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LICENSED REAL ESTATE AGENTS ACT — 법갈피

영문법령 / LICENSED REAL ESTATE AGENTS ACT

LICENSED REAL ESTATE AGENTS ACT

법률일부개정시행 2023-10-19국토교통부,국토교통부 · 제19371호 · 공포 2023-04-18

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

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]

Article 2(Definitions) #

The terms used in this Act are defined 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) #

Article 10(Disqualifications, etc. for Registration) #

(1) Any of the following persons shall be disqualified for filing for 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; Apr. 18, 2023>

1. A minor;

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 or 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 have been completed) or exempted;

5. A person for whom two years have not passed since the suspension of the execution of his or her imprisonment without labor or a heavier punishment declared by a court ended;

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 or 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 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 or her, he or 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 or 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 or 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 or 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 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 real estate fair 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 or 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 or she obtains designation by fraud or other improper means;

2. Where he or 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 or she discloses the information to the public in violation of paragraph (4);

4. Where he or she fails to establish and manage the information network for real estate transactions without any justifiable reason within one year after he or 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 or 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 or 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 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 or her, or allowing him or 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 or 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 or 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 or 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 or 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 or 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 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 or 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 or 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 or 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; Apr. 18, 2023>

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 or she files for registration of establishment of his or her brokerage office by fraud or other improper means;

3. Where he or 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 or 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 or she files a double registration of the establishment of his/ her brokerage office, in violation of Article 12 (1);

5. Where he or 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);

5-2. A person who has employed a brokerage assistant in violation of Article 15 (3);

6. Where he or she allows another person to render brokerage services using his or her name or trade name, or transfers or lends his or her brokerage office registration certificate to another person, in violation of Article 19 (1);

7. Where he or she renders brokerage services during the period for which his or her business is suspended or has a licensed real estate agent affiliated with him or her, whose qualification is suspended, render brokerage services during a period for which his or her qualification is suspended;

8. Where he or she does an act subject to a disposition to suspend his or 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; Dec. 29, 2020>

1. Where he or she fails to meet standards for registration prescribed in Article 9 (3);

2. Where he or she establishes at least two brokerage offices, in violation of Article 13 (1);

3. Where he or she establishes a temporary brokerage facility, in violation of Article 13 (2);

4. Where he or she engages concurrently in any other business, in violation of Article 14 (1);

5. Where he or she suspends his or her business for more than six consecutive months, in violation of Article 21 (2);

6. Where he or 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 or 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);

8. Where he or she commences his or her business without taking any measures for ensuring the liability to compensate for damages under Article 30 (3);

9. Where he or she does any prohibited act provided in the subparagraphs of Article 33 (1);

10. Where he or she does an act subject to a disposition to suspend his or her business or an administrative fine under this Act again after having been subject to such disposition on at least three occasions within the past one year (excluding the cases falling under paragraph (1) 8);

11. Where an enterprisers' organization (referring to an enterprisers' organization defined in subparagraph 2 of Article 2 of the Monopoly Regulation and Fair Trade Act; hereinafter the same shall apply) organized by practicing licensed real estate agents or a member practicing licensed real estate agent thereof has received the dispositions prescribed in Article 52 or 53 of the Monopoly Regulation and Fair Trade Act on at least two occasions within the past two years, in violation of Article 51 of the same Act.

(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 or 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 or 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; Dec. 29, 2020>

1. Where he or 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 or 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 or she fails to file for registration of his or her seal, or uses the unregistered seal in violation of Article 16;

3. Where he or 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 or 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 or 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 or 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 or she fails to prepare, deliver or keep a contract document in a proper manner, in violation of Article 26 (1);

9. Where he or she fails to sign and seal a contract document, in violation of Article 26 (2);

10. Where he or 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 or she falls under any subparagraph of Article 38 (2);

12. Where he or 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 or her business or administrative fines under this Act on at least two occasions within the past one year;

13. Where an enterprisers' organization organized by practicing licensed real estate agents or a member practicing licensed real estate agent thereof has received the dispositions prescribed in Article 52 or 53 of the Monopoly Regulation and Fair Trade Act in violation of Article 51 of the same Act;

14. Where he or 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 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 or her brokerage office under Article 9 again after filing a report of business closure provided for in Article 21, he or she shall succeed to his or 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 or 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>

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; Apr. 18, 2023>

1. A person who allows another person to render brokerage services using his or 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);

5-2. A person who has employed a brokerage assistant in violation of Article 15 (3);

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 or 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 or 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 51(Administrative Fines) #

(1) Deleted. <Jan. 28, 2014>

(2) Any of the following persons shall be subject to an administrative fine not exceeding five million won: <Amended on Jun. 4, 2013; May 21, 2014; Aug. 20, 2019; Apr. 18, 2023>

