Jeonnam Province and Cities/Counties Launch 'Guidance and Inspection' to Eradicate Illegal Brokerage Activities

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 6th that starting from the 7th, it will form a joint inspection team with 22 cities and counties and the Jeonnam Branch of the Korea Association of Realtors to conduct guidance and inspections of real estate brokerage offices for three months to eradicate illegal brokerage activities.

This inspection will be conducted in a cross-city and county manner, thoroughly cracking down on activities that disrupt the real estate market, such as ▲certificate lending and unregistered brokerage ▲false reporting of actual transaction prices ▲excessive demand or collection of real estate brokerage fees ▲false representation and advertising of brokerage objects.

In addition, the province plans to focus on cracking down on speculative real estate activities that promote speculation, such as so-called ‘price boosting’ where transactions are reported at high prices and then contracts are canceled, false price quotes, and collusion, to protect the property rights of residents.

If illegal activities are discovered, matters that can be corrected or guided on-site will be immediately addressed, and serious violations such as breaches of the Licensed Real Estate Agents Act will be subject to strong administrative measures such as license cancellation, registration cancellation, and suspension of business.

In particular, depending on the situation, investigations will be conducted using special judicial police authority, and suspects of serious violations will be referred to the police station for investigation to eradicate similar illegal activities.

Last month, the province signed a business agreement with the Korea Association of Realtors to jointly respond in order to establish a transparent real estate transaction order.

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