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ACT ON APPRAISAL AND CERTIFIED APPRAISERS

Act No. 13782, Jan. 19, 2016

Amended by Act No. 14091, Mar. 22, 2016

Act No. 15022, Oct. 31, 2017

Act No. 15111, Nov. 28, 2017

Act No. 15514, Mar. 20, 2018

Act No. 16481, Aug. 20, 2019

Act No. 17219, Apr. 7, 2020

Act No. 17453, jun. 9, 2020

Act No. 17459, jun. 9, 2020

Act No. 18309, Jul. 20, 2021

CHAPTER I GENERAL PROVISIONS
 Article 1 (Purpose)
The purpose of this Act is to protect people's property rights and to contribute to the development of national economy by planning for fair appraisals through the establishment of an appraisal system and a system for the certification of qualified appraisers.
 Article 2 (Definitions)
The definitions of the terms used in this Act are as follows: <Amended on Apr. 7, 2020; Jul. 20, 2021>
1. The term "land, etc." means land and the fixtures thereon, chattels, other property prescribed by Presidential Decree, and rights thereto other than ownership;
2. The term "appraisal" means valuation of land, etc. and expressing the result with numbers;
3. The term "appraisal business" means businesses of appraising land, etc. for a consideration upon request from other persons;
4. The term "appraisal corporation, etc.” means an appraiser who establishes an office under Article 21 or an appraisal corporation authorized under Article 29.
CHAPTER II APPRAISAL
 Article 3 (Standards)
(1) Where an appraisal corporation, etc. appraises land, appraisal shall be based on the standards for the publicly announced price of representative land under the Act on the Public Announcement of Real Estate Values that is deemed to have usefulness similar to that of the land in question: Provided, That where there exists an appropriate transaction price, such price may be used as a standard. <Amended on Apr. 7, 2020>
(2) Notwithstanding paragraph (1), where an appraisal corporation, etc. conducts an appraisal necessary for the preparation of financial statements of an enterprise, such as the preparation of financial statements under the Act on External Audit of Stock Companies, or an appraisal prescribed by Presidential Decree for the establishment of a security interest or an auction, he or she may take into consideration the rent of the relevant land, the cost of developing the land and other relevant factors in such appraisal. <Amended on Oct. 31, 2017; Mar. 20, 2018; Apr. 7, 2020>
(3) The principles and standards which shall be observed by an appraisal corporation, etc. (including affiliated appraisers; hereafter in this Article the same shall apply) in order to guarantee the fairness and rationality of an appraisal shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Apr. 7, 2020; Jul. 20, 2021>
(4) The Minister of Land, Infrastructure and Transport may designate a private corporation or organization with expertise (hereinafter referred to as "standard-setting institution"), as prescribed by Presidential Decree, to perform duties concerning the establishment, etc. of detailed standards necessary for appraisal corporations, etc. to conduct appraisals (hereinafter referred to as "working standards"). <Newly Inserted on Jul. 20, 2021>
(5) Where the Minister of Land, Infrastructure and Transport deems it necessary, the Minister may request a standard-setting institution to amend details of the working standards subject to deliberation by the appraisal management and disciplinary committee established under Article 40. In such cases, the standard-setting agency shall comply therewith unless there is a compelling reason not to do so. <Newly Inserted on Jul. 20, 2021>
(6) The State may fully or partially subsidize the expenses incurred in the establishment and operation of a standard-setting institution. <Newly Inserted on Jul. 20, 2021>
 Article 4 (Duties)
(1) The duties of an appraiser shall be to appraise land, etc. upon request from other persons. <Amended on Jul. 20, 2021>
(2) An appraiser as a valuation specialist of public nature shall perform his or her duties in a fair and objective manner. <Newly Inserted on Jul. 20, 2021>
 Article 5 (Requests for Appraisal)
(1) Where the State, local governments, public institutions under the Act on the Management of Public Institutions or other public organizations prescribed by Presidential Decree (hereinafter referred to as "State, etc.") intend to appraise land, etc. for the management, purchase, sale, auction, reappraisal, etc. of land, etc., they shall request an appraisal corporation, etc. to appraise land, etc. <Amended on Apr. 7, 2020>
(2) Where a financial institution, an insurance company, a trust company, or other institution prescribed by Presidential Decree intends to appraise land, etc. in connection with the provision of a loan, or the purchase, sale and management of assets, or the preparation of financial statements of an enterprise, including the preparation of financial statements under the Act on External Audit of Stock Companies, such institution or company shall request an appraisal corporation, etc. to appraise the land, etc. <Amended on Oct. 31, 2017; Mar. 20, 2018; Apr. 7, 2020>
(3) A person intending to request an appraisal pursuant to paragraph (1) or (2) may request the Korea Association of Property Appraisers under Article 33 to recommend an appraisal corporation, etc. for appraisal. <Amended on Apr. 7, 2020>
(4) Matters necessary for procedures and methods for request under paragraphs (1) and (2), standards for recommendation under paragraph (3), etc. shall be prescribed by Presidential Decree.
 Article 6 (Appraisal Reports)
(1) Where an appraisal corporation, etc. is requested to conduct an appraisal, it shall without delay conduct the appraisal and issue an appraisal report (including an appraisal report in electronic form under Article 2 of the Framework Act on Electronic Documents and Transactions) to the appraisal requester as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Apr. 7, 2020; Jul. 20, 2021>
(2) On an appraisal report, an appraisal corporation, etc. shall record the name of his or her office or corporation, and an appraiser who conducts an appraisal shall state his or her qualifications and put his or her signature and seal. In such cases, if the appraisal corporation, etc. is an appraisal corporation, the representative partner or representative director shall also put his or her signature or seal on the report. <Amended on Apr. 7, 2020>
(3) An appraisal corporation, etc. shall retain the original copy of an appraisal report and related documents for at least the period prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport, and even in cases of business dissolution or closure, it shall retain them as prescribed by Presidential Decree. In such cases, an appraisal corporation, etc. may record the original copy of an appraisal report and related documents in an electronic recording medium, such as a mobile storage device, for retention. <Amended on Apr. 7, 2020; Jul. 20, 2021>
 Article 7 (Examination of Appraisal Reports)
(1) An appraisal corporation shall, before issuing an appraisal report pursuant to Article 6, have another appraiser affiliated with the corporation examine the adequacy of the appraisal report prepared by one of the appraisers affiliated with the corporation, and have the appraiser who examines the adequacy indicate on the appraisal report that he or she has performed examination of the appraisal and put his or her signature and seal on it.
(2) The appraiser who examines the adequacy of an appraisal report under paragraph (1) shall examine in good faith whether the appraisal report has been prepared in compliance with the principles and standards provided in Article 3. <Amended on Jul. 20, 2021>
(3) Persons prescribed by Presidential Decree, such as appraisal requesters and other related agencies, may request an appraisal corporation, etc. (excluding the appraisal corporation, etc. that issued the relevant appraisal report) meeting the standards prescribed by Presidential Decree to review the adequacy of the written appraisal. <Newly Inserted on Jul. 20, 2021>
(4) Matters necessary for those subject to examination, procedures and standards for examination under paragraph (1), and procedures and standards for review, etc. under paragraph (3) shall be prescribed by Presidential Decree. <Newly Inserted on Jul. 20, 2021>
[Title Amended on Jul. 20, 2021]
 Article 8 (Inspection of Appropriateness of Appraisal)
(1) After an appraisal report is issued pursuant to Article 6, the Minister of Land, Infrastructure and Transport may inspect whether the relevant appraisal has been appropriately conducted according to the procedures, methods, etc. prescribed by this Act or other statutes, ex officio or at the request of relevant institutions, etc.
