Standards and Ethics
REALTORS® abide by a very strict Code of Ethics and must adhere to the standards established by the National REALTOR® Association. The Code of Ethics and Standards ensure that REALTORS® maintain a high level or professionalism that is recognized by, not only clients and customers, but by peers.
Requesting Mediation
Boards of Realtors® are unique in providing their association members with an alternative to litigation in the form of mediation or arbitration. Long before "alternative dispute resolution systems" became a buzzword, Realtors® were able to bring disputes to their local board of Realtors® and have them decided by a panel of their peers. Arbitration by Boards of Realtors® is a process authorized by law in virtually every state. Arbitration is an economical, efficient, and expeditious alternative to civil litigation. Jurists including the former U.S. Supreme Court Chief Justice Warren Burger have endorsed arbitration as a method of reducing the litigation backlog in the civil courts.
Boards of Realtors® provide mediation as a voluntary alternative to arbitration to its members. The state of Vermont encourages mediation for all contract disputes, and there are agencies that provide the public with an alternative to litigation.