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 fails to notify in advance a brokerage clients that he or she is a brokerage assistant, in violation of Article 18-4, and a practicing licensed real estate agent agent to which he or she belongs: Provided, That excluded herefrom shall be cases in which the practicing licensed real estate agent does not neglect to exercise due attention and supervision for the relevant business affairs to prevent the violation from occurring;

1-5. 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);

1-6. 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 or 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 or her office, in violation of Article 18 (1) or (3), or fails to mark his or 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 or 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 or 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 or 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; Apr. 18, 2023>

1. In cases falling under paragraph (2) 1-2, 1-3, 1-5, 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, 1-4 and 1-6, (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]

LICENSED REAL ESTATE AGENTS ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 2-2(Licensed Real Estate Agent Policy Deliberation Committee) #

Article 3(Scope of Objects of Brokerage) #

Article 4(Qualifying Examination) #

Article 4-2 #

Article 4-3(Sanctions for Cheating on Examinations) #

Article 5(Issuance, etc. of Qualification Certificates) #

Article 6(Grounds for Disqualification) #

Article 7(Prohibition of Lending, etc. of Qualification Certificates) #

Article 8(Prohibition on Use of Similar Title) #

Article 9(Establishment Registration of Brokerage Office) #

Article 10(Disqualifications, etc. for Registration) #

Article 10-2(Separate Sentence of Fines) #

Article 11(Issuance, etc. of Registration Certificates) #

Article 12(Prohibition on Double Registration, etc.) #

Article 13(Standards for Establishment of Brokerage Office) #

Article 14(Restrictions, etc. on Concurrent Engagement by Practicing Licensed Real Estate Agents) #

Article 15(Report, etc. on Employees by Practicing Licensed Real Estate Agents) #

Article 16(Registration of Seal) #

Article 17(Notice of Brokerage Office Registration Certificate, etc.) #

Article 18(Title) #

Article 18-2(Labeling and Advertising of Objects of Brokerage) #

Article 18-3(Monitoring of Labeling and Advertising Placed on Internet) #

Article 18-4(Duty of Notification by Brokerage Assistant) #

Article 19(Prohibition of Lending, etc. of Brokerage Office Registration Certificates) #

Article 20(Report on Move of Brokerage Office) #

Article 21(Report on Suspension or Closure of Business) #

Article 21-2(Removal of Signboards) #

Article 22(General Brokerage Contract) #

Article 23(Exclusive Brokerage Contract) #

Article 24(Designation and Utilization of Information Network for Real Estate Transactions) #

Article 25(Confirmation and Explanation of Object of Brokerage) #

Article 25-2(Confirmation of Owners, etc.) #

Article 25-3(Duty of Explanation at Time of Brokerage of Lease) #

Article 26(Preparation, etc. of Contract) #

Article 27 #

Article 27-2 #

Article 28 #

Article 29(Basic Ethical Principles of Practicing Licensed Real Estate Agents, etc.) #

Article 30(Guarantee of Liability for Damage) #

Article 31(Repayment Guarantee of Contract Deposit) #

Article 32(Brokerage Compensation, etc.) #

Article 33(Prohibited Acts) #

Article 34(Education of Practicing Licensed Real Estate Agents, etc.) #

Article 34-2(Subsidization of Expenses for Education of Practicing Licensed Real Estate Agents, etc.) #

Article 35(Revocation of Qualification) #

Article 36(Suspension of Qualification) #

Article 37(Order, etc. for Supervision) #

Article 38(Revocation of Registration) #

Article 39(Suspension of Business) #

Article 39-2(Requests for Provision of Data) #

Article 40(Succession, etc. to Validity of Dispositions of Administrative Sanctions) #

Article 41(Establishment of Association) #

Article 42(Mutual Aid Projects) #

Article 42-2(Operating Committee) #

Article 42-3(Examination or Inspection) #

Article 42-4(Correction Orders Regarding Operation of Mutual Aid Projects) #

Article 42-5(Restriction, etc. on Executive Officers) #

Article 42-6(Maintenance of Financial Soundness) #

Article 43(Application Mutatis Mutandis of the Civil Act) #

Article 44(Guidance and Supervision, etc.) #

Article 45(Business Entrustment) #

Article 46(Monetary Awards) #

Article 47(Fees) #

Article 47-2(Establishment and Operation of Center for Reporting Disturbance of Real Estate Transaction Order) #

Article 48(Penalty Provisions) #

Article 49(Penalty Provisions) #

Article 50(Joint Penalty Provisions) #

Article 51(Administrative Fines) #