Law
Policy
|
|
Standard of Practice 17-4 (2) - 2007 Code of Ethics
There was a minor typographical error in the third sentence of subparagraph (2) of Standard of Practice 17-4 as amended effective January 1, 2007. This affects the first printing of the Code of Ethics pamphlet and the print copies of the Code of Ethics and Arbitration Manual. To read correctly, the words "seller or landlord" should be substituted for the second use of "listing broker" in the third sentence. On-line versions of the Code at Realtor.org are correct as of February 14, 2007. The following correction shows the words to be deleted with strike-outs, and the words to be added are underlined.
2. Where a buyer or tenant representative is compensated b y the seller or landlord, and not by the listing broker, and the listing broker, as a result, reduces the commission owed by the seller or landlord and, subsequent to such actions, another cooperating broker claims to be the procuring cause of sale or lease. In such cases the complainant may name the first cooperating broker as respondent and arbitration may proceed without the listing broker being named as a respondent. When arbitration occurs between two (or more) cooperating brokers and where the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the listing broker seller or landlord and any amount credited or paid to a party to the transaction at the direction of the respondent. Alternatively, if the complaint is brought against the listing broker, the listing broker may name the first cooperating broker as a third-party respondent. In either instance the decision of the hearing panel as to procuring cause shall be conclusive with respect to all current or subsequent claims of the parties for compensation arising out of the underlying cooperative transaction. (Adopted 1/97, Amended 1/07)
|
|