(2) Where an inspection of appropriateness under paragraph (1) is conducted, the Minister of Land, Infrastructure and Transport shall give the relevant appraisal corporation, etc. and interested persons prescribed by Presidential Decree an opportunity to express opinions. <Amended on Apr. 7, 2020>
(3) Matters necessary for procedures for inspection of appropriateness, etc. under paragraphs (1) and (2) shall be prescribed by Presidential Decree.
(4) In order to improve the appraisal system, the Minister of Land, Infrastructure and Transport may conduct sample surveys on appraisal reports issued under Article 6 (1), as prescribed by Presidential Decree. <Newly Inserted on Jul. 20, 2021>
[Title Amended on Jul. 20, 2021]
 Article 9 (Construction and Operation of Appraisal Information System)
(1) In order to efficiently and systematically manage information and data relating to appraisal requested by the State, etc., the Minister of Land, Infrastructure and Transport may construct and operate an appraisal information system (hereinafter referred to as "appraisal information system").
(2) An appraisal corporation, etc. in receipt of a request for appraisal prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport, such as appraisal under the Act on Acquisition of and Compensation for Land for Public Works Projects, shall register the results of the appraisal in an appraisal information system: Provided, That where good reasons determined by the Minister of Land, Infrastructure and Transport, such as protection of personal information, exist, this shall not apply. <Amended on Apr. 7, 2020>
(3) In issuing an appraisal report under Article 6 (1), an appraisal corporation, etc. shall inform the relevant appraisal requester of the fact of registration with respect to appraisals subject to registration with the appraisal information system under paragraph (2). <Newly Inserted on Jul. 20, 2021>
(4) Where needed for the operation of an appraisal information system, the Minister of Land, Infrastructure and Transport may request relevant agencies to provide data. In such cases, the agencies in receipt of such request shall comply therewith unless there is good cause. <Amended on Jun. 9, 2020; Jul. 20, 2021>
(5) Matters necessary for the types of information and data, methods for the construction and operation of an appraisal information system, etc. under paragraphs (1) and (2) shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Jul. 20, 2021>
CHAPTER III APPRAISERS
Section 1 Duties and Qualification
 Article 10 (Duties of Appraisal Corporation)
An appraisal corporation, etc. shall perform the following duties: <Amended on Apr. 7, 2020>
1. Duties performed by an appraisal corporation, etc. pursuant to the Act on the Public Announcement of Real Estate Values;
2. Appraisal of land, etc. for a purpose under subparagraph 2 of Article 8 of the Act on the Public Announcement of Real Estate Values;
3. Appraisal of land, etc. under the Assets Revaluation Act;
4. Appraisal of land, etc. for a case pending in a court or for auction;
5. Appraisal of land, etc. at the request of other persons, such as financial institutions, insurance companies, and trust companies;
6. Consultation and counsel with regard to appraisal;
7. Provision of advice, information, etc. on the use, development, etc. of land, etc.;
8. Appraisal of land, etc. that an appraisal corporation, etc. is allowed to perform pursuant to other statutes;
9. Affairs incidental to those specified in subparagraphs 1 through 8.
[Title Amended on Apr. 7, 2020]
 Article 11 (Qualification)
Any person who passes an appraiser examination under Article 14 shall be qualified as an appraiser.
 Article 12 (Disqualification)
Any person falling under any of the following shall not be qualified as an appraiser: <Amended on Jun. 9, 2020; Jul. 20, 2021>
1. Deleted; <Jul. 20, 2021>
2. A person declared bankrupt and not yet reinstated;
3. A person for whom three years have not passed since his or her imprisonment without labor or greater punishment declared by a court was completely executed (including cases in which execution of his or her imprisonment is deemed to have been completed) or exempted;
4. A person for whom one year has not passed since the suspension of the execution of his or her imprisonment without labor or greater punishment declared by a court ended;
5. A person in whose case a sentence of imprisonment without prison labor or any heavier punishment was suspended but who is still in the period of suspension;
6. A person for whom three years have not passed since his or her appraiser’s license was revoked pursuant to Article 13;
7. A person for whom five years have not passed since his or her appraiser's license was revoked pursuant to Article 39 (1) 11 and 12.
(2) The Minister of Land, Infrastructure and Transport may request a related agency to provide data to ascertain whether an appraiser falls under any of paragraph (1) 2 through 5. In such cases, relevant agencies shall provide such data, unless there is a compelling reason not to do so. <Newly Inserted on Jul. 20, 2021>
 Article 13 (Revocation of License)
(1) The Minister of Land, Infrastructure and Transport shall cancel the qualification if an appraiser falls under any of the following: <Amended on Jul. 20, 2021>
1. Where he or she has obtained his or her qualification by improper means;
2. Where he or she is subject to a disciplinary action falling under Article 39 (2) 1.
(2) Where the Minister of Land, Infrastructure and Transport revokes an appraiser's license pursuant to paragraph (1), he or she shall publicly announce such fact as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport.
(3) A person whose appraiser's license is revoked pursuant to paragraph (1) shall return the certificate of license (including a registration certificate where registration is made pursuant to Article 17) to the Minister of Land, Infrastructure and Transport.
Section 2 Examinations
 Article 14 (Appraiser Examinations)
(1) An appraiser examination (hereinafter referred to as "examination") shall be administered by the Minister of Land, Infrastructure and Transport, and be composed of preliminary examination and secondary examination.
(2) A person who falls under grounds for disqualification under Article 12 as at the date on which final successful candidates are announced shall not be permitted to take an examination.
(3) Where a person becomes a final successful candidate after taking an examination despite the fact that he or she is not permitted to take an examination pursuant to paragraph (2), the Minister of Land, Infrastructure and Transport shall cancel his or her passing of the examination.
(4) Matters necessary for the procedures, methods, etc. of examination, such as subjects and public announcement of examinations, shall be prescribed by Presidential Decree.
(5) Those who intend to take an examination shall pay a fee prescribed by Presidential Decree within the scope of actual expenses. In such cases, matters necessary for the method of paying fees, return of fees, etc. shall be prescribed by Presidential Decree.
 Article 15 (Partial Exemption from Examinations)
(1) A person who has been engaged in duties relating to appraisal in an institution prescribed by Presidential Decree, such as an appraisal corporation, for five years or more shall be exempt from a preliminary examination.
(2) A person who passes a preliminary examination shall be exempt, one time only, from a preliminary examination of the next examination.
 Article 16 (Sanctions against Cheaters)
(1) The Minister of Land, Infrastructure and Transport shall suspend or invalidate the relevant examination with regard to any of the following persons:
1. Any person applying for an examination by improper means;
2. Any person engaging in cheating behaviors during an examination.
3. A person who submits documents for partial exemption from an examination under Article 15 (1) by fraud or other improper means.
(2) A person on whom disposition is imposed pursuant to paragraph (1) shall not be permitted to take an examination for five years from the date he or she receives such disposition.
Section 3 Registration
 Article 17 (Registration and Renewal of Registration)
(1) Where a person with an appraiser's license provided in Article 11 intends to perform duties under Article 10, he or she shall receive on-the-job training or education and training for at least the period prescribed by Presidential Decree and register his or her license with the Minister of Land, Infrastructure and Transport. <Amended on Jul. 20, 2021>
(2) An appraiser who is registered as prescribed in paragraph (1) shall renew his or her registration as prescribed by Presidential Decree. In such cases, the renewal period shall be not less than three years.
