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The deposits of the parties shall be used by the Secretary to cover the costs of arbitration as it may be required. Any portion not used specifically to cover the costs of the arbitration shall go into the general operating funds of the Board of REALTORS®.* When a REALTOR® requests arbitration to determine which of multiple respondents is entitled to disputed funds, or where a party makes no claim to the disputed funds, that party may not be assessed an arbitration filing fee. (Revised 11/95)
NOTE: At the option of each Member Board procedures providing for alternative disposition of arbitration deposits may be adopted. These can include returning the deposit to any prevailing party or returning a portion of the deposit to each party should the award rendered be an amount other than that requested by any of the parties. In any instance where return of part or all of any party’s deposit is involved, disposition of such deposits shall be determined by the arbitrators. (Adopted 11/95)
NOTE: Associations are strongly encouraged to refund all or part of parties’ filing deposits where disputes are resolved through mediation. If an association elects to adopt this optional procedure, the following should be incorporated as part of the association’s dispute resolution procedures:
“Where parties successfully mediate an otherwise arbitratable dispute, their arbitration filing fees will be refunded,” or “Where parties successfully mediate an otherwise arbitable dispute _______% (or $_______) of their filing fee will be refunded.” (Adopted 5/10)
If parties settle the dispute after the hearing begins but before the executive session begins, determine the disposition of the arbitration deposit. (Adopted 11/16)
*In cases of arbitration not mandated by the Board, and in which the Board provides arbitration as a service to the parties voluntarily seeking arbitration, the Board may recover its legal fees as it deems appropriate.