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 and Report of Real Estate Transactions and matters necessary for the enforcement thereof.

Article 2 (Brokerage Commission) (1) The limits on commissions for brokerage of the sale, lease, etc. of residential buildings (hereinafter referred to as “brokerage commissions”) under Article 32 (3) of the Act on Business Affairs of Licensed Real Estate Agents and Report of Real Estate Transactions (hereinafter referred to as the “Act”) shall be as set out in attached Table 1.
(2) The amount of a brokerage commission shall be stipulated in the brokerage agreement made by and between a client and a broker within the limits set out in attached Table 1.
(3) The timing for paying a brokerage commission shall be stipulated in the agreement made by and between a broker and a client but shall be the time the broker completely performs the affairs that the client requested to perform, if such agreement does not exist.

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 payment or return of the deposit and other payments, the limits on such actual expenses under Article 32 (3) of the Act shall be as set out in attached Table 2, respectively.
(2) The timing for paying actual expenses shall be as prescribed in the following subparagraphs, whichever is appropriate:
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 payment or return of the deposit and other payments: At the time the deposit and other payments are paid or returned.

ADDENDA
(1) (Enforcement Date) This Ordinance shall enter into force on the date of its promulgation.
(2) (Applicability to Claims to Pay Actual Expenses Incurred in Guaranteeing Return of Deposit and Other Payments) A claim to pay actual expenses incurred in guaranteeing the payment or return of the deposit and other payments under the amended provisions of Article 3 (1) shall apply to a brokerage transaction requested only on or after the date this Ordinance enters into force.
(3) (Transitional Measure concerning Brokerage Commission Rates) As to brokerage commissions on brokerage agreements already made in accordance with the former provisions as at the time this Ordinance enters into force, the former provisions shall apply.