Korea Association of Realtors marks 40th anniversary, launch as statutory body

The Korea Association of Realtors formally marked its launch as a statutory body as it celebrated its 40th founding anniversary.

The association held a ceremony titled "Korea Association of Realtors Statutory Body Launch and 40th Founding Anniversary" on Wednesday at the Gwanggaeto Hall convention center at Sejong University in Gwangjin-gu, Seoul, the association said.

About 1,000 people attended the event, including association executives and staff, heads of its 19 metropolitan and provincial chapters, delegates and members. People Power Party leader Jang Dong-hyeok attended, along with People Power Party lawmakers Kwon Young-jin, Kim Jong-yang, Park Chung-kwon and Park Jun-tae, as well as Democratic Party of Korea lawmakers Ko Min-jung, Min Hong-cheol and Mo Kyoung-jong.

The ceremony featured a congratulatory performance, a screening of a vision video, an awards presentation for members, a vision declaration and a performance marking the launch as a statutory body. Organizers also held a button-pressing event to celebrate the 40th anniversary, a launch ceremony for the statutory body, and a handprinting event.

Kim Jong-ho, president of the Korea Association of Realtors, said the ceremony marked both the association's 40th anniversary and its launch as a statutory body. He said the National Assembly passed a revised Licensed Real Estate Agent Act on Jan. 29. The passage allowed the association to be reestablished as a state-recognized statutory body after 27 years. Since its founding in 1986, the association has worked to establish order in real estate transactions and protect the rights of licensed real estate agents. More recently, it has pushed for improvements to the fine system for minor advertising violations, crackdowns on unlicensed brokerage activity, and reforms related to key money brokerage.

Kim also outlined plans to strengthen the digital capabilities of licensed real estate agents in response to the spread of AI and property technology. "We will build the education and infrastructure needed so that each and every member can stand as a 'digital master' who wields AI as a powerful tool," he said. He added that the association will also work to build a safer lease ecosystem in cooperation with public institutions and expand new businesses based on property technology.

"If the past 40 years were a history of survival and growth, the next 40 years will be a time to build a new leap forward based on professionalism," Kim said. "We will open a new future by building an association of licensed real estate agents that the public trusts and turns to, and one that its members can take pride in."

The event also included an awards ceremony honoring members who contributed to the association's development and to raising the standing of licensed real estate agents. Attendees jointly recited the code of ethics for licensed real estate agents.

The association said that with its launch as a statutory body, it plans to raise the professionalism and standing of licensed real estate agents and strengthen its public role in preventing transaction-related disputes and protecting consumers. It also plans to continue activities aimed at establishing sound order in real estate transactions.