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Part 7, Section 26: Definitions Relating to Arbitration

Part 7, Section 26: Definitions Relating to Arbitration

As used herein,

  1. “Agent” means a real estate licensee (including brokers and sales associates) acting in an agency relationship as defined by state law or regulation. (Revised 4/98)
  2. “Board” means this organization, either the ___________________________________ (local) Board/Association of REALTORS® or the ___________________________ (state) Association of REALTORS®.
  3. “Broker” means a real estate licensee (including brokers and sales associates) acting as an agent or in a legally recognized non-agency capacity. (Adopted 4/98)
  4. “Client” means the person(s) or entity(ies) with whom a REALTORS® or a REALTOR®’s firm has an agency or legally recognized non-agency relationship. (Revised 11/97)
  5. “Counsel” means an attorney at law. (Adopted 4/91)
  6. “Customer” means a party to a real estate transaction who receives information, services, or benefits but has no contractual relationship with the REALTORS® or the REALTOR®’s firm. (Revised 11/97)
  7. “Directors” means the Board of Directors of the Board (State Association) as interpreted by Policy Statement #33. (Revised 11/91)
  8. “Electronically,” “electronic means,” “technology,” “technological means,” and related terms include, but are not limited to, the Internet, Internet-based websites, all forms of Internet communication, e-mail, facsimile correspondence, telephone, and all other forms of distance communication. (Adopted 5/06)
  9. “Hearing” may refer either to an ethics hearing relating to disciplinary matters or to an arbitration hearing in which the dispute generally involves entitlement to a commission or to compensation. (Revised 11/93)
  10. “Member” means REALTOR® and REALTOR-ASSOCIATE® members of this Board (State Association). REALTORS® who participate in MLS or otherwise access MLS information through any Board in which they do not hold membership are subject to the Code of Ethics in that Board. (Amended 11/95)
  11. “Party” (Parties) means the complainant(s) or respondent(s) in disciplinary proceedings and in arbitration hearings referred to in Part Four and Part Ten of this Manual. (Revised 11/91)
  12. "Person" means a natural person. (Adopted 11/13)
  13. “REALTOR® principal” includes licensed or certified individuals who are sole proprietors, partners in a partnership, officers or majority shareholders of a corporation, or office managers (including branch office managers) acting on behalf of principals of a real estate firm who subscribe to the Code of Ethics as a condition of membership in a local Board, State Association, and the NATIONAL ASSOCIATION OF REALTORS®. The phrase REALTOR® principal includes those REALTORS® who participate in a Multiple Listing Service through any Board or Association in which they do not hold membership. (Revised 5/97)
  14. “Secretary” means the Executive Officer of any Board. (Revised 11/98)
  15. “Tribunal” means those persons serving in a given case on a Grievance Committee or a Hearing Panel of the Professional Standards Committee in either an ethics or arbitration proceeding, or a Board of Directors or appropriate body appointed by a Board of Directors to act in its behalf. No individual may participate in the deliberation of more than one tribunal on the same matter. (Revised 5/88)
  16. “Unauthorized disclosure” means a report or publication under any circumstances not established in this Manual. (Adopted 11/91)