This act is constituted so as to manage the real estate brokerage (hereinafter referred to as brokerage), to establish the order of the transaction of property, to protect the interests of the clients, and to promote a sound development of the real estate market.

The management of brokerage is carried out in accordance with this act. Any other regulations of related law shall apply to what this act does not specify.

The term ‘competent authority’ referred to in this Act shall mean the Ministry of the Interior in the central government; the Department of Land Administration of Municipal Governments in Municipalities, the County (City) governments in the Counties (Cities) level.

The definitions of the terms employed in this act are as follows:
1. Property, which means land, things affixed to land or a house and its transferable rights. “House” refers to a completed house or a presale house and its transferable rights.
2. Completed House, which means a building with a usage license or a building of which the construction had been finished before building management was put into practice.
3. Presale House, which means a building with a construction license that has not finished being constructed and shall become the trading object as soon as its construction is done.
4. Brokerage Agency, which refers to the company or firm engaged in brokering or sales agency services as stipulated by this Act.
5. Brokering Services, which refers to the services engaged in intermediary or agency services for the sale, exchange, and leasing of property.
6. Sales Agency Services, which refers to the services of planning and representing the sale of property commissioned by proprietors or the building industry.
7. Brokerage Agent, which refers to a broker or an assistant broker.The job of a broker includes conducting brokering or sales agency services. The job of an assistant broker is to assist the broker in brokering or sales agency services.
8. Franchisee: One party of the brokerage Agency who, through a contract, agrees to utilize services, operational methods, trademarks, or service marks developed by the other party and is subject to their regulations or supervision.
9. Price Difference, which refers to the difference between the actual sale price and the price requested on commission.
10.Business Office, which refers to the store, office, or non-regular fixed location where the brokerage agent conducts brokering or sales agency services.