11.7: Vocabulary Terms - Module 11

Term	Definition (and link if applicable)
Alternative Dispute Resolution (ADR)	Methods, such as mediation or arbitration, used to resolve disputes without going to court (civil litigation).
Anti-Discrimination	The practice of not treating individuals unfairly or differently based on protected characteristics such as race, religion, or gender, which is both unethical and illegal in real estate.
Arbitration	A non-judicial proceeding in which a professional arbitrator makes a binding decision on a dispute, similar to a court hearing.
Brokerage Policies	Internal rules and procedures established by a real estate brokerage to guide the behavior and actions of its agents in various situations, including dispute resolution.
Commingling	The act of mixing a client's funds with an agent's personal or business funds, which is a violation of legal and ethical standards.
Conversion	Unlawful act of an agent misappropriating a client's money for their personal use, essentially stealing from the client.
Deceptive Advertising	Advertising that misrepresents or conceals important facts, potentially misleading consumers about a product or service.
Dual Agency	Transaction in which a real estate agent or broker represents both the seller and the buyer, requiring full disclosure of this representation.
Ethical Dilemma	Situation in which an individual is faced with conflicting moral or ethical choices, requiring a decision on the right or best course of action.
Fair Housing	Federal and state laws that prohibit discrimination in housing based on factors like race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity.
Fiduciary Duty	Legal obligation that requires a person, in this context, a real estate agent, to act in the best interests of their client, demonstrating utmost good faith and loyalty.
Grievance Committee	Committee responsible for reviewing and researching complaints against REALTOR® members and making recommendations for further action.
Kickbacks	Payments made to an agent by third-party service providers, such as escrow or title companies, in return for referring business, which is illegal and unethical.
Litigation	Process of resolving disputes through the court system, usually involving a judge making a final legal decision.
Mediation	Non-judicial process in which a neutral third party helps facilitate discussions between parties in a dispute to reach a mutually acceptable solution.
NAR Code of Ethics	The set of ethical principles and behaviors that members of the National Association of REALTORS® agree to follow, governing their conduct in real estate transactions and relationships.
Professional Standards Committee	Committee within a local Association of REALTORS® responsible for investigating and evaluating complaints against its members for potential violations of the REALTOR® Code of Ethics.
Professionalism	Conduct and behavior that reflects ethical, competent, and respectful interactions in the workplace, characterized by high standards of integrity and honesty.
Uniform Standards of Professional Appraisal Practice (USPAP)	Set of professional standards for real estate appraisers, including a “Code of Professional Ethics”.
Wall of Shame	Slang term for a list of transgressors or individuals who have violated the REALTOR® Code of Ethics, typically published by the local Association of REALTORS®.