by Jeong Ilwoong
Published 05 Apr.2022 08:52(KST)
[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will crack down on false real estate listings. Real estate agents caught in the crackdown will be fined starting this month.
The province announced on the 5th that from this month, it will impose fines on real estate agents who neglect false real estate listings through "monitoring based on actual transaction information."
The monitoring based on actual transaction information compares real estate transaction data held by the Korea Real Estate Board with online real estate listing advertisements to filter out cases where properties that have already been sold are still posted online.
Earlier, from January to February, the province conducted a pilot monitoring activity and detected a total of 690 false listing advertisements.
Fines for false listing advertisements detected during the pilot monitoring period will be waived. However, starting this month, fines of up to 5 million won will be imposed on false listing advertisements detected.
Ko Jae-seong, head of the Land Management Division of the province, said, "We plan to strengthen the crackdown on false listings to prevent damage to residents," and added, "We ask for the active cooperation of real estate agents in the province to establish a sound real estate transaction order, such as immediately deleting listings from internet advertisements once a contract is concluded."
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