(3) On-the-job training or education and training under paragraph (1) shall be provided and managed by the Korea Association of Property Appraisers established under Article 33 with approval of the Minister of Land, Infrastructure and Transport. <Amended on Jul. 20, 2021>
(4) Persons subject to, and methods and periods for, on-the-job training or education and training under paragraph (1), and procedures necessary for filing applications for registration under paragraph (1) and renewal of registration under paragraph (2), required documents, and other necessary matters shall be prescribed by Presidential Decree. <Amended on Jul. 20, 2021>
 Article 18 (Refusal of Registration and Renewal of Registration)
(1) Where a person who applies for registration or renewal of registration under Article 17 falls under any of the following, the Minister of Land, Infrastructure and Transport shall refuse registration: <Amended on Jul. 20, 2021>
1. Where he or she falls under any of the subparagraphs of Article 12;
2. Where he or she has not received on-the-job training or education and training under Article 17 (1);
3. Where three years have not passed since his or her registration was revoked pursuant to Article 39;
4. Where suspension period imposed on a person who was suspended from duties pursuant to Article 39 has not expired;
5. A minor, a person under adult guardianship or a person under limited guardianship.
(2) Where the Minister of Land, Infrastructure and Transport refuses registration or renewal of registration pursuant to paragraph (1), he or she shall publicly announce such fact in the Official Gazette and notify the public thereof through an information and communications network, etc.
(3) The methods and details of public announcement under paragraph (2) and other necessary matters shall be prescribed by Presidential Decree.
(4) The Minister of Land, Infrastructure and Transport may request related agencies to provide relevant data to ascertain whether an appraiser falls under paragraph (1) 1 or 5. In such cases, related agencies shall provide such data, unless there is a compelling reason not to do so. <Newly Inserted on Jul. 20, 2021>
 Article 19 (Revocation of Registration)
(1) Where an appraiser who is registered pursuant to Article 17 falls under any of the following, the Minister of Land, Infrastructure and Transport shall revoke registration: <Amended on Jul. 20, 2021>
1. Where he or she falls under any of the subparagraphs of Article 12;
2. If a member is deceased;
3. Where he or she applies for revocation.
4. Where he or she is subject to a disciplinary action falling under Article 39 (2) 2.
(2) Where the Minister of Land, Infrastructure and Transport revokes the registration of an appraiser pursuant to paragraph (1), he or she shall publicly announce such fact in the Official Gazette and notify the public thereof through an information and communications network, etc.
(3) A person whose registration is revoked pursuant to paragraph (1) shall return his or her certificate of registration to the Minister of Land, Infrastructure and Transport.
(4) The methods and details of public announcement under paragraph (2) and other necessary matters shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport.
(5) The Minister of Land, Infrastructure and Transport may request related agencies to provide relevant data to ascertain whether an appraiser falls under paragraph (1) 1. In such cases, related agencies shall provide relevant data, unless there is a compelling reason not to do so. <Newly Inserted on Jul. 20, 2021>
 Article 20 (Foreign Appraisers)
(1) A person with a foreign appraiser's license who does not fall under grounds for disqualification under Article 12 may perform duties under the subparagraphs of Article 10 with authorization of the Minister of Land, Infrastructure and Transport insofar as his or her country recognizes appraiser's licenses granted by the government of the Republic of Korea.
(2) Where the Minister of Land, Infrastructure and Transport grants authorization under paragraph (1), he or she may restrict part of the duties performed by a foreign appraiser, if necessary.
(3) In addition to those prescribed in paragraphs (1) and (2), matters necessary for foreign appraisers shall be prescribed by Presidential Decree.
Section 4 Rights and Obligations
 Article 21 (Establishment of Offices)
(1) Where an appraiser who has filed a registration pursuant to Article 17 intends to conduct an appraisal business, he or she may establish an appraisal office. <Amended on Jul. 20, 2021>
(2) Any of the following persons may not establish an office under paragraph (1): <Amended on Jul. 20, 2021>
1. A person who falls under any of the subparagraphs of Article 18 (1);
2. Where the authorization for the establishment of an appraisal corporation was revoked or its business was suspended under Article 32 (1) (excluding subparagraphs 1, 7, and 15) and one year has not passed since the revocation or the business suspension period has not expired yet, a person who has been a partner or director of such appraisal corporation;
3. An appraiser suspended from duties pursuant to Article 32 (1) (excluding subparagraphs 1 and 7) whose suspension period has not expired.
(3) In order to efficiently perform duties and to enhance public confidence, appraisers may establish a joint office, as prescribed by Presidential Decree. In such cases, the number of appraisers working for the joint office shall be at least the number prescribed by Presidential Decree. <Amended on Jul. 20, 2021>
(4) An appraiser shall be permitted to establish only one office for the operation of an appraisal business.
(5) An appraisal office may employ appraisers. In such cases, appraisers affiliated with an appraisal office shall not be those falling under any of the subparagraphs of Article 18 (1), and an appraiser who establishes an appraisal office shall not have persons other than appraisers affiliated with the appraisal office perform duties under Article 10. <Amended on Jul. 20, 2021>
(6) Deleted. <Jul. 20, 2021>
[Title Amended on Jul. 20, 2021]
 Article 21-2 (Report by Employers)
Where an appraisal corporation, etc. employs an affiliated appraiser or clerical worker referred to in Article 24 or the employment relationship therewith is terminated, he or she shall file a report with the Minister of Land, Infrastructure and Transport, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Amended on Apr. 7, 2020>
[This Article Newly Inserted on Aug. 20, 2019]
 Article 22 (Names of Offices)
(1) An appraisal corporation, etc. who establishes an office under Article 21 shall use the word "appraisal office" as the name of the office, and a corporation under Article 29 shall use the word "appraisal corporation" as its name. <Amended on Apr. 7, 2020; Jul. 20, 2021>
(2) A person who is not an appraiser under this Act shall not use the name "appraiser" or other similar names, and a person who is not an appraisal corporation, etc. shall not use the name "appraisal office", "appraisal corporation" or other similar names. <Amended on Apr. 7, 2020>
 Article 23 (Fees)
(1) An appraisal corporation, etc. may collect fees for services and actual costs from customers. <Amended on Apr. 7, 2020>
(2) The fee rate and the range of actual costs under paragraph (1) shall be determined by the Minister of Land, Infrastructure and Transport after deliberation by the appraisal management and disciplinary committee under Article 40.
(3) An appraisal corporation, etc. and an appraisal requester shall comply with the standards for the fee rate and actual costs under paragraph (2). <Amended on Apr. 7, 2020; Jul. 20, 2021>
 Article 24 (Clerical Workers)
(1) An appraisal corporation, etc. may employ clerical workers who assist his or her duties: Provided, That he or she shall not employ any of the following persons as a clerical worker: <Amended on Aug. 20, 2019; Apr. 7, 2020>
1. A minor, a person under adult guardianship or a person under limited guardianship;
2. Any of the following persons who has been convicted pursuant to this Act, Articles 129 through 132 of the Criminal Act, Article 2 or 3 of the Act on the Aggravated Punishment of Specific Crimes, or other statutes prescribed by Presidential Decree:
(a) A person for whom three years have not passed since his or her imprisonment with labor declared by a court was completely executed or exempted;
(b) A person for whom one year has not passed since the suspension of the execution of his or her imprisonment with labor declared by a court ended;
(c) A person who is under suspension of the execution of his or her imprisonment with labor declared by a court;
3. A person for whom one year has not passed since his or her appraiser's license was revoked pursuant to Article 13;
4. A person for whom three years have not passed since his or her appraiser's license was revoked pursuant to Article 39 (1) 11 and 12.
