[Asia Economy Reporter Choi Eun-young] The government and the ruling party have proposed a bill to mandate the registration of real estate advisory service providers to prevent real estate speculation. Only those who have registered will be allowed to engage in real estate advisory services, but the scope of registration includes people who provide real estate advice through YouTube, TV broadcasts, lectures, or books, sparking controversy.
According to the National Assembly Legislative Information System on the 20th, Jin Seong-jun, a member of the Democratic Party of Korea, has introduced a bill to enact the Real Estate Transaction and Real Estate Service Industry Act (Real Estate Transaction Act) as the main sponsor.
The main point of the bill is to establish a real estate supervisory organization to stabilize housing prices. It also includes a provision (Article 44) requiring those who wish to engage in real estate advisory services to register with the Minister of Land, Infrastructure and Transport according to the Presidential Decree.
The scope of advisory services is defined as providing advice on whether to acquire or dispose of real estate, as well as on the price and timing of acquisition or disposal.
The bill also includes a penalty clause stating that those who provide advisory services without registration may face imprisonment of up to two years or a fine of up to 20 million won.
However, the problem lies in the ambiguity of how broadly the scope of advisory services should be defined. According to the bill, anyone giving real estate advice through YouTube, TV broadcasts, lectures, or books would be required to register with the government.
During the review process by the National Assembly Land, Infrastructure and Transport Committee, concerns were raised that "the meaning of real estate advisory services is ambiguous." The committee’s expert office pointed out in a review report that "the concept is unclear, making it uncertain whether those who provide real estate advice simply by appearing on broadcasts or publishing should be registered as real estate advisors."
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