Large-scale Resolution Rally Held to Celebrate 37th Anniversary
The Korea Association of Certified Realtors held a large-scale resolution rally to eradicate jeonse fraud and crack down on unregistered illegal brokerage in celebration of its 37th anniversary.
The Korea Association of Certified Real Estate Agents held a large-scale resolution rally on the 7th at the main auditorium of the Transportation Hall in Songpa-gu, Seoul, with 1,500 members from across the country gathered to eradicate jeonse fraud and crack down on unregistered illegal brokerage. / Photo by Korea Association of Certified Real Estate Agents
On the 7th, the association held the resolution rally at the main auditorium of the Transportation Hall in Songpa-gu, Seoul, with 1,500 members nationwide in attendance. They looked back on the past history and declared new tasks for the association to move toward becoming a single legal entity.
At the rally, members of the National Assembly including Kim Byung-wook, Kim Soo-heung, Heo Jong-sik, and Jo Oh-seop from the Democratic Party of Korea; Song Seok-jun, Kim Hak-yong, and Kim Woong from the People Power Party; Shim Sang-jung from the Justice Party; Oh Se-hee, president of the Korea Federation of Micro Enterprises; as well as former association presidents were also present.
In his opening remarks, Chairman Lee Jong-hyuk said, "Certified realtors have a public mission as professionals responsible for public functions in society, protecting the property of the people and contributing to the national economy," and emphasized, "Although the government has prepared various measures to eradicate jeonse fraud, joint responses from association members who operate on the front lines of the real estate market are absolutely necessary."
The association announced the 'Landlord Credit Information Inquiry System' as a measure to eradicate jeonse fraud. This service, available on-site when signing contracts through the association’s official transaction information network called 'Hanbang,' was officially launched on the 6th. The association expects this to not only enable safer lease transactions for tenants but also significantly improve the quality of brokerage services provided by its members.
The association will also restrict the subscription to compensation insurance for certified realtors who intentionally commit fraud or embezzlement. In accordance with the Certified Realtor Act, the association operates a compensation project approved by the Minister of Land, Infrastructure and Transport to guarantee the liability for damages of licensed certified realtors. Compensation certificates are issued as electronic certificates with realtor photos attached and utilizing blockchain technology. A system is being established to allow the public to easily verify licensed certified realtors registered with the registration authority when conducting real estate transactions.
Additionally, the association plans to promote transparency in the real estate distribution market through joint inspections with institutions and the use of the Safe Jeonse app. They explained that they will cooperate with the government to ensure that government policies such as jeonse fraud prevention measures are effectively applied so that no damage to the public’s property occurs.
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