1. The two basic types of complaints that are handled by local associations are:
A. Ethics complaints and requests for arbitration - An ethics complaint is a complaint
about a REALTOR®'s conduct that has allegedly violated one of the Articles of the Code of
Ethics. Under Article 17 of the Code, REALTORS® are required to arbitrate certain types
of monetary disputes they have with other REALTORS®. So, a second type of matter
handled most frequently by local associations is a request for arbitration falling under
Article 17 of the Code.
2. REALTORS® have an obligation to protect and promote the interests of their clients but
also have an obligation to treat all parties:
- Article 1 of the Code sets out these fiduciary concepts. The obligation to protect
and promote the client's interests is balanced by the obligation to treat all parties honestly.
3. A cooperating broker in a transaction may:
D. Both A and B - According to the Standard of Practice 12-7, "Only REALTORS® who
participated in the transaction as the listing broker or cooperating broker (selling broker)
may claim to have 'sold' the property. Prior to closing, a cooperating broker may post a
'sold' sign only with the consent of the listing broker." Thus, a cooperating broker involved
in a transaction may claim to have sold the property in the transaction. The only time
limitation in the Standard of Practice relates to the cooperating broker posting a "sold"
sign before closing. After closing, permission of the listing broker is not necessary for
a cooperating broker to post the "sold" sign.