Youngdeungpo District of Suwon City Promotes Revised Real Estate Brokerage Act Banning House Price Collusion

[Suwon Ilbo=Reporter Seo Dong-young] Youngdeungpo District of Suwon City has urged residents to verify relevant contents when conducting real estate transactions, as the revised 'Real Estate Brokerage Act' including the prohibition of house price collusion will go into effect on the 21st.

The revised Article 33 (Prohibited Acts) of the Real Estate Brokerage Act prohibits acts that disrupt real estate transaction order, including inducing brokerage requests below a specific price, coercing or inducing advertisements of properties at prices significantly higher than market value, and inducing brokerage requests to only specific licensed real estate brokers.

Violators of 'house price collusion' acts, such as manipulating real estate market prices, are subject to imprisonment for up to three years or a fine of up to 30 million won under the 'Real Estate Brokerage Act'.

The district distributed notice materials to management offices of 129 apartment complexes in the district last month to widely publicize the revised law. Additionally, it notified the Korean Real Estate Agents Association of the amendment details and urged operating real estate brokers to exercise caution.

Ji Jun-man, head of the Comprehensive Civil Service Division of the District, stated, "To prevent cases where people suffer damages due to lack of awareness of the revised regulations, operating real estate brokers and homeowners are requested to verify the relevant contents when conducting real estate transactions."