty Provisions)
In application of the penalty provisions and the administrative fines with regard to any offense committed prior to the enforcement of this Act, the previous provisions shall prevail.
Article 16 Omitted.
Article 17 (Relationship to Other Statutes)
Where the provisions of the former Real Estate Brokerage Act are cited in any other statute at the time this Act enters into force and there exist any corresponding provisions in this Act, the corresponding provisions in this Act shall be deemed to be cited in lieu of the previous provisions.
ADDENDA <Act No. 7710, Dec. 7, 2005>
| (1) | (Enforcement Date) This Act shall enter into force on January 30, 2006. |
| (2) | (Applicable Cases Concerning Prescription of Business Suspension Disposition) The amended provisions of Article 39 (3) shall be applicable with respect to any cause provided for in any subparagraph of Article 39 (1) which accrues on or after the enforcement date of this Act. |
| (3) | (Transitional Measures Concerning Application of Prescription to Business Suspension Disposition) Any business suspension disposition against a violation of Article 23 (1) of the former Real Estate Brokerage Act due to any cause which accrued before the enforcement of this Act shall not be taken when three years have passed since the enforcement of this Act. |
ADDENDA <Act No. 8120, Dec. 28, 2006>
| (1) | (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. |
| (2) | (Application Example) The amended provisions of Article 18 (3) and (4) shall apply, starting with the broker who first makes open registration or relocates his/her brokerage office after the enforcement of this Act and the amended provisions of Articles 27 (1) and 51 (1) 2 and (3) shall apply, starting with the portion for which a written contract is first prepared after the enforcement of this Act. |
ADDENDA <Act No. 8635, Aug. 3, 2007>
Article 1 (Enforcement Date)
This Act shall enter into force one year and six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 44 Omitted.
ADDENDA <Act No. 8852, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 8863, Feb. 29, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 9127, Jun. 13, 2008>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation: Provided, That the amended provisions of Articles 51 (5) shall enter into force on the date of its promulgation. Article 2 (Applicability to Report on Transaction of Real Estate by Broker Concerning House in Area for Reporting Housing Transaction)
The amended provisions of Article 27 (6) shall enter into force beginning from the first contract document of housing transaction that is prepared and delivered by a broker after this Act enters into force. Article 3 (Transitional Measures Concerning Imposition of Administrative Fines)
| (1) | Notwithstanding the amended provisions of Article 51 (1) or (2) 5, the former provision of Article 27-2 shall apply to the disposition of an administrative fine taken against a person who has violated the amended provisions of Article 51 (1) or (2) 5 concerning the reported matters for which submission of material is requested under the previous Article 27-2 at the time of enforcement date under the main sentence of Article 1 of Addenda. |
| (2) | An administrative fine expected to be imposed by the registration authority, etc. on a person who has violated the duty to report transaction in real estate as prescribed in the former Article 51 (1) and (3) at the time of enforcement date under the proviso to Article 1 of Addenda shall be imposed and collected by the registration authority, etc. |
ADDENDUM <Act No. 9596, Apr. 1, 2009>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 10580, Apr. 12, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 10663, May 19, 2011>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 (Applicability)
ADDENDA <Act No. 11690, Mar. 23, 2013>
Article 1 (Enforcement Date)
| (1) | This Act shall enter into force on the date of its promulgation. |
Articles 2 through 7 Omitted.
ADDENDA <Act No. 11866, Jun. 4, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of the proviso to Article 13 (6), Articles 18-2, 21-2, 25-2, 27 (5), 42, 42-2 through 42-6, 49 (1) 6-2, 51 (1) and (2) 3 and 10, (3) 2-2, (4), and (5) shall enter into force six months after the date of their promulgation, and the amended provisions of Articles 34 (2) through 6 and 51 (2) 5-2 shall enter into force one year after the date of their promulgation, respectively. Article 2 (Transitional Measures concerning Education of Affiliated Licensed Real Estate Agents and Brokerage Assistants)
Licensed real estate agents and brokerage assistants reported under the former provisions of Article 15 (1) shall complete education under the amended provisions within one year after the enforcement of the amended provisions of Article 34 (2) and (3); and if education is incomplete, the effect of their reports shall be deemed invalid. Article 3 (Transitional Measures concerning Administrative Fines)
Imposition of administrative fines for an offence committed before this Act enters into force shall be governed by the former provisions.
ADDENDA <Act No. 11943, Jul. 17, 2013>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 5 Omitted.
ADDENDA <Act No. 12374, Jan. 28, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation: Provided, That the amended provisions of Article 34 (1) shall enter into force two years after the date of its promulgation. Article 2 (Applicability to Separate Sentence of Punishment by Fines)
The amended provisions of Article 10-2 shall apply to persons to be punished for crimes committed after this Act enters into force. Article 3 (Application Mutatis Mutandis of Provisions on Practicing Licensed Real Estate Agents)
Where a person deemed to have filed for registration of the opening of his/her brokerage office under Article 6 (1) of the Addenda to the wholly amended Real Estate Brokerage Act (Act No. 7638) operates brokerage business, the provisions on practicing licensed real estate agents shall apply mutatis mutandis if his/her business is not operated contrary to its character; and in such cases, Article 6 (2) through (7) of the same Addenda shall apply.
ADDENDA <Act No. 12635, May 21, 2014>
Article 1 (Enforcement Date)
This Act shall enter into force on July 29, 2014.
Article 2 (Applicability to Succession, etc. to Dispositions of Administrative Sanctions)
The amended provisions of Article 40 shall apply to persons who commit violence subject to administrative dispositions after this Act enters into force. Article 3 (Transitional Measures concerning Administrative Fines)
The previous provisions shall apply where a practicing licensed real estate agent falls under the amended provisions of Article 51 (2) 1-2 as at the time this Act enters into force, due to any cause that arose before this Act enters into force.
ADDENDA <Act No. 13726, Jan. 6, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.)
Articles 2 through 7 Omitted.
ADDENDA <Act No. 14334, Dec. 2, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 48 shall enter into force six months after the date of the promulgation. Article 2 (Transitional Measures concerning Penalty Provisions)
Former provisions shall apply to acts conducted before the amended provisions of Article 48 enter into force.
ADDENDA <Act No. 15597, Apr. 17, 2018>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Disqualifications, etc. of Incompetent, etc.)
A person under adult guardianship or a person under limited guardianship under the amended provisions of Article 10 (1) 2 shall be deemed to include a person against whom the declaration of incompetency or quasi-incompetency remains effective pursuant to Article 2 of the Addenda of Act No. 10429 partially amending the Civil Act.
ADDENDUM <Act No. 15724, Aug. 14, 2018>
This Act shall enter into force three months after the date of its promulgation.
ADDENDA <Act No. 16489, Aug. 20, 2019>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation: Provided, That the amended provisions of Articles 33 (1) 8 and 9, 33 (2), 36 (1) 7, 38 (2) 9, and 47-2, subparagraphs 3 and 4 of Article 48, and Article 49 (1) 10 shall enter into force six months after the date of the promulgation. Article 2 (Transitional Measures concerning Suspension of Qualification of Licensed Real Estate Agent)
The previous provisions shall apply to any disposition of suspension of qualification imposed on a violation committed before this Act enters into force.
Article 3 (Transitional Measures concerning Revocation of Registration of Brokerage Business)
The previous provisions shall apply to any disposition of revocation of registration imposed on a violation committed before this Act enters into force.
ADDENDUM <Act No. 17453, Jun. 9, 2020>
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDUM <Act No. 17608, Dec. 8, 2020>
This Act shall enter into force three months after the date of its promulgation.