If your broker wishes to file an arbitration request to pursue a monetary claim arising out of a contractual dispute (or Standard of Practice 17-4) with another REALTOR® principal, your broker must complete the arbitration request form, state the amount sought and the date the dispute arose and date the contract was closed. A non-principal cannot be party to an arbitration request, although you may attend the arbitration if you remain affiliated with your broker, maintain REALTOR® or REALTOR®-ASSOCIATE membership, and have a monetary interest in the outcome. Your broker must also include a clearly-written explanation of why he or she believes he or she is owed the money.
Mediation is another alternative available for solving monetary disputes. Please refer to the enclosed brochure if interested in mediation. Your broker would need to request arbitration prior to mediation. If your broker chooses to pursue arbitration at any time, return the completed arbitration request form, along with any supporting evidence, enclose an arbitration filing fee of $500.00. If the case goes though an arbitration hearing panel the prevailing party will get there $500 filing fee returned or if the case goes though mediation and is successful then each party will have $400 of the $500 filing fee returned to them.
When we receive an arbitration request, we will forward it to the Grievance Committee which will review the matter and decide if there are sufficient grounds for a hearing by the Professional Standards Committee.
Please understand that requests for arbitration must be filed within one hundred eighty (180) calendar days after the closing of the transaction or within one hundred eighty (180) calendar days after the facts constituting the arbitrable matter could have been known in the exercise of reasonable diligence, whichever is later).
If you or your broker has any questions or concerns, please e-mail Debbie Strange or give her a call at 913-266-5925.