Do you have a question or topic related to REALTOR ® ethics that you would like addressed in a future issue of Ethics Exchange? Click here to e-mail Scott Bush at the GMAR.
National Association of REALTORS ® (NAR)
Arbitration Guidelines
A key element in the practice of real estate is the contract. Experienced practitioners
quickly become conversant with the elements of contract formation. Inquiry, invitation,
offer, counteroffer, contingency, waiver, acceptance, rejection, execution, breach,
rescission, reformation, and other words of art become integral parts of the broker's

Given the significant degree to which Article 3’s mandate for cooperation—coupled with
everyday practicality, feasibility, and expediency—make cooperative transactions facts
of life, it quickly becomes apparent that in virtually every real estate transaction there
are actually several contracts which come into play. Setting aside ancillary but still
important contracts for things such as mortgages, appraisals, inspections, title
insurance, etc., in a typical residential transaction (and the same will be true in many
commercial transactions as well) there are at least three (and often four) contracts
involved, and each, while established independently of the others, soon appears to be
inextricably intertwined with the others.

We hope you enjoyed Issue #5 of Ethics Exchange 2020 brought to you by the Greater Milwaukee Association of REALTORS ® (GMAR). The GMAR created this newsletter, each issue dedicated to a unique issue, because the REALTOR ® Code of Ethics, on which our industry is built, is the foundation of what it means to be a REALTOR ® .
Your proactive support of the Code of Ethics will assure your fellow REALTORS ® , as well as members of the public, that every member of GMAR operates under the highest ethical standards.
Questions, comments or concerns regarding this issue can be directed to
Scott Bush at the GMAR Office (414-778-4929 or