Question

Rhonda was the listing agent for a property that Dennis, a salesperson from another brokerage, found a buyer for. At closing, Dennis' commission is for less than what he believes was agreed to and a dispute arises. According to the Code of Ethics of the National Association of REALTORS(NAR) how should they settle this matter?

Answer 1

Answer:

Arbitration

Explanation:

Arbitration is a private procedure in which the contesting sides agree that after obtaining evidence and hearing arguments, one or more persons may make the decision on the dispute.

Arbitration is different from mediation since it has the power of the neutral arbitrator to make a conflict decision.

The arbitration concept is similar to a jury in that the parties provide the arbitrator with opening arguments and proofs.