Korea Association of Realtors(KAR) marked its 40th anniversary and officially launched as a statutory organization. The association said it plans to raise realtors' ethics and professionalism and support the use of digital technologies such as artificial intelligence (AI) and proptech (real estate + technology).
Kim Jong-ho, head of Korea Association of Realtors(KAR), said at the "launch of statutory organization and 40th anniversary ceremony" held on the 9th at the Gwanggaeto Hall convention hall at Sejong University in Gwangjin-gu, Seoul, "Twenty-seven years after it was converted into a voluntary group in 1999, it has once again risen as a fully fledged, state-authorized organization," adding, "We will be the strongest shield to protect members' right to make a living."
Founded in 1986, the association was converted into a voluntary group in 1999. After the amended Certified Realtor Act was promulgated in February and went into effect on the 28th of last month, it regained its statutory status after 27 years. As of Dec. last year, it had 105,801 members, about 97% of all practicing certified realtors.
With the transition to a statutory organization, the association will establish a code of ethics for members with the approval of the Minister of the Ministry of Land, Infrastructure and Transport. Government oversight of the association will also be strengthened. However, mandatory membership and the association's direct authority to discipline and crack down were not included in this legal revision. The association plans to recommend administrative action to the competent local governments for members who violate the code of ethics and to conduct joint inspections with the government and local governments.
Kim said, "The transition to a statutory organization is not merely about expanding authority but a starting point for heightening realtors' social responsibility," adding, "The association will take the lead so that realtors can gain the public's trust and be recognized for their expertise."
He also said the group will actively respond to the spread of real estate brokerage technologies such as AI and proptech. Kim said, "Identifying on-the-ground risks, mediating complex interests, and building trust between people are the realm of realtors," adding, "We will expand education and related infrastructure so members can use AI."
About 1,000 people, including political and government figures such as People Power Party leader Jang Dong-hyeok and Democratic Party of Korea lawmaker Min Hong-cheol, and association members, attended the event. Jang said, "We will work to review the issues proposed by the association so they can lead to legislation." Min said, "With the launch as a statutory organization, the public-interest duties of establishing a fair transaction order and protecting the public's property rights have grown."
The event included the association's vision declaration, 40th anniversary awards, awards for long-practicing members, and a reading of the code of ethics.