According to the National Assembly on the 19th, the legislation of the Real Estate Transactions and Real Estate Service Industry Act (Real Estate Transactions Act) initiated by Democratic Party lawmaker Jin Sung-joon included regulations on reporting on the real estate advisory business. The enactment of the Real Estate Transaction Act was in response to President Moon Jae-in’s order to establish a real estate supervisory body as a measure to stabilize the house price, and is evaluated as a’contract legislation’ by the Ministry of Land, Infrastructure and Transport.
Article 44 of the enactment required that 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. The bill stipulated that it provides advice on whether to acquire or dispose of real estate, etc., as well as the price and timing of acquisition and disposition. A real estate advisory business operator who is obligated to report contracts for others by using means such as advice, lectures, publications, communications, or broadcasting, or engages in real estate advisory business after receiving remuneration, etc. Specified as the
If you engage in real estate advisory business without reporting to the government, you will be punished by imprisonment for up to two years or a fine of up to 20 million won. According to the legislation, anyone who gives real estate advice through lectures, books, TV broadcasts, YouTube, etc. could be obligated to report to the government. An official from Congressman Jin, who initiated the bill, explained, “It will be materialized through discussions with the government as to whether or not even YouTubers who do not sign a contract and broadcast personally will be reported.”
The fact that the concept of the real estate advisory business and real estate advisory business stipulated in the relevant bill is broad and ambiguous is expected to be controversial in the future. The National Assembly Land Transport Commission review report also pointed out that “because the concept is ambiguous, it is not clear whether it is necessary to report it as a real estate advisor, even if you simply give advice on real estate through broadcasting or publishing.”
Some point out that the government and the ruling party included unreasonable regulations in the bill saying they would stabilize the house price. Rep. Jin, who initiated the bill, is in the position that the reporting system other than the permit system cannot be viewed as an excessive restriction on basic rights. “It is the legislative purpose of the bill to hold accountability for the act of disturbing the market with false real estate information,” said an official in Congressman’s office. “Sufficient discussion is necessary in the subcommittee of the National Land Commission.”
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