Not all real estate licensees are REALTORS®. Membership in the local, state and national associations of REALTORS® distinguishes REALTORS® from real estate agents who do not subscribe to a code of ethics or have access to the educational, business and market information advantages of the Realtor counterparts. All REALTORS® must take comprehensive training on the Code of Ethics, which is considered a living document that protects sellers, buyers, tenants and others who place their rust in REALTORS®.
Code of Ethics
By becoming a member, every Realtor binds himself or herself and agrees to submit to arbitration all disputes as defined by Article 17 of the Code of Ethics.
- In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, arising out of their relationship as REALTORS®, the REALTORS® shall submit the dispute to arbitration in accordance with the regulations of their Board or Boards rather than litigate the matter.
- The obligation to participate in arbitration contemplated by this Article includes the obligation of REALTORS® (principals) to cause their firms to arbitrate and be bound by any award.