Starting July 3, real estate agents will face reduced fines for delays in removing advertisements for properties that have completed contracts due to simple mistakes. However, strict penalties will remain in place for false or bait listings that cause consumer harm.
The Ministry of Land, Infrastructure and Transport announced the revision of the guidelines regarding the display and advertising of completed real estate listings on July 2. Previously, agents who failed to remove listings promptly, despite knowing a contract had been signed, faced fines of up to 2.5 million won. Instances of fines being imposed even for unavoidable delays, such as hospitalization or family emergencies, highlighted the need for reform.
Under the new regulations, fines will not be imposed for unintentional delays in removing advertisements. The previous requirement to remove listings “without delay” has been adjusted to allow for a three-day grace period after receiving a deletion request via mail, in person, or through electronic communication from the registering authority.
Conversely, penalties will still apply for using completed listings as false or bait listings that mislead consumers or undermine the integrity of the real estate market. The ministry will continue to impose strict sanctions against practices that lure consumers with misleading advertisements.
As online real estate listings increase, establishing clear criteria to differentiate between administrative errors and intentional false listings has become crucial. The ministry emphasized that this revision aims to eliminate unreasonable penalties for simple mistakes while maintaining a robust management system for false and bait listings.
Ahn Jin-ae, an official in the Ministry of Land, Infrastructure and Transport's Real Estate Development Industry Division, stated, “This revision is significant in improving unreasonable regulations that excessively penalized simple mistakes while maintaining a management system for false and bait listings.”
She added, “We will continue to pursue reasonable reforms that reflect the voices from the field under the principles of protecting citizens' property rights and establishing order in real estate transactions.”
* This article has been translated by AI.
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