Real Estate YouTube Capture. Material photos not related to this article.
It was confirmed that the real estate advisory business was operated under the’national reporting system’ in the Act on Establishment of the Real Estate Supervisory Service promoted by the government and the ruling party. This applies to all related companies who advise on the timing of real estate sales or disposal through lectures, publications, and broadcasting. If you engage in real estate advisory business without reporting to the government, you may be subject to imprisonment for up to two years or a fine of up to 20 million won. It is pointed out that the government and the ruling party included unreasonable and absurd regulations in the bill saying they would stabilize the house price.
Report real estate writing and lectures?
According to the National Assembly’s bill information system on the 19th, it was found that such contents were included in the enactment of the’Real Estate Transactions and Real Estate Service Industry Act (Real Estate Transactions Act)’ initiated by Democratic Party lawmaker Jin Sung-joon. The enactment of the Real Estate Transaction Act is the result of President Moon Jae-in’s order to establish a real estate supervisory body for stabilization of house prices, and is the de facto’contract legislation’ by the Ministry of Land, Infrastructure and Transport.
Article 44 of the enactment requires a person who intends to run a real estate advisory business to report to the Minister of Land, Infrastructure and Transport, as prescribed by Presidential Decree. According to Article 12 of the enactment, the real estate advisory business (paragraph 12) stipulated as a real estate service business that provides advice on determining whether to acquire or dispose of real estate, and the price and timing of acquisition and disposal. In addition, a real estate advisory business operator (paragraph 13) signs a contract using means such as advice, lectures, publications, communications, or broadcasting for others, or receives remuneration according to the amount and rate determined by the real estate service business operator. Is specified as a person running.
Source = National Assembly Bill Information System
Experts pointed out that the provisions governing the real estate advisory business and real estate advisory firms are broad and ambiguous. This is because, if the law is compliant, anyone who gives real estate advice through lectures, books, TV broadcasts, YouTube, etc. may be obligated to report to the government. Kim Min-ho, a professor at Sungkyunkwan University Law School, criticized that “the advisory business and advisors are not clearly defined, so any interpretation is possible.”
The National Assembly Land Transport Commission review report also pointed out that “It is not clear whether a report should be made as a real estate advisor, even if the concept is ambiguous, and even if you simply give advice on real estate through broadcasting or publishing.” The Ministry of Land, Infrastructure and Transport explained to the National Assembly that “the purpose is to regulate the sale of real estate by people who have become famous through real estate advisory.”
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Real estate platform companies are also regulated
Real estate brokerage platforms such as Jikbang, Coffee House, and Naver Real Estate are also expected to be hit by a’depreciation’. The enactment stipulated the’real estate information provider’ and the’real estate information provider’, and required them to report their business name, domain, server location, etc. to the Minister of Land, Infrastructure and Transport. At the same time, it has imposed a mandate not to distribute false information for sale or market disturbance. An industry official said, “Each company is voluntarily making efforts to reduce false information, etc.,” he said. “However, it is excessive for the government to place responsibility for information distribution on platform companies that are not directly responsible for false information.” .
The National Assembly review report also said, “Recently, the Financial Services Commission designated a service that calculates real estate market prices and collateral values based on big data as an innovative service, and the development of the proptech industry is becoming visible. “It is worth considering that it can be a factor that hinders development.” The proptech industry refers to an industry that combines real estate with new information technologies such as artificial intelligence (AI).
A key member of the Democratic Party of the Ministry of Land, Infrastructure and Transport said, “There may be a question about the relevant point,” and “Sufficient discussion is necessary in the subcommittee of the National Land Commission.”
Reporter Mi-Hyun Cho [email protected]
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