Ministry of Land, Infrastructure and Transport to Establish Dedicated Agency for Monitoring False Online Listings
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View original image[Asia Economy Reporter Moon Jiwon] A dedicated monitoring agency to catch false real estate listings posted on the internet will be newly established.
The Ministry of Land, Infrastructure and Transport announced on the 6th that it will publicly notify the amendment to the Enforcement Decree of the Licensed Real Estate Agents Act containing this content.
The newly established agency is expected to monitor whether real estate listing advertisements posted online by licensed real estate agents comply with relevant laws and regulations, and request necessary measures if suspected violations are found.
This is a follow-up measure to the amendment of the Licensed Real Estate Agents Act promulgated in August last year. According to the amendment, from August 21, licensed real estate agents who post false listings or engage in unfair labeling and advertising will be subject to a fine of up to 5 million won.
The reason the Ministry of Land prepared this amendment is that licensed real estate agents have frequently engaged in collusive acts such as manipulating housing prices through false real estate listings. The Ministry plans to select the dedicated agency by the end of this month and finalize the announcement around the end of August when the amendment is enforced, after undergoing review by the Ministry of Government Legislation and other processes.
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Currently, the Ministry is reportedly reviewing designating one institution among public institutions, government-funded research institutes, or non-profit corporations as the dedicated agency. Candidates include the Korea Appraisal Board, which monitors the overall real estate market, and the Korea Internet Self-Governance Organization (KISO), which compiles monthly reports on false listings.
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