Damyang-gun Promotes 'Revised Licensed Real Estate Agent Act'

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Damyang-gun, Jeollanam-do (Governor Choi Hyung-sik) has launched a campaign to inform the public that, starting from the 21st, a revised clause of the Licensed Real Estate Agent Act will be enforced, punishing acts that disrupt the sound transaction order of the real estate market, such as price-fixing of house prices.

According to the county on the 11th, the main revision is that those who commit illegal acts such as manipulating real estate prices through price-fixing will face imprisonment for up to three years or a fine of up to 30 million won.

Price-fixing includes acts such as inducing not to request brokerage below a certain price, forcing licensed real estate agents to not list properties below a certain price, or inducing not to use licensed real estate agents in such cases, as well as fabricating false transaction completions to obtain unfair profits, all of which disturb the order of real estate transactions.

To promote the revision, the county is making every effort by sending official letters requesting cooperation in publicity to about 50 real estate agencies currently operating in the area, as well as to social organizations and village chief meetings in each town and township.

A county official said, “Special caution is needed as it is also a violation of the law if residents’ associations within apartments or community groups lead efforts to maintain house prices above a certain level through notices, banners, or online communities.”

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