(2) An appraisal corporation, etc. shall be responsible for the direction and supervision of clerical worker. <Amended on Apr. 7, 2020>
(3) The Minister of Land, Infrastructure and Transport may request related agencies to provide relevant data to ascertain whether an office staff member falls under any of paragraph (1) 1 through 4. In such cases, related agencies shall provide relevant materials, unless there is a compelling reason not to do so. <Newly Inserted on Jul. 20, 2021>
 Article 25 (Duty of Good Faith)
(1) Where an appraisal corporation, etc. (including appraisers affiliated with an appraisal corporation or an appraisal office; hereafter the same shall apply in this Article) performs duties under Article 10, he or she shall maintain dignity and fairly conduct appraisals in good faith, and shall not mishandle business by intent or gross negligence. <Amended on Apr. 7, 2020; Jul. 20, 2021>
(2) An appraisal corporation, etc. shall not conduct an appraisal of land, etc. owned by himself or herself or a relative or land, etc. an appraisal of which is deemed likely to be unfair. <Amended on Apr. 7, 2020; Jul. 20, 2021>
(3) An appraisal corporation, etc. shall not be directly engaged in the business of selling or buying land, etc. <Amended on Apr. 7, 2020>
(4) An appraisal corporation, etc. or his or her clerical worker may not receive payment with regard to duties under any circumstances besides the fees and actual costs under Article 23, and shall not provide or promise to provide money or profits in property in return for being awarded with an appraisal order. <Amended on Aug. 20, 2019; Apr. 7, 2020>
(5) An appraiser, employee who is not an appraiser, or director and clerical worker shall not belong to two or more appraisal corporations (including the principal and branch offices of the same corporation) or appraisal offices and shall not own stocks of another appraisal corporation other than the appraisal corporation to which they belong. <Amended on Jul. 20, 2021>
(6) An appraisal corporation, etc. or clerical worker shall not accept an inducement or request prescribed in Article 28-2. <Newly Inserted on Jul. 20, 2021>
 Article 26 (Confidentiality)
An appraisal corporation, etc. (including an appraiser affiliated with an appraisal corporation or an appraisal office; hereafter the same shall apply in this Article), a clerical worker thereof, or a person who has been an appraisal corporation, etc. or a clerical worker thereof shall not disclose classified information that he or she has learned in the course of duties: Provided, That where otherwise specifically provided by other statutes, this shall not apply. <Amended on Apr. 7, 2020>
 Article 27 (Prohibition on Lending of Names)
(1) An appraiser or appraisal corporation, etc. shall not allow another person perform duties under Article 10 using his or her name or company name, or transfer or lend his or her certificate of license, certificate of registration, or certificate of authorization, or abuse the certification in an unfair manner. <Amended on Apr. 7, 2020>
(2) No person shall arrange any act prohibited under paragraph (1). <Newly Inserted on Apr. 7, 2020>
 Article 28 (Liability for Damages)
(1) Where an appraisal corporation, etc. causes harm to an appraisal requester or a third party in good faith by conducting an appraisal the outcome of which shows a marked difference from fair value at the time of appraisal by intention or mistake, or by recording deceit in the appraisal report, the appraisal corporation, etc. shall be liable for damages. <Amended on Apr. 7, 2020>
(2) In order to guarantee liability for damages under paragraph (1), an appraisal corporation, etc. shall take necessary measures, such as buying insurance as prescribed by Presidential Decree and participating in a mutual-aid program managed by the Korea Association of Property Appraisers under Article 33. <Amended on Apr. 7, 2020>
(3) Where an appraisal corporation, etc. receives a court's final and conclusive judgment granting compensation for damage to a client or a third party in good faith pursuant to paragraph (1), it shall notify the Minister of Land, Infrastructure and Transport of such fact, as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport. <Newly Inserted on Jul. 20, 2021>
(4) The Minister of Land, Infrastructure and Transport may prescribe criteria for damage compensation capacity, etc. required for an appraisal corporation, etc. to protect appraisal requesters or third parties in good faith. <Newly Inserted on Jul. 20, 2021>
 Article 28-2 (Prohibition of Inducing or Requesting Appraisal)
No one shall induce or request an appraisal corporation, etc. (including appraisers affiliated with an appraisal corporation or an appraisal office) and a clerical worker thereof to provide a specific price at an appraisal of land, etc.
[This Article Newly Inserted on Jul. 20, 2021]
Section 5 Appraisal Corporations
 Article 29 (Establishment)
(1) In order to systematically perform duties under Article 10, an appraiser may establish an appraisal corporation.
(2) An appraisal corporation shall employ appraisers in at least the ratio prescribed by Presidential Decree to an extent exceeding 70/100 of all partners or directors. In such cases, partners or directors who are not appraisers shall be persons who meet the qualifications prescribed by Presidential Decree, such as expertise in land, etc. and shall not fall under Article 18 (1) 1 or 5. <Amended on Jul. 20, 2021>
(3) The representative member or representative director of an appraisal corporation shall be an appraiser. <Newly Inserted on Jul. 20, 2021>
(4) An appraisal corporation, and the main office and branch offices thereof shall have appraisers of a number not less than the number prescribed by Presidential Decree. In such cases, appraisers affiliated with an appraisal corporation shall not be a person falling under any of the subparagraphs of Article 18 (1) or Article 21 (2) 2. <Amended on Jul. 20, 2021>
(5) Where an appraisal corporation is to be established, persons who are to be partners of the appraisal corporation or its promoters who are appraisers shall jointly prepare articles of incorporation including the following matters and obtain authorization from the Minister of Land, Infrastructure and Transport as prescribed by Presidential Decree, and the same shall apply to the change of the articles of incorporation: Provided, That the change of minor matters prescribed by Presidential Decree may be reported: <Amended on Jul. 20, 2021>
1. Purpose;
2. Name;
3. Locations of the principal office and branch offices;
4. Names and addresses of partners (promoters in the case of a stock company);
5. Matters concerning investment by partners (issuance of stocks in the case of a stock company);
6. Matters concerning its duties;
(5) The Minister of Land, Infrastructure and Transport shall notify an applicant for authorization under paragraph (5) of whether to grant the authorization, within 20 days of the filing date of the application. <Newly Inserted on Mar. 20, 2018; Jul. 20, 2021>
(7) If the Minister of Land, Infrastructure and Transport is unable to give notice of whether to grant authorization within the period specified in paragraph (6), he or she may extend the period by up to 20 days beginning on the day immediately after the end of the period. In such cases, Minister of Land, Infrastructure and Transport shall notify the applicant, without delay, of the extension and the reasons for the extension in writing (including an electronic document). <Newly Inserted on Mar. 20, 2018; Jul. 20, 2021>
(8) Where all partners give consent or the general meeting of shareholders passes a resolution, an appraisal corporation may merge with another appraisal corporation with the authorization of the Minister of Land, Infrastructure and Transport. <Amended on Mar. 20, 2018; Jul. 20, 2021>
(9) An appraisal corporation shall not allow a person other than an appraiser affiliated with the corporation to perform duties under Article 10. <Amended on Mar. 20, 2018; Jul. 20, 2021>
(10) An appraisal corporation shall account for its business in accordance with the accounting standards under Article 5 of the Act on External Audit of Stock Companies. <Amended on Oct. 31, 2017; Mar. 20, 2018; Jul. 20, 2021>
(11) An appraisal corporation shall prepare financial statements under subparagraph 2 of Article 2 of the Act on External Audit of Stock Companies and submit them to the Minister of Land, Infrastructure and Transport within three months after the end of each business year, as determined by the Minister of Land, Infrastructure and Transport. <Amended on Oct. 31, 2017; Mar. 20, 2018; Jul. 20, 2021>
(12) The Minster of Land, Infrastructure and Transport may examine whether financial statements under paragraph (11) are properly prepared, if necessary. <Amended on Mar. 20, 2018; Jul. 20, 2021>
(13) The provisions concerning companies among the Commercial Act shall apply mutatis mutandis to appraisal corporations in addition to those prescribed by this Act. <Amended on Mar. 20, 2018; Jun. 9, 2020; Jul. 20, 2021>
 Article 30 (Dissolution)
(1) An appraisal corporation shall be dissolved where it falls under any of the following:
1. Where any of the grounds for dissolution specified in the articles of association arises;
2. Adoption of a resolution by the general meeting of partners or stockholders;
3. A merger;
4. Cancellation of approval of incorporation.
5. Bankruptcy;
6. Orders or adjudications issued by the court.
(2) Where an appraisal corporation is dissolved, it shall make a report to the Minister of Land, Infrastructure and Transport as prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport.
