Gyeongnam Province Cracks Down on Illegal Activities in Real Estate Brokerage

58 Cases Detected Including Registration and License Lending, Unregistered Brokerage

Registration and License Cancellation, Business Suspension, Reported to Jurisdictional Police Station

Gyeongnam Provincial Government. / Photo by Se-ryeong Lee ryeong@

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] A total of 58 violations were detected at real estate brokerage offices in Gyeongnam Province.

Gyeongsangnam-do announced on the 16th that from January to December this year, it conducted guidance inspections of 136 real estate brokerage offices in the province in cooperation with city and county offices and the Korea Association of Realtors.

Due to the impact of COVID-19 over the past two years, inspections were only conducted in some cities and counties, but this year they were expanded to cover the entire region.

As a result of this crackdown, illegal activities were revealed, including ▲1 case of lending brokerage office registration certificates and licenses ▲1 case of unregistered brokerage activities ▲6 cases of failure to issue and keep confirmation and explanation documents of brokerage objects ▲1 case of using unregistered seals ▲2 cases of violations in preparing transaction contracts ▲and a total of 58 violations including breaches related to the preparation of confirmation and explanation documents of brokerage objects.

City, county, and district offices imposed administrative measures such as cancellation of registration of the realtor offices and suspension of business for the detected companies, revoked realtor licenses for lending licenses, and reported punishable offenses such as unregistered brokerage to the local police stations.

The province plans to hold a meeting with the Korea Association of Realtors in December to request the association’s voluntary efforts to eradicate illegal activities by realtors.

Heo Dongsik, Director of the Urban Housing Bureau, said, “We have launched crackdowns on realtor offices to establish transparent real estate transaction order and eradicate illegal brokerage activities,” adding, “We will continue to strengthen enforcement against violations to prevent transaction accidents.”

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