Suncheon-si Strengthens Crackdown on Violations of Revised Licensed Real Estate Agents Act

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City has stepped up crackdowns on violations to prevent damage to transaction parties caused by false, misleading, or exaggerated representations and advertisements of real estate brokerage objects in accordance with the revised Licensed Real Estate Agents Act.

The revised Licensed Real Estate Agents Act, promulgated on August 20 last year, has been in effect since August 21 after a one-year grace period. It allows for fines of up to 5 million KRW for false, misleading, exaggerated, or deceptive advertisements by licensed real estate agents.

Additionally, when a licensed real estate agent advertises a brokerage object upon request, general display and advertisement must not include information about brokerage assistants. Instead, the name, location, contact information of the brokerage office, the licensed real estate agent’s name, and the brokerage office’s registration number must be explicitly stated. Violations incur a fine of 500,000 KRW.

It is prohibited to display phone numbers of non-licensed real estate agents, such as consultants or brokerage assistants, in advertisements for brokerage objects. Violations may result in imprisonment for up to one year or fines up to 10 million KRW.

Advertising activities apply regardless of the type or method of media, including newspapers, broadcasts, the internet, and various SNS platforms such as YouTube and Instagram.

Suncheon City plans to prevent citizen damage through continuous monitoring of real estate brokerage advertisements, issuing correction demands for violations, crackdowns, and eradicating unregistered brokerage activities.

A Suncheon City official stated, “We will establish a transparent and fair real estate transaction order through continuous promotion and guidance inspections in line with the purpose of the revised Licensed Real Estate Agents Act.”

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