Article 1 (Purpose) The purpose of this Ordinance is to provide for matters delegated pursuant to the Act on Business Affairs of Licensed Real Estate Agents Act and matters necessary for the enforcement thereof. <Amended by Ordinance No. 5858, Apr. 14, 2015>

Article 2 (Brokerage Compensation) (1) The limits on compensation for brokerage of the sale, lease, etc. of residential buildings (hereinafter referred to as "brokerage compensation") under Article 32 (4) of the Licensed Real Estate Agents Act (hereinafter referred to as the "Act") shall be as set out in attached Table 1. <Amended by Ordinance No. 5858, Apr. 14, 2015>
(2) The amount of a brokerage compensation shall be stipulated in the brokerage agreement made by and between a client and a practicing licensed real estate agent within the limits set out in attached Table 1. <Amended by Ordinance No. 5858, Apr. 14, 2015>
(3) Deleted. <by Ordinance No. 5858, Apr. 14, 2015>

Article 3 (Actual Expenses) (1) As regards actual expenses incurred in verifying rights to, and interests in, subject matter of brokerage and actual expenses incurred in guaranteeing the performance of return of the deposit and other payments, the limits on such actual expenses under Article 32 (4) of the Act shall be as set out in attached Table 2, respectively. <Amended by Ordinance No. 5858, Apr. 14, 2015; Ordinance No. 6386, Jan. 5, 2017>
(2) The timing for paying actual expenses shall be as prescribed in the following subparagraphs, whichever is appropriate: <Amended by Ordinance No. 5858, Apr. 14, 2015; Ordinance No. 6386, Jan. 5, 2017>
1. Actual expenses incurred in verifying rights to, and interests in, subject matter of brokerage: At the time the rights to, and interests in, the subject matter of brokerage are completely verified and explained;
2. Actual expenses incurred in guaranteeing the performance of return of the deposit and other payments: At the time the deposit and other payments are paid or returned.