Real Estate Agents Association "Welcomes Proposal to Legalize Association as Statutory Organization"

[Asia Economy Reporter Noh Kyung-jo] The Korea Association of Certified Realtors announced on the 5th that it actively welcomes the proposal of the "Partial Amendment to the Certified Realtor Act," which legalizes the association as a statutory organization. The association expressed its determination to spare no effort in supporting the passage of the amendment in the National Assembly plenary session.

The amendment, primarily proposed by Kim Byung-wook, a member of the Democratic Party of Korea, includes provisions to transform the association from a voluntary organization into a statutory organization, and specifies ethical regulations and obligations for public interest activities. It also contains provisions for delegating the supervision and management of unregistered illegal brokerage activities that disrupt the real estate market. In response, the association emphasized that this establishes a foundation for enhancing the professionalism of certified realtors as nationally certified professionals and protecting the property rights of the public.

The association explained that since its establishment, it has been performing tasks such as checking false or exaggerated real estate listings and supervising unregistered real estate brokers, but lost its authority when the government amended the Real Estate Brokerage Act in 1998. The amendment at that time made the association a "voluntary organization" and granted the authority to crack down on market-disrupting activities such as unregistered brokerage to the respective local governments.

Regarding this, an association official stated, "Local governments, which were granted full authority for crackdowns, have been neglecting enforcement due to lack of personnel and budget, and as the transaction market has fallen into a blind spot, the number of unregistered brokerage offices that are difficult to distinguish visually has increased, causing continuous dissatisfaction among the public and the industry." He added, "We are confident that this amendment, which includes the legalization of the association as a statutory organization, can make the real estate market safer."

The timing of the amendment proposal was also evaluated as appropriate in the current social context where tenant protection is a top priority. Furthermore, he said, "Going forward, along with the role of certified realtors in protecting the lives and property rights of the public, we will create a certified realtor industry that realizes the value of real estate and is trusted by the nation and its people."

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