 Article 31 (Capital)
(1) An appraisal corporation shall have a capital of 200 million won or more.
(2) If an amount obtained by deducting total liabilities from total assets on the statement of financial position as at the end of the immediately preceding business year is less than 200 million won, an appraisal corporation shall replenish the shortfall with contributions from partners or increase its capital within six months of the end of each business year.
(3) The contributions under paragraph (2) shall be counted as a special profit.
(4) Deleted. <Jul. 20, 2021>
 Article 32 (Revocation of Authorization)
(1) Where an appraisal corporation, etc. falls under any of the following, the Minister of Land, Infrastructure and Transport may revoke authorization for the establishment thereof (limited to an appraisal corporation under Article 29) or order it to suspend duties for a specified period for up to two years: Provided, That where it falls under subparagraph 2 or 7, he or she shall revoke authorization for establishment: <Amended on Mar. 20, 2018; Aug. 20, 2019; Apr. 7, 2020; Jul. 20, 2021>
1. Where the appraisal corporation applies for the revocation of authorization for establishment;
2. Where the appraisal corporation, etc. performs duties under Article 10 while the disposition of suspension from duties is valid;
3. Where the appraisal corporation, etc. allows an affiliated appraiser on whom disposition of suspension from duties is imposed to perform duties under Article 10 while the disposition is in effect;
4. Where the appraisal corporation, etc. conducts an appraisal in violation of Article 3 (1);
5. Where the appraisal corporation, etc. conducts an appraisal in violation of the principles and standards under Article 3 (3);
6. Where the appraisal corporation, etc. violates matters concerning the preparation and issuance of an appraisal report under Article 6;
7. Where the appraisal corporation, etc. fails to supplement appraisers within three months from the date on which the number of affiliated appraisers is less than the number prescribed in Article 21 (3) or 29 (4);
8. Where the appraisal corporation, etc. establishes two or more appraisal offices in violation of Article 21 (4);
9. Where the appraisal corporation, etc. allows a person other than an appraiser to perform duties under Article 10 in violation of Article 21 (5) or 29 (9);
10. Where the appraisal corporation, etc. does not comply with the standard for the fee rate and actual costs in violation of Article 23 (3);
11. Where the appraisal corporation, etc. violates Article 25, 26, or 27: Provided, That where an affiliated appraiser or clerical worker violates Article 25 (4) and the appraisal corporation, etc. has not been negligent in exercising due care and supervision with regard to relevant duties in order to prevent such violation, this shall not apply;
12. Where the appraisal corporation, etc. does not buy insurance or join a mutual-aid program managed by the Korea Association of Property Appraisers in violation of Article 28 (2);
13. Where the appraisal corporation, etc. obtains authorization under Article 29 by improper means, such as preparing false articles of incorporation;
14. Where the appraisal corporation, etc. does not keep accounts under Article 29 (10), or does not prepare and submit financial statements under paragraph (11) of that Article;
15. Where the appraisal corporation, etc. does not replenish the shortfall or increase capital within the period under Article 31 (2);
16. Where the appraisal corporation falls under any of the following with regard to guidance, supervision, etc. under Article 47:
(a) Where the appraisal corporation, etc. does not report matters on duties or submit data, or makes a false report or submits false data;
(b) Where the appraisal corporation, etc. rejects, obstructs or evades inspection of books, documents, etc.;
17. Where the appraisal corporation, etc. fails to operate matters referred to in the subparagraphs of Article 29 (5) in accordance with authorized articles of association.
(2) Where the Korea Association of Property Appraisers under Article 33 deems that an appraisal corporation, etc. has a reason for which he or she falls under any of the subparagraphs of paragraph (1), it may make a request, accompanied by evidentiary documents, to the Minister of Land, Infrastructure and Transport to impose disposition of revocation of authorization for establishment or disposition of suspension from duties on the appraisal corporation, etc. <Amended on Apr. 7, 2020>
(3) Where the Minister of Land, Infrastructure and Transport revokes authorization for establishment or suspends duties pursuant to paragraph (1), he or she shall publicly announce the fact in the Official Gazette and notify the public thereof through an information and communications network, etc.
(4) The disposition of revocation of authorization for establishment or disposition of suspension from duties under paragraph (1) shall not be imposed after five years pass from the date a reason for disposition arises.
(5) The standard for revocation of authorization for establishment and the standard for suspension from duties under paragraph (1) shall be prescribed by Presidential Decree, and the methods and details of public announcement under paragraph (3) and other necessary matters shall be prescribed by Ordinance of the Ministry of Land, Infrastructure and Transport.
CHAPTER IV KOREA ASSOCIATION OF PROPERTY APPRAISERS
 Article 33 (Purpose and Establishment)
(1) In order to maintain the dignity of appraisers, to plan improvement and development of duties and to perform affairs concerning the management and guidance of members, a Korea Association of Property Appraisers (hereinafter referred to as "Association") shall be established.
(2) The Association shall be a corporation.
(3) The Association shall be duly formed when it is registered for incorporation with the registry having jurisdiction over its principal place of business after obtaining authorization therefor from the Minister of Land, Infrastructure and Transport.
(4) The Association may operate a mutual-aid society as specified by its bylaws.
(5) The organization of the Association and other necessary matters shall be prescribed by Presidential Decree.
(6) The provisions of the Civil Act regarding the incorporated association shall apply mutatis mutandis to the Association, except as otherwise provided in this Act.
 Article 34 (Bylaws)
(1) The Association shall determine bylaws and obtain authorization from the Minister of Land, Infrastructure and Transport. The same shall apply to the change thereof.
(2) The bylaws under paragraph (1) shall include following matters:
1. Name and address of office;
2. Matters concerning joining the Association as a member and withdrawal therefrom;
3. Matters concerning the composition of executive officers;
4. Matters concerning the rights and obligations of members;
5. Matters concerning guidance and management of members;
6. Matters concerning assets and accounting;
7. Other necessary matters.
 Article 35 (Obligation to Join Association)
(1) Appraisal corporations, etc. and their affiliated appraisers shall be obliged to join the Association as a member, and other appraisers may join the Association as a member. <Amended on Apr. 7, 2020>
(2) Appraisal corporations, etc. and appraisers who join the Association as a member shall keep the bylaws under Article 34. <Amended on Apr. 7, 2020>
 Article 36 (Code of Ethics)
(1) The Association shall determine the rules of professional conduct that members are to keep in performing duties.
(2) Members shall keep the rules of professional conduct under paragraph (1).
 Article 37 (Counsel)
(1) With respect to the duties of appraisers under Article 4, the State, etc. may request the Association to advise on the duties, or may request the Association to recommend executive officers, members, or employees of the Association for commissioning in specialized areas. <Amended on Jul. 20, 2021>
(2) Where the Association is in receipt of a request for counsel or recommendation under paragraph (1), it may have its members perform such duties. <Amended on Jul. 20, 2021>
(3) The Association may, if necessary, propose that the State, etc. improve duties concerning the management, supervision, request, etc. of appraisal.
 Article 38 (Education and Training of Members)
(1) The Association shall implement education and training of the following persons, and guide and manage autonomous education and training by members: <Amended on Aug. 20, 2019>
1. Members;
2. Appraisers who intend to register with the Minister of Land, Infrastructure and Transport pursuant to Article 17;
3. Clerical workers pursuant to Article 24.
(2) In order to implement education and training under paragraph (1), the Association may have a training center.
