While the government is pursuing a plan to establish a real estate market monitoring organization, a law will be enforced starting on the 21st, allowing the government to investigate whether a real estate agent posts false or exaggerated advertisements on the Internet and to impose a fine of not more than 5 million won.

According to the Ministry of Land, Infrastructure and Transport, the revised'Authorized Brokerage Act' promulgated on August 20 last year will take effect on the 21st after a one-year grace period.

The revised law is subject to a fine of 5 million won or less for unreasonable advertisements posted by real estate agents on internet portals.

A real estate agent advertises a false property that does not exist at all, and even if the property is real but cannot be brokered or is not willing to broker it, it will be disposed of as an unfair advertisement.

In addition to displaying prices differently from the facts, it is also illegal to omit, conceal, or reduce content that greatly affects the choice of real estate consumers such as housing, such as location conditions and living conditions.

The Ministry of Land, Infrastructure, and Transport has determined detailed types of false sales through public notice.

Even if the landlord did not ask for it, advertisements made by a real estate agent may be false advertisements.

It is also illegal for a real estate agent who has not received requests from the seller or lessor to advertise a house that has been requested by another broker.

It can also be problematic if the options presented in the ad are significantly different from the real ones, or the amount of maintenance fees differs significantly from the real ones.

When advertising was done, the direction of the house was said to be southeast, but in fact, it is an exaggerated advertisement when the direction of the advertisement and the actual house differ by more than 90 degrees due to the west direction.

It is also a fraudulent advertisement to indicate in very small text that is an important variable in the choice of real estate buyers.

For example, when advertising a site for a rural house, you may want to indicate in very small letters that additional construction costs for roads or waterworks may be required.

In the Internet advertisement, the name and location of the real estate agency office must be written on the registration certificate, and the phone number of the agency assistant cannot be indicated.

If a real estate agent is advertised by a brokerage assistant who is not a real estate agent, you will be punished by imprisonment for up to one year or a fine of up to 10 million won.

The Ministry of Land, Transport and Maritime Affairs can monitor whether real estate internet advertising regulations are complied with, and can request corrections of incorrect information by receiving relevant data from information and communication service providers such as portals or platform companies.

If the Ministry of Land, Infrastructure and Transport refuses to submit data or does not comply with the request for correction, a fine of 5 million won or less per case will be imposed.

Until now, false advertisements related to real estate through the Internet have been disposed of by the Fair Trade Commission for violations of the Display Advertising Act.

However, there was not much incentive to crack down by focusing on this, compared to other tasks from the Fair Trade Commission.

Accordingly, the Ministry of Land, Infrastructure and Transport decided to enhance the enforcement power of regulations by allowing the Ministry of Land, Infrastructure, and Land to monitor or investigate and even take corrective action.

In particular, as the government strongly promotes the establishment of an exclusive agency to directly investigate the disturbing behavior of the real estate market, the regulation on illegal Internet real estate advertising is expected to become stronger.

The Korea Certified Brokers Association recently announced to its members that from the 21st, it decided to enter into its own crackdown to eliminate online display advertisement violations and unregistered brokerages, and to operate a report center.