Article 1(Purpose) #
The purpose of this Act is to contribute to maintaining stability and order in the real estate market, protecting the rights and interests of consumers in the real estate market, and developing the real estate industry by incorporating the Korea Real Estate Board and having it survey and manage the real estate market, publicly announce real estate values, and engage in the management, etc. of statistics and information. <Amended on Jun. 9, 2020>
Article 2(Legal personality) #
The Korea Real Estate Board (hereinafter referred to as the "Real Estate Board") shall be a legal entity. <Amended on Jun. 9, 2020>
Article 3(Offices) #
(1) The location of the principal office of the Real Estate Board shall be in accordance with its articles of incorporation. <Amended on Jun. 9, 2020>
(2) The Real Estate Board, if necessary to perform its duties, may have branches, offices, research institutes, and other affiliated institutions by a resolution of the board of directors. <Amended on Jun. 9, 2020>
Article 4(Capital) #
(1) The Real Estate Board shall have a capital of 50 billion won. <Amended on Jun. 9, 2020>
(2) The amount of the capital referred to in paragraph (1) shall be contributed by the Government; provided, the Real Estate Board may invite shareholders to subscribe for new shares worth the amount not exceeding 1/2 of its capital.
(3) The capital of the Real Estate Board shall be divided into shares. <Amended on Jun. 9, 2020>
Article 5(Issuance of shares) #
The types of the shares to be issued by the Real Estate Board, par value per share, date of issuance, total number of the shares to be issued, the amount, date and method of payment of share capital, and other necessary matters shall be prescribed by Presidential Decree; provided, if the Government contributes the capital, the date and method of paying share capital shall be determined by the Minister of Finance and Economy. <Amended on Jun. 9, 2020; Oct. 1, 2025>
Article 6(Article of incorporation) #
(1) The articles of incorporation of the Real Estate Board shall include the following: <Amended on Jun. 9, 2020>
1. Objectives;
2. Name;
3. Location of the principal office;
4. Matters concerning the executive officers and employees;
5. Matters concerning the operation of the board of directors;
6. Matters concerning the business affairs;
7. Matters concerning the property and accounting;
8. Matters concerning any amendment to the articles of incorporation;
9. Matters concerning public announcement.
(2) The Real Estate Board shall prepare articles of incorporation and obtain authorization therefor from the Minister of Land, Infrastructure and Transport. The same shall apply to any amendment to the articles of incorporation authorized. <Amended on Jun. 9, 2020>
Article 7(Registration) #
(1) The Real Estate Board shall come into existence by effecting the registration of incorporation at the location of its principal office. <Amended on Jun. 9, 2020>
(2) The registration of incorporation under paragraph (1) and other matters necessary for the registration shall be prescribed by Presidential Decree.
Article 8(Prohibition of use of similar names) #
No person other than the Real Estate Board shall use the name "Korea Appraisal Board", "Korea Real Estate Board", or any other name similar thereto. <Amended on Jun. 9, 2020>
Article 9(Executive officers and employees) #
(1) The Real Estate Board shall have standing directors up to five, including one CEO and one Executive Vice President; non-standing directors up to six; and one Audit and Inspection Commissioner. <Amended on Jun. 9, 2020>
(2) The CEO shall represent the Real Estate Board and exercise overall control over its business affairs. <Amended on Jun. 9, 2020>
(3) The Audit and Inspection Commissioner shall audit the accounts and business affairs of the Real Estate Board. <Amended on Jun. 9, 2020>
(4) The appointment and dismissal of employees of the Real Estate Board shall be made by the CEO in accordance with the articles of incorporation. <Amended on Jun. 9, 2020>
Article 10(Appointment of agents) #
The CEO may, in accordance with the articles of incorporation, select and appoint, from among its employees, an agent who has the authority to take any judicial or extra-judicial actions in connection with the business affairs of the Real Estate Board. <Amended on Jun. 9, 2020>
Article 11(Confidentiality) #
No former or current executive officer or employee of the Real Estate Board shall disclose or illegally use any confidential information that he or she learned in the course of performing his or her duties. <Amended on Jun. 9, 2020>
Article 12(Duties) #
The Real Estate Board shall perform the following in order to achieve the purposes referred to in Article 1: <Amended on Jun. 9, 2020>
1. Duties to be performed by the Real Estate Board pursuant to the Act on the Public Announcement of Real Estate Values, such as survey, assessment, and verification for public announcement set forth in the same Act;
2. Survey of the trends in the real estate market, such as market transactions, price and rent, and management of the relevant statistics;
3. Duties prescribed by Presidential Decree to ensure the adequacy of the real estate market and maintain market order, such as inspection of the business affairs of real estate investment companies and survey of validity of appraisal;
4. Duties of providing information and advice on real estate and supporting government policies prescribed by Presidential Decree regarding cities, construction, real estate, etc.;
5. Computerized management of and support for subscription to buildings, including housing;
6. Duties prescribed by Presidential Decree to protect the consumers of the real estate market, such as the settlement of disputes related to real estate;
7. Certification, examination, etc. of green buildings under the Green Buildings Construction Support Act;
8. Duties that may be performed by or entrusted to the Real Estate Board pursuant to other statutes or regulations;
9. Research and development, education, training, and public relations related to the duties referred to in subparagraphs 1 through 8;