(3) Matters necessary for education, training, guide and management under paragraph (1) shall be determined by the Association with the approval of the Minister of Land, Infrastructure and Transport.
CHAPTER V DISCIPLINARY ACTION
 Article 39 (Disciplinary Actions)
(1) Where an appraiser falls under any of the following, the Minister of Land, Infrastructure and Transport may take a disciplinary action falling under any of the subparagraphs of paragraph (2) against him or her according to a decision made by the appraisal management and disciplinary committee under Article 40: Provided, That a disciplinary action under paragraph (2) 1 shall be taken only in cases in which he or she violates subparagraph 11 or 12, or he or she transfers or lends a certificate of license, certificate of registration, or certificate of authorization to another person in violation of Article 27: <Amended on Jul. 20, 2021>
1. Where the appraiser conducts an appraisal in violation of Article 3 (1);
2. Where the appraiser conducts an appraisal in violation of the principles and standards under Article 3 (3);
3. Where the appraiser violates matters concerning the preparation, issuance, etc. of an appraisal report under Article 6;
3-2. Where the appraiser make errors in examination by intent or gross negligence, in violation of Article 7 (2);
4. Where the appraiser performs duties under Article 10 while the disposition of suspension from duties imposed on him or her is valid, or lets an affiliated appraiser, on whom disposition of suspension from duties is imposed, perform duties under Article 10 while the disposition of suspension from duties imposed on him or her is valid;
5. Where the appraiser performs duties under Article 10 without making registration or renewal of registration under Article 17 (1) or (2);
6. Where the appraiser makes registration or renewal of registration under Article 17 (1) or (2) by improper means, such as preparing required documents by fraud;
7. Where the appraiser operates an appraisal business in violation of Article 21;
8. Where the appraiser does not comply with the standard for the fee rate and actual costs in violation of Article 23 (3);
9. Where the appraiser violates Article 25, 26, or 27;
10. Where the appraiser falls under any of the following with regard to guidance, supervision, etc. under Article 47:
(a) Where the he or she does not report matters on duties or submit data, or makes a false report or submits false data;
(b) Where he or she rejects, obstructs, or evades inspection of books, documents, etc.;
11. Where the appraiser has been sentenced to imprisonment without labor or greater punishment more than two times (including cases of suspension of execution), and the sentence becomes definite: Provided, That a person whose violation was done by negligence shall be excluded;
12. A person on whom disposition of a disciplinary action has been imposed two times or more pursuant to this Act which is valid for not less than one year and who is again subject to a disciplinary action under paragraph (1) and is thus deemed to be remarkably unsuitable for performing the duties of an appraiser.
(2) The types of disciplinary actions against appraisers shall be as follows:
1. Revocation of a license;
2. Revocation of registration;
3. Suspension of business for a period not exceeding two years;
4. Reprimand.
(3) Where the Association deems that an appraiser is subject to any of the disciplinary actions under the subparagraphs of paragraph (1), it may make a request, accompanied by evidentiary documents, to the Minister of Land, Infrastructure and Transport for a disciplinary action against the appraiser.
(4) A person whose license is revoked pursuant to paragraph (1) or (2) shall return his or her certificate of license or registration to the Minister of Land, Infrastructure and Transport, and a person whose registration is revoked or who is suspended from duties shall return his or her certificate of registration to the Minister of Land, Infrastructure and Transport.
(5) Where a person required to receive education and training prescribed in Article 17, among those who have returned their certificates of registration because of suspension of business under paragraphs (1) and (2), wishes to obtain a reissue of a certificate of registration due to the expiration of the period of suspension of business before the renewal period of registration arrives, he or she shall complete the training referred to in Article 17 (1). <Newly Inserted on Jul. 20, 2021>
(6) Article 19 (2) and (4) shall apply mutatis mutandis to the revocation of license or registration under paragraphs (1) and (2). <Amended on Jul. 20, 2021>
(7) The decision of a disciplinary action under paragraph (1) shall be made at the request of the Minister of Land, Infrastructure and Transport, and a request for decision on a disciplinary action shall not be made after five years pass from the date the violation is committed. <Amended on Jul. 20, 2021>
 Article 39-2 (Public Announcement of Disciplinary Actions)
(1) Upon taking a disciplinary action pursuant to Article 39 (1) or (2), the Minister of Land, Infrastructure and Transport shall inform the relevant appraiser, appraisal corporation, etc., and the Association of the detailed grounds thereof without delay, and publish or publicly announce the details thereof in the Official Gazette, website, etc., as prescribed by Presidential Decree.
(2) The Association shall disclose the matters notified pursuant to paragraph (1) by the method of posting on its website for at least three months.
(3) Where a person who intends to request an appraisal requests the perusal of information on disciplinary actions in order to verify the fact of a disciplinary action against the relevant appraiser, the Association shall provide the relevant information.
(4) Matters necessary for the scope of disclosure, methods of implementation, methods and procedures for perusal, etc. of measures or disciplinary actions provided in paragraphs (1) through (3) shall be prescribed by Presidential Decree.
[This Article Newly Inserted on Jul. 20, 2021]
 Article 40 (Appraisal Management and Disciplinary Committee)
(1) An appraisal management and disciplinary committee (hereinafter referred to as "committee") shall be established in the Ministry of Land, Infrastructure and Transport to deliberate and resolve on the following matters: <Amended on Jun. 9, 2020; Jul. 20, 2021>
1. Matters referred by the Minister of Land, Infrastructure and Transport from among the matters on the enactment and amendment of appraisal-related statutes or regulations;
1-2. Matters concerning the amendment of working standards under Article 3 (5);
2. Matters concerning appraiser examinations under Article 14;
3. Matters concerning the fee rate and the range of actual costs under Article 23;
4. Matters concerning disciplinary actions under Article 39;
5. Other matters concerning appraisal referred by the Minister of Land, Infrastructure and Transport.
(2) Matters necessary for the composition, operation, etc. of the committee shall be prescribed by Presidential Decree.
CHAPTER VI PENALTY SURCHARGES
 Article 41 (Imposition of Penalty Surcharges)
(1) Where an appraisal corporation, etc. falls under any of the subparagraphs of Article 32 (1), and thus the Minister of Land, Infrastructure and Transport is to impose disposition of suspension from duties and such disposition of suspension from duties is likely to damage public interest, such as causing obstruction to the normal performance of the duties of publicly announcing the price of representative land under Article 3 of the Act on the Public Announcement of Real Estate Values, the Minister of Land, Infrastructure and Transport may impose a penalty surcharge not exceeding 50 million won (500 million won in the case of an appraisal corporation) in place of disposition of suspension from duties. <Amended on Apr. 7, 2020>
(2) Where the Minister of Land, Infrastructure and Transport imposes disposition of suspension from duties under paragraph (1), he or she shall consider the following matters:
1. Details and severity of violation;
2. Period and frequency of violations;
3. Scale of profit from such violation;
(3) Where an appraisal corporation that violates this Act merges with another corporation, the Minister of Land, Infrastructure and Transport may, deeming the violation committed by the appraisal corporation is a violation committed by an appraisal corporation that survives the merger or is newly established following the merger, impose and collect a penalty surcharge from the surviving appraisal corporation or newly established appraisal corporation.
(4) Matters necessary for the standards for imposition of penalty surcharges, etc. under paragraphs (1) through (3) shall be prescribed by Presidential Decree.
 Article 42 (Objection)
(1) A person who has an objection against the imposition of a penalty surcharge under Article 41 may raise an objection, accompanied by a written reason, to the Minister of Land, Infrastructure and Transport within 30 days from the date he or she is notified thereof.
