Real Estate Agents Association: "Preventing Jeonse Fraud in Advance is Important... Amendment Bill Must Pass Quickly"

[Asia Economy Reporter Noh Kyung-jo] The Korea Association of Certified Realtors announced on the 9th that the "Certified Realtors Act Amendment" must be promptly passed in relation to the Yoon Seok-yeol administration's plan to expand the association's authority to prevent the recurrence of the Villa King incident.

According to the association, key officials from the Presidential Office and the association met on the 6th at the Yongsan Presidential Office building to discuss measures to resolve the jeonse fraud crisis. It was reported that the Presidential Office reached a consensus on granting the association the authority to investigate and report illegal and unregistered transactions. Improvements to the compensation liability guarantee system were also discussed.

An association official said, "We are pleased with the government's response in protecting the people's property rights," adding, "Since 'prevention' rather than after-the-fact measures is important, efforts for self-regulation such as guidance and inspection of certified realtors and brokerage workers should be enabled by utilizing the association."

He emphasized, "The priority is the passage of the amendment bill currently pending in the National Assembly." The amendment aims to designate the association as a statutory organization and entrust it with the duties of guidance and management of unregistered illegal brokerage operators who disrupt the real estate market. The bill was originally proposed by Kim Byung-wook, a member of the Democratic Party of Korea, in October last year and has been pending for several months in the Land, Infrastructure and Transport Committee. To achieve statutory organization status, the association completed a merger last month with the Sae Daehan Certified Realtors Association, which was the second largest in membership.

The association has expressed its hope that practical follow-up measures to prevent empty jeonse deposits and jeonse fraud cases will be prepared as soon as possible and stated its intention to actively cooperate with the government.

In a press release on the 4th, the association said, "The Ministry of Land, Infrastructure and Transport responded positively to the measures proposed by the association, such as the 'system to check landlords' tax arrears through the internet' and the 'disclosure of market price information for small multi-family houses,'" adding, "We will work together with the government to stabilize the market."

On the 11th, a "Jeonse Fraud Prevention Measures Announcement and Resolution Rally" is scheduled to be held.