[Asia Economy Reporter Moon Jiwon] The Korea Real Estate Board announced on the 21st that, following the enforcement of the revised Licensed Real Estate Agent Act prohibiting real estate transaction order disruption activities such as price collusion, it will establish and operate the 'Real Estate Transaction Order Disruption Reporting Center' entrusted by the Ministry of Land, Infrastructure and Transport.
Anyone can report real estate transaction order disruption activities such as price collusion through online communities or notices. To facilitate smooth use of the reporting center by the public, a consultation call center and a dedicated website will also be operated regarding types of disruption activities and reporting/receipt procedures.
However, to prevent the effectiveness of the reporting center from being weakened due to indiscriminate reports, individual integrated authentication access is mandatory for internet reporting, and supporting evidence for the disruption activities must be submitted together.
Reported collusion cases will be notified to the relevant city/provincial governors and registration authorities for investigation and action requests. If illegal acts such as collusion are confirmed, offenders may face imprisonment of up to three years or fines of up to 30 million won.
Reports received by the reporting center will also be investigated through the 'Real Estate Market Illegal Activities Response Team' established within the Ministry of Land, Infrastructure and Transport.
Kim Hak-gyu, President of the Korea Real Estate Board, said, "As a specialized public institution managing the real estate market, we will strive to eradicate real estate disruption activities and enhance transparency in the transaction market through the operation of the reporting center."
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