(2) The Minister of Land, Infrastructure and Transport shall make a determination on the objection under paragraph (1) within 30 days: Provided, That where he or she is unable to make a determination due to unavoidable reasons, he or she may extend the period by up to 30 days.
(3) A person who is dissatisfied with a determination under paragraph (2) may file an administrative appeal under the Administrative Appeals Act.
 Article 43 (Extension of Deadline to Pay Penalty Surcharges and Installment Payments)
(1) Where a person on whom a penalty surcharge is imposed (hereinafter referred to as "surcharge payer") is deemed to be unable to pay the whole penalty surcharge at one time due to a reason falling under any of the following, the Minister of Land, Infrastructure and Transport may extend the payment deadline or allow the person to make installment payments. In such cases, the Minister may have the person provide a security, if necessary:
1. Where he or she suffers severe loss of property due to disasters, etc.;
2. Where he or she is expected to encounter financial difficulty if he or she pays the penalty surcharge at one time;
3. Where a reason corresponding to subparagraph 1 or 2 exists.
(2) Where a surcharge payer is to be granted extension of deadline to pay a penalty surcharge or to be allowed to make installment payments pursuant to paragraph (1), he or she shall file an application with the Minister of Land, Infrastructure and Transport not later than 10 days before the deadline.
(3) Where a surcharge payer who is granted extension of deadline to pay a penalty surcharge or is allowed to make installment payments pursuant to paragraph (1) falls under any of the following, the Minister of Land, Infrastructure and Transport may revoke the extension of payment deadline or the determination of installment payments and collect the penalty surcharge at one time: <Amended on Jun. 9, 2020>
1. Where he or she fails to pay the penalty surcharge, the payment of which is determined to be made in installments by the payment deadline;
2. Where the security is changed or an order of the Minister of Land, Infrastructure and Transport necessary for the preservation of security is not followed;
3. Where collection of the penalty surcharge, in whole or in part, is deemed impossible because of compulsory execution, commencement of auction, declaration of bankruptcy, dissolution of the corporation, disposition on default of national taxes or local taxes being imposed on him or her, etc.;
4. Where a reason corresponding to subparagraphs 1 through 3 exists.
(4) Matters necessary for the extension of deadline to pay penalty surcharges, installment payments, provision of a security, etc. under paragraphs (1) through (3) shall be prescribed by Presidential Decree.
 Article 44 (Collection of Penalty Surcharges and Disposition on Default)
(1) Where a surcharge payer fails to pay a penalty surcharge by the payment deadline, the Minister of Land, Infrastructure and Transport may collect an additional charge prescribed by Presidential Decree for the period from the day after the payment deadline to the day payment is made. <Amended on Jun. 9, 2020>
(2) Where a surcharge payer fails to pay the penalty surcharge by the payment deadline, the Minister of Land, Infrastructure and Transport may urge him or her to pay the penalty surcharge within a specified period, and if he or she fails to pay the penalty surcharge or the additional charge under paragraph (1) within the specified period, the Minister may collect it according to the example of disposition on default of national taxes. <Amended on Jun. 9, 2020>
(3) Matters necessary for the collection of penalty surcharges, procedures for imposing disposition on default, etc. under paragraphs (1) and (2) shall be prescribed by Presidential Decree.
CHAPTER VII SUPPLEMENTARY PROVISIONS
 Article 45 (Hearings)
The Minister of Land, Infrastructure and Transport shall hold a hearing before rendering any of the following dispositions: <Amended on Jul. 20, 2021>
1. Revocation of an appraiser's license under Article 13 (1) 1;
2. Revocation of authorization for establishment of an appraisal corporation under Article 32 (1).
 Article 46 (Entrustment of Duties)
(1) The Minister of Land, Infrastructure and Transport may entrust following duties among his or her duties under this Act to the Korea Real Estate Board under the Korea Real Estate Board Act, the Human Resources Development Service of Korea under the Human Resources Development Service of Korea Act or the Association: Provided, That he or she shall entrust the duties under subparagraphs 3 and 4 to the Association only: <Amended on Aug. 20, 2019; Jun. 9, 2020; Jul. 20, 2021>
1. Duties prescribed by Presidential Decree in connection with the inspection of appropriateness of appraisal under Article 8 (1) and sample surveys on appraisal reports under paragraph (4) of that Article;
2. Management of appraiser examinations under Article 14;
3. Registration of appraisers and renewal of registration of appraisers under Article 17;
4. Report on an affiliated appraiser or clerical worker under Article 21-2;
5. Other affairs prescribed by Presidential Decree.
(2) Where the Minister of Land, Infrastructure and Transport entrusts duties to other institutions pursuant to paragraph (1), he or she may support them with necessary expenses within budgetary limits.
 Article 47 (Guidance and Supervision)
(1) Where necessary to supervise appraisal corporations, etc. or the Association, the Minister of Land, Infrastructure and Transport may order them to report on their duties or to submit data, or issue them other necessary orders, and have affiliated public officials enter their offices to inspect books, documents, etc. <Amended on Apr. 7, 2020; Jun. 9, 2020>
(2) Any public official who has access and inspects pursuant to paragraph (1) shall carry a certificate indicating his or her authority and produce it to related persons.
 Article 48 (Legal Fiction as Public Officials for Purposes of Applying Penalty Provisions)
Any of the following persons shall be deemed a public official when Articles 129 through 132 of the Criminal Act are applied:
1. An appraiser who performs duties under subparagraphs 1 and 2 of Article 10;
2. A member who is not a public official among the members of a committee established under Article 40;
3. An executive officer or an employee of the Association engaged in the entrusted duties under Article 46.
CHAPTER VIII PENALTY PROVISIONS
 Article 49 (Penalty Provisions)
Any person who falls under any of the following shall be punished by imprisonment with labor for not more than three years or a fine not exceeding 30 million won: <Amended on Nov. 28, 2017; Apr. 7, 2020; Jul. 20, 2021>
1. A person who obtains an appraiser's license by improper means;
2. A person who is not an appraisal corporation, etc. and operates an appraisal business;
3. A person who makes registration or renews registration under Article 17 by improper means, such as preparing required documents using deceit;
4. A person whose registration or renewal of registration is refused pursuant to Article 18 or whose license or registration is revoked pursuant to Article 13, 19, or 39 performs duties under Article 10;
5. A person who willfully commits an error in the performance of duties, in violation of Article 25 (1), or accepts an inducement or request prescribed in Article 28-2, in violation of paragraph (6) of that Article;
6. A person who receives payment with regard to duties or who provides or promises to provide money or profits in property in return for being awarded with an appraisal order in violation of Article 25 (4);
6-2. A person who induces or requests to provide a specific price at an appraisal, in violation of Article 28-2;
7. A person who obtains authorization under Article 29 by improper means, such as preparing false articles of incorporation.
 Article 50 (Penalty Provisions)
Any of the following persons shall be punished by imprisonment with labor for not more than one year or a fine not exceeding 10 million won: <Amended on Mar. 20, 2018; Apr. 7, 2020; Jul. 20, 2021>
1. A person who establishes two or more offices, in violation of Article 21 (4);
2. A person who allows a person other than an affiliated appraiser to perform duties under Article 10, in violation of Article 21 (5) or 29 (9);
3. A person who violates Article 25 (3) or (5) or Article 26;
4. A person who transfers or lends an appraiser's license or certificate of registration or certificate of authorization for an appraisal corporation, or a person who obtains it by transfer or borrows it, in violation of Article 27 (1);
5. A person who arranges any act prohibited under paragraph (1), in violation of Article 27 (2).
 Article 50-2 (Confiscation and Punitive Collection)
The money or other profits received by a person who committed a crime as provided for in subparagraph 6 of Article 49 or subparagraph 4 of Article 50 shall be confiscated. If it is impossible to confiscate such money or profits, a value equivalent thereto shall be collected.
