Korea Association of Realtors "1,570 Suspected Illegal Activities Detected Last Year"

The Korea Association of Realtors announced on the 18th that it reported 1,570 suspected illegal activities by licensed realtors and real estate offices, identified through its own inspections and reports last year, to the police and local governments. This represents an increase of 583 cases compared to 987 cases in 2022.

Korea Association of Certified Realtors.

According to the association, among the 1,570 suspected illegal activities, 683 cases (43.5%) were detected by the association itself, and 265 cases (16.9%) were identified through tips and reports to the association's 'Jeonse Fraud Prevention and Illegal Brokerage Consultation Reporting Center.'

Additionally, 622 cases (39.6%) of suspected illegal activities were uncovered during joint inspections with local governments.

Among the suspected illegal activities detected through the association’s own inspections and reports to the reporting center, 'incorrect property listing advertisements' accounted for the largest share with 270 cases.

The suspected illegal activities found during joint inspections were mostly 'Jeonse fraud' (72 cases) and 'certificate lending' (29 cases).

The association emphasized the urgent need to amend the Licensed Realtor Act to grant disciplinary authority to the association, noting that from 1991 to 1998, when it had the authority to conduct guidance and inspections of its members, the number of cases detected and requested for administrative action averaged about 6,000 per year.

The association stated, "While we emphasize the industry's self-regulatory efforts to prevent Jeonse fraud, our hands are effectively tied," adding, "If direct document reviews and immediate actions, like those possible in joint inspections by agencies, were feasible, relatively serious illegal activities such as Jeonse fraud and certificate lending could also be detected."

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