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, the date the dispute arose and the 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. 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. If the case goes through an arbitration hearing panel, the prevailing party will get their $500 filing fee returned. Or, if the case goes through 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 180 calendar days after the closing of the transaction or within 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 contact Debbie Strange at email@example.com or 913-266-5925.
Required forms for requesting arbitration:
Confidential – This process is protected under Article 14 of the Code of Ethics and any violation of confidentiality could result in disciplinary action.