Final answer:
Mediation is the preferred dispute resolution method by the NATIONAL ASSOCIATION OF REALTORS® due to its accessibility, impartiality, and effectiveness in maintaining relationships and resolving disputes efficiently.
Step-by-step explanation:
The NATIONAL ASSOCIATION OF REALTORS® endorses mediation as its preferred dispute resolution system. Mediation offers a dialogue-based approach that enables parties to discuss issues and identify solutions through consensus. This process is facilitated by neutral decision makers who are ethical, competent, and reflect the community they serve. It is seen as an accessible and impartial way to resolve disputes, providing justice in a timely and effective manner.
If a dispute is not resolved through mediation, it may then proceed to arbitration. The arbitrator's role is to make a binding decision based on the merits of the case. Therefore, mediation is promoted as a potentially less formal, more collaborative, and often faster way to address disagreements before considering the more structured arbitration process.
The NATIONAL ASSOCIATION OF REALTORS® values mediation due to its ability to maintain relationships between parties and its effectiveness in dispute resolution within the real estate community.