Pohang City Cracks Down on Real Estate Agents for 'False and Exaggerated Advertising'

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] On the 27th, Pohang City announced that according to the revision of the Licensed Real Estate Agent Act, licensed real estate agents who post false or exaggerated real estate advertisements online will be given a one-month guidance period and fined up to 5 million KRW.

Licensed real estate agents who post non-existent false listings or have no intention to mediate despite the listing actually existing will be treated as engaging in unfair advertising. Additionally, postings that disrupt real estate order or are likely to harm clients requesting mediation are also subject to regulation.

Actions such as failing to delete listings from the internet after a transaction has been completed or registering properties that the owner has not put up for sale will also be punished. Furthermore, licensed real estate agents who deceive consumers by concealing, omitting, or downplaying important facts related to the listings will be regulated.

This includes inflating the price set by the owner above market value, misrepresenting the floor or direction of the property, or advertising a monthly rent as a jeonse (long-term deposit lease). Even when general descriptions or advertisements are made about mediation targets by licensed agents, details such as the names and contact information of brokerage assistants must not be specified.

A Pohang City official stated, "To prevent consumer damage caused by false or exaggerated advertisements about mediation targets, we will strengthen guidance and crackdowns to efficiently block acts that disrupt the transaction order of the real estate market."

This content was produced with the assistance of AI translation services.