Gyeonggi-do, 10 Real Estate Illegal Brokerage Offices 'Caught'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has uncovered 10 real estate agencies that engaged in illegal brokerage activities, such as failing to report the employment of brokerage assistants or improperly preparing transaction contracts.

Gyeonggi Province announced on the 13th that from October 25 to November 30, it conducted joint inspections with city and county offices targeting 90 real estate agencies located in speculative overheated zones within the province, where illegal real estate brokerage activities are frequent, and detected 12 violations of the Real Estate Brokerage Act and other regulations at 10 agencies.

The illegal activities detected include ▲ illegal employment of brokerage assistants (2 cases) ▲ failure to report brokerage assistant resignation (1 case) ▲ omission of signatures and seals on contracts and property confirmation explanation documents (documents where brokers explain the property to buyers) (6 cases) ▲ false listing registration (1 case) ▲ violation of posting obligations such as registration certificates (2 cases).

Among the major cases, Real Estate Agency A in Yeongtong-gu, Suwon City, omitted the broker’s signature and seal on the contract and property confirmation explanation documents during an apartment sale.

Real Estate Agency B in Gwacheon City was caught employing brokerage assistants without reporting and was subjected to a one-month suspension of business as an administrative penalty.

The province plans to impose administrative sanctions such as business suspension through the relevant local governments on the 10 agencies confirmed to have committed illegal acts. Additionally, 15 agencies that were closed during the inspection period and thus could not be monitored will be subject to further investigation.

Hong Ji-seon, Director of the Urban Housing Office of the province, said, "We conducted guidance and inspections of real estate agencies to establish a fair and transparent real estate transaction order and to eradicate illegal brokerage activities. Going forward, we plan to strengthen crackdowns on illegal brokerage activities targeting speculative overheated areas and regions with market disruption."

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