[This Article Newly Inserted on Mar. 20, 2018]
 Article 51 (Joint Penalty Provisions)
If the representative of a corporation, or the agent, servant or employee of a corporation or individual violates Article 49 or 50 in connection with the duties of the corporation or individual, not only shall the violator be punished according thereto, but also the corporation or individual shall be punished by a fine thereunder: Provided, That this shall not apply where the corporation or individual has not been negligent in giving due attention and supervision concerning the relevant duties in order to prevent such violation.
 Article 52 (Administrative Fines)
(1) Any person who employs a clerical worker in violation of Article 24 (1) shall be subject to an administrative fine not exceeding five million won. <Newly Inserted on Jul. 20, 2021>
(2) Any of the following persons shall be subject to an administrative fine not exceeding four million won: <Amended on Aug. 20, 2019; Jul. 20, 2021>
1. Deleted; <Jul. 20, 2021>
2. Deleted; <Jul. 20, 2021>
3. Deleted; <Jul. 20, 2021>
4. Deleted; <Jul. 20, 2021>
5. A person who fails to take necessary measures, such as buying insurance, joining a mutual-aid program operated by the Association, etc. in violation of Article 28 (2);
6. Deleted; <Jul. 20, 2021>
6-2. Deleted; <Jul. 20, 2021>
7. A person who refuses, obstructs or evades report, submission of data, orders or inspections, or makes a false report to the Minister of Land, Infrastructure and Transport with regard to duties under Article 47.
(3) Any of the following persons shall be subject to an administrative fine not exceeding three million won, as prescribed by Presidential Decree. <Newly Inserted on Jul. 20, 2021>
1. A person who does not keep the original copy of an appraisal report and related documents in violation of Article 6 (3);
2. A person who does not use the word "appraisal office" or "appraisal corporation" in violation of Article 22 (1), or a person who uses the word "appraiser", "appraisal office", "appraisal corporation", or similar appellations in violation of paragraph (2) of that Article.
(4) Any of the following persons shall be subject to an administrative fine not exceeding 1.5 million won: <Newly Inserted on Jul. 20, 2021>
1. A person who does not register the appraisal outcome on an appraisal information system in violation of Article 9 (2);
2. A person who does not return his or her certificate of license or registration in violation of Article 13 (3), 19 (3), or 39 (4);
3. A person who fails to notify the Minister of Land, Infrastructure and Transport of the compensation for damage referred to in Article 28 (1), in violation of Article 28 (3).
(5) The administrative fines under paragraphs (1) through (4) shall be imposed and collected by the Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree. <Amended on Jul. 20, 2021>
ADDENDA <Act No. 13782, Jan. 19, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force on September 1, 2016.
Article 2 (General Transitional Measures)
Where this Act contains provisions applicable to the disposition, procedures or other acts imposed, adopted or performed pursuant to the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force, such disposition, procedures or acts shall be deemed to have been imposed, adopted or performed pursuant to this Act.
Article 3 (Transitional Measures concerning Incompetent Persons)
Persons placed under adult guardianship or limited guardianship under subparagraph 1 of Article 12 shall be deemed to include persons to whom a court's declaration of incompetence or quasi-incompetence remains effective pursuant to Article 2 of the Addenda to the Civil Act (Act No. 10429).
Article 4 (Transitional Measures concerning Appraisers, Appraisal Offices, and Appraisal Corporations)
(1) Appraisers under the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed appraisers under this Act.
(2) Appraisers registered pursuant to the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed to have registered pursuant to this Act.
(3) A person who has reported the establishment of an appraisal office pursuant to the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed to have reported the establishment of an appraisal office pursuant to this Act.
(4) An appraisal corporation that has received authorization pursuant to the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed an appraisal corporation under this Act: Provided, That a corporation deemed to be an appraisal corporation under Article 8 of the Addenda to the previous Act (Act No. 7335), otherwise known as the Public Notice of Values and Appraisal of Lands, etc. Act shall not be deemed an appraisal corporation.
Article 5 (Transitional Measures concerning Examinations)
Persons who have succeeded in the preliminary examination of an appraiser examination implemented pursuant to the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed to have succeeded in the preliminary examination of the appraiser examination implemented in the same year pursuant to this Act.
Article 6 (Transitional Measures concerning Korea Association of Property Appraisers)
The Korea Association of Property Appraisers established pursuant to Article 40 of the previous Act on the Public Announcement of Values and Appraisal of Real Estate at the time this Act enters into force shall be deemed the Korea Association of Property Appraisers established pursuant to this Act.
Article 7 Omitted.
Article 8 (Relationship with Other Acts)
Where the Act on the Public Announcement of Values and Appraisal of Real Estate or provisions thereof are cited in other statutes at the time this Act enters into force, and this Act contains provisions corresponding thereto, this Act or relevant provisions of this Act shall be deemed to have been cited in place of the previous Act on the Public Announcement of Values and Appraisal of Real Estate or provisions thereof.
ADDENDA <Act No. 14091, Mar. 22, 2016>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation: Provided, That Article 2 of the Addenda shall enter into force on September 1, 2016.
Article 2 Omitted.
ADDENDA <Act No. 15022, Oct. 31, 2017>
Article 1 (Enforcement Date)
This Act shall enter into force one year after the date of its promulgation.
Articles 2 through 15 Omitted.
ADDENDUM <Act No. 15111, Nov. 28, 2017>
This Act shall enter into force six months after the date of its promulgation.
ADDENDA <Act No. 15514, Mar. 20, 2018>
Article 1 (Enforcement Date)
This Act shall enter into force on the date of its promulgation.
Article 2 (Applicability to Authorization for Establishment of Appraisal Corporations)
The amended provisions of Article 29 (5) and (6) shall begin to apply to applications filed for authorization after this Act enters into force.
Article 3 Omitted.
ADDENDA <Act No. 16481, Aug. 20, 2019>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Article 2 (Applicability to Report by Employers)
The amended provisions of Article 21-2 shall begin to apply to the first employment of an affiliated appraiser or clerical worker or the first termination of the employment relationship after this Act enters into force.
Article 3 (Special Cases concerning Report by Employers)
An appraisal business entity who has employed an affiliated appraiser or clerical worker as at the time this Act enters into force shall file a report with the Minister of Land, Infrastructure and Transport under the amended provisions of Article 21-2 within six months after this Act enters into force.
Article 4 (Transitional Measures concerning Grounds for Disqualification)
Where any cause that occurs before this Act enters into force constitutes grounds for disqualification under the amended provisions of Article 24 (1), the previous provisions shall apply, notwithstanding the same amended provisions.
ADDENDA <Act No. 17219, Apr. 7, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force three months after the date of its promulgation.
Article 2 Omitted.
Article 3 (Relationships to Other Statutes or Regulations)
Where "appraisal business entity" is cited by other statutes or regulations as at the time this Act enters into force, "appraisal corporation, etc." under this Act shall be deemed cited, in lieu of the previous provisions.
ADDENDUM <Act No. 17453, Jun. 9, 2020>
This Act shall enter into force on the date of its promulgation. (Proviso Omitted.)
ADDENDA <Act No. 17459, Jun. 9, 2020>
Article 1 (Enforcement Date)
This Act shall enter into force six months after the date of its promulgation.
Articles 2 through 5 Omitted.
ADDENDA <Act No. 18309, Jul. 20, 2021>
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 25 (5) shall enter into force one year after the date of the promulgation.
Article 2 (Applicability to Representative Directors of Appraisal Corporations)
The amended provisions of Article 29 (3) shall begin to apply to cases where a representative member or representative director is determined or changed after this Act enters into force.