10. Other duties incidental to the duties specified in subparagraphs 1 through 9 and prescribed by Presidential Decree.
Article 13(Investment and loan) #
(1) The Real Estate Board may fully or partially invest its capital in any legal entity that performs the duties set forth in Article 12 or duties similar thereto (except for an appraisal business entity under the Act on Appraisal and Certified Appraisers). <Amended on Jun. 9, 2020>
(2) The Real Estate Board may take out a loan to perform its duties upon approval from the Minister of the Land, Infrastructure and Transport. <Amended on Jun. 9, 2020>
(3) The Government may grant the Real Estate Board a subsidy, within budgetary limits, to support its performance of the duties set forth in Article 12. <Amended on Jun. 9, 2020>
Article 14(Profit and loss management) #
(1) The Real Estate Board shall use the profits remaining after settlement of accounts for each business year in the following order: <Amended on Jun. 9, 2020>
1. Make up for the losses brought forward;
2. Accumulate at least 10/100 of the profits as earned surplus reserve until it amounts to 1/2 of the capital;
3. Pay out dividends;
4. Set aside the profits as reserve funds other than the earned surplus reserve set forth in subparagraph 2.
(2) The Real Estate Board shall make up for any losses after account settlement for each business year with the reserve referred to in paragraph (1)4; and if the reserve is insufficient, then with the earned surplus reserve referred to in paragraph (1)2; and the remaining losses, if any, shall be carried forward to the next business year. <Amended on Jun. 9, 2020>
(3) The earned surplus reserve referred to in paragraph (1)2 may be transferred to the capital.
(4) Any matters concerning the use of the reserve funds referred to in paragraph (1)4 and matters concerning the transfer referred to in paragraph (3), other than the matters prescribed in paragraph (2), shall be prescribed by Presidential Decree.
Article 15(Issuance of bonds) #
(1) The Real Estate Board may, by a resolution of the board of directors, issue bonds worth the amount not exceeding twice the sum of the capital and reserve. <Amended on Jun. 9, 2020>
(2) If the Real Estate Board issues bonds pursuant to paragraph (1), the Government may guarantee the repayment of the principal and interest accruing thereon. <Amended on Jun. 9, 2020>
(3) In order for the Real Estate Board to issue bonds pursuant to paragraph (1), it shall formulate a bond issuance plan each year and obtain approval therefor from the Minister of Land, Infrastructure and Transport through a resolution by the board of directors. The same shall apply to any change to the approved plan. <Amended on Jun. 9, 2020>
Article 16(Instruction and supervision) #
(1) The Minister of Land, Infrastructure and Transport shall instruct and supervise the Real Estate Board regarding the following: <Amended on Jun. 9, 2020>
1. Matters concerning proper performance of the duties prescribed in Article 12;
2. Matters concerning performance of managerial directions;
3. Formulating a business plan and budgeting for each business year;
4. Business performance and account settlement for each business year;
5. Other matters prescribed by other statutes or regulations.
(2) The Minister of Land, Infrastructure and Transport may, if deemed necessary, require a report from the Real Estate Board on the matters referred to in paragraph (1) or may instruct public officials under his or her command to enter the office of the Real Estate Board to inspect the books, documents, and other items. <Amended on Jun. 9, 2020>
(3) The public officials entering the office pursuant to paragraph (2) shall carry an identification indicating their authority and show it to a related person.
(4) If any matters are found to be illegal or unfair upon review of the report or inspection results prescribed in paragraph (2), the Minister of Land, Infrastructure and Transport may issue an order for corrective action.
Article 17(Request for materials) #
(1) The Real Estate Board may request related administrative agencies or other related persons for any materials deemed necessary to conduct its duties referred to in Article 12. <Amended on Jun. 9, 2020>
(2) Any person who has received the request pursuant to paragraph (1) shall comply therewith in the absence of good cause.
Article 18(Relationship to other statutes) #
Except for the matters prescribed in this Act and the Act on the Management of Public Institutions, the provisions of the Commercial Act governing stock companies shall apply mutatis mutandis to any matters concerning the Real Estate Board; provided, Article 292 of the Commercial Act shall not apply mutatis mutandis. <Amended on Jun. 9, 2020>
Article 19(Penalty provisions) #
Any person who has disclosed or illegally used any confidential information that he or she learned in the course of performing his or her duties in violation of Article 11 shall be punished by imprisonment with labor for not more than two years or by a fine not exceeding 20 million won.
Article 20(Legal fiction as public officials in application of penalty provisions) #
The executive officers and employees of the Real Estate Board shall be deemed public officials in applying Articles 129 through 132 of the Criminal Act, pursuant to Article 53 of the Act on the Management of Public Institutions. <Amended on Jun. 9, 2020>
Article 21(Administrative fines) #
(1) Any person who used the name "Korea Appraisal Board", "Korea Real Estate Board", or any other name similar thereto in violation of Article 8 shall be subject to an administrative fine not exceeding five million won. <Amended on Jun. 9, 2020>
(2) Administrative fines under paragraph (1) shall be imposed and collected by the Ministry of Land, Infrastructure and Land.