REB: Korea Real Estate Board

• The Minister of Land, Infrastructure and Transport designates a consignment agency to survey, appraise, and perform subsidiary works relating to officially notified reference land prices in accordance with the provisions of Article 28 of the Act on the Public Announcement of Real Estate Values (enforced on September 1, 2016).
• (In August 2012, the name of the body was changed from the Korea Association of Property Appraisers to the Korea Real Estate Board.)

REB conducts surveys and appraisals and performs subsidiary works related to the officially notified reference land prices as prescribed in the Act on the Public Announcement of Real Estate Values, in order to appraise and officially notify adequate prices of land as of January 1 of each year.

• A. Improving systems in relation to officially notified reference land prices
  • REB supports the revision of the methods of survey, appraisal, and subsidiary work for officially notified reference land prices, such as the reference land selection method, the property survey method, and the price determination method, etc.
  • REB supports the revision of legislations and guidelines in relation to the official notification of real estate prices.
• B. Preparation of officially notified reference land price data
  • Survey/appraisal stickers of officially notified reference land prices.
  • Methods of survey & appraisal of officially notified reference land prices.
  • Reference data for works related to officially notified reference land prices.
  • Statute book, precedents, and Q&A, etc. related to the official notification of real estate prices.
• C. Subsidiary work for survey and appraisal of officially notified reference land prices
  • Recommends survey and appraisal personnel for officially notified reference land prices.
  • Supporting discussions on price balancing.
  • Supporting the selection & examination of officially notified reference land prices.
  • Supporting the preparation, printing, and sending of written opinions of standard land owners.
  • Supporting the reception and checking of objections to officially notified land prices.
  • Provides training on officially notified reference land prices and individual officially notified land prices linked therewith.
  • Storage and maintenance, etc. of officially notified reference land prices.
  • Supporting petitions of standard land and administrative proceedings (administrative trials and proceedings, etc.).

• Once the expected officially notified prices of standard lands have been determined, the owners are notified thereof; and, if the opinions of the owners are adequate, the expected officially notified prices are adjusted and the rights of land owners are protected in advance.
• Any person who objects to the officially notified reference land prices may submit an objection (written or via the Internet) to the Minister of Land, Infrastructure and Transport within 30 days of the official notification of reference land prices.

The Minister of Land, Infrastructure and Transport reviews the contents of objections and notifies the applicants of the result within 30 days of the elapse of the objection application period.