Korea Association of Realtors and Real Estate Ph.D. Society 'Seminar on Brokerage Industry Advancement and Consumer Protection'

'Seminar on the Advancement of Brokerage Industry and Consumer Protection Measures' Scene
Photo by Korean Real Estate Ph.D. Association

[Asia Economy Reporter Noh Kyung-jo] The Korea Real Estate Ph.D. Society (hereinafter referred to as the Ph.D. Society) and the Korea Association of Certified Realtors (hereinafter referred to as the Association) jointly held a seminar on "Advancement of Brokerage Industry and Consumer Protection Measures" on the 6th, the 7th reported.

The keynote presentations were delivered by Professor Park In from Soongsil Cyber University (The necessity of a statutory organization through mandatory membership based on the U.S. certified realtor system) and Dr. Hwang Kyu-hyun (Lease dispute and the role of administrative agencies and certified realtors). Afterwards, a discussion was held chaired by Yoo Seon-jong, Dean of the Graduate School of Real Estate at Konkuk University. Panelists included Professor Lee Cheol-gyu (President) and Dr. Jang Dae-seop (Research Chairman) from the Ph.D. Society, and Dr. Kim Sung-yong (Research Director) and Dr. Jang Sung-min (Research Member) from the Association.

They explored the transition of the Association into a statutory organization and discussed its roles in depth. Professor Yoo emphasized the public contribution of certified realtors based on their roles and ethics, assuming the transition. Dr. Hwang stated, "Housing lease issues go beyond private matters and cannot be free from the collective responsibility of our society," emphasizing the role of certified realtors in operating dispute resolution systems.

Dr. Jang urged in-depth research on the development of an Automated Real Estate Valuation Model (ARM) that can conduct pre-assessments to prevent lease fraud related to recent "Kkangtong Jeonse" cases, as well as big data research on real estate.

President Lee Cheol-gyu said, "As the real estate market heads toward a transaction cliff, housing issues threaten the survival rights of both actual demanders and certified realtors," emphasizing that "improvements in the status and roles of certified realtors are necessary, and the advancement of the brokerage industry based on public interest is inevitable."

President Lee Jong-hyuk stated, "A bill to amend the Certified Realtor Act, which includes key provisions such as limiting the number of brokerage assistants, mandatory notification, and penalties for one-time brokerage acts, has been proposed in the National Assembly but has not passed," adding, "There are many other issues that need to be resolved."

Both organizations said, "We will continue in-depth research for the public interest and benefit of certified realtors, as well as efforts for the development of the brokerage industry," and asked to "watch our progress closely."