ARTICLE I – NAME
Section 1. Name.
The name of this organization shall be the JUPITER-TEQUESTA-HOBE SOUND ASSOCIATION OF REALTORS®, INC., hereinafter referred to as the“Association”.
Section 2. REALTORS®
Inclusion and retention of the Registered CollectiveMembership Mark “REALTORS®” in the name of the Association shall be governed by theConstitution and Bylaws of the NATIONAL ASSOCIATION OF REALTORS® as from timeto time amended.
ARTICLE II – OBJECTIVES
The objectives of the Association are:
Section 1.
To unite those engaged in the recognized branches of the real estate professionfor the purpose of exerting a beneficial influence upon the profession and related interests.
Section 2.
To promote and maintain high standards of conduct in the real estateprofession as expressed in the Code of Ethics of the NATIONAL ASSOCIATION OFREALTORS®.
Section 3.
To provide a unified medium for real estate owners and those engaged in thereal estate profession whereby their interests may be safeguarded and advanced.
Section 4.
To further the interests of home and other real property ownership.
Section 5.
To unite those engaged in the real estate profession in this community with the Florida Association of REALTORS® and the National Association of REALTORS®, therebyfurthering their own objectives throughout the state and nation, and obtaining the benefitsand privileges of membership therein.
Section 6.
To designate, for the benefit of the public, individuals authorized to use theterm “REALTOR®” and “REALTORS®” as licensed, prescribed and controlled by theNATIONAL ASSOCIATION OF REALTORS®.
ARTICLE III – JURISDICTION
Section 1.
The territorial jurisdiction of the Association as a Member Association of theNATIONAL ASSOCIATION OF REALTORS® shall be: Northern Boundary: in MartinCounty, beginning at the Atlantic Ocean and State Road 708 (Bridge Road), thence Westalong State Road 708 to extension of State Road #7 (range line of Range 42 East), thenceSouth along State Road #7 to Palm Beach County line, thence West along the Palm BeachCounty line to Range line 40 East; Western Boundary: thence south in Palm Beach Countyalong Range line 40 East to its intersection with the extension of Frederick Small Road;
Southern Boundary: thence East along Frederick Small Road to its intersection with theAtlantic Ocean; Eastern Boundary: thence North along the Atlantic Ocean to the PalmBeach County line, thence continuing in Martin County to the intersection with State Road708, the point of beginning, including the communities of Jupiter, Tequesta and southernMartin County, and that part of Hobe Sound lying South of State Road 708 in MartinCounty, Florida. (amended 11/02)
Section 2.
Territorial Jurisdiction is defined to mean:
(a) The right and duty to control the use of the terms “REALTOR®” and “REALTORS®”,subject to the conditions set forth in these Bylaws and those of the NATIONALASSOCIATION OF REALTORS®, in return for which the Association agrees to protect andsafeguard the property right of the National Association in the terms.
ARTICLE IV – MEMBERSHIP
Section 1.
There shall be six (6) classes of membership as follows:
(a) REALTOR® Members. REALTOR® Membership in the Association shall be individual,non-transferable, and non-assignable. Each REALTOR® Member shall, by virtue ofmembership in the local Association, be entitled to the services and benefits of the Floridaand National Associations of REALTORS®.
REALTOR® Members, whether primary or secondary shall be:
(1) Individuals who, as sole proprietors, partners, corporate officers, or branch officemanagers, are engaged actively in the real estate profession, including buying, selling,exchanging, renting or leasing, managing, appraising for others for compensation,counseling, building, developing or subdividing real estate, and who maintain or areassociated with an established real estate office in the State of Florida or a state contiguousthereto. All persons who are partners in a partnership, or all officers in a corporation whoare actively engaged in the real estate profession within the state or a state contiguousthereto shall qualify for REALTOR® Membership only, and each is required to holdREALTOR® membership (except as provided in the following paragraph) in an Associationof REALTORS® within the state or a state contiguous thereto unless otherwise qualifiedfor Institute Affiliate membership as described in Section 1(b) of Article IV. (amended9/19/01) (amended 9/12/06).
In the case of a real estate firm, partnership, or corporation, whose business activity issubstantially all commercial, only those principals actively engaged in the real estatebusiness in connection with the same office, or any other offices within the jurisdiction ofthe Association in which one of the firm’s principals holds REALTOR® membership, shallbe required to hold REALTOR® membership unless otherwise qualified for InstituteAffiliate Membership as described in Section 1(b) of Article IV. (adopted 9/19/01)
NOTE: REALTOR® Members may obtain membership in a “secondary” Board in anotherstate. (amended 9/12/06)
(2) Individuals who are engaged in the real estate profession other than as soleproprietors, partners, corporate officers, or branch office managers and are associated witha REALTOR® Member and meet the qualifications set out in Article V.3
(3) Franchise REALTOR® Membership. Corporate officers (who may be licensed orunlicensed) of a real estate brokerage franchise organization with at least one hundred fifty(150) franchisees located within the United States, its insular possessions and thecommonwealth of Puerto Rico, elected to membership pursuant to the provisions in theNAR Constitution and Bylaws. Such individuals shall enjoy all of the rights, privileges andobligations of REALTOR® membership (including compliance with the Code of Ethics)except: obligations related to Association mandated education, meeting attendance, orindoctrination classes or other similar requirements; the right to use the term REALTOR®in connection with their franchise organization’s name; and the right to hold elective officein the local Association, State Association and National Association. (adopted 9/19/01)
(4) Primary and Secondary REALTOR® Members. An individual is a primarymember if the Association pays state and national dues based on such Member. Anindividual is a secondary member if state and national dues are remitted through anotherBoard/Association. One of the principals in a real estate firm must be a DesignatedREALTOR® Member of the Association in order for licensees affiliated with the firm toselect the Association as their “primary” Association.
(5) Designated REALTOR® Members. Each firm (or office in the case of firms withmultiple office locations) shall designate in writing one REALTOR® Member who shall beresponsible for all duties and obligations of Membership including the obligation toarbitrate pursuant to Article 17 of the Code of Ethics and the payment of Association duesas established in Article X of these Bylaws. The Designated REALTOR® must be a soleproprietor, partner, corporate officer, or branch office manager acting on behalf of the firm’sprincipal(s) and must meet all other qualifications for REALTOR® Membership establishedin Article V, Section 2, of the Bylaws.
(b) Institute Affiliate Members shall be individuals who hold a professional designationawarded by an Institute, Society, or Council affiliated with the NATIONAL ASSOCIATIONOF REALTORS® that addresses a specialty area other than residential brokerage orindividuals who otherwise hold a class of membership in such Institute, Society, or Councilthat confers the right to hold office. Any such individual, if otherwise eligible, may elect tohold REALTOR® Membership, subject to payment of applicable dues for such Membership.(amended 01/02)
(c) Affiliate Members shall be real estate owners and other individuals or firms who, whilenot engaged in the real estate profession as described in paragraph (a) or (b) of this section,have interests requiring information concerning real estate, and are in sympathy with theobjectives of the Association. (amended 9/19/01)
(1) Where a firm, partnership, or corporation makes application for AffiliateMembership, such Membership shall be held in the name of one person designated by thefirm, partnership, or corporation. Such membership is transferable within the firm at therequest of the firm. Additional individuals in the same firm may be admitted to AffiliateMembership at reduced dues as determined by the Board of Directors.
(2) Where an individual makes application for Affiliate Membership, suchmembership remains with that individual and is transferable with that person if they movefrom one firm to another.
Affiliate Membership shall also be granted to individuals licensed or certified to engage inreal estate practice who, if otherwise eligible, do not elect to hold REALTOR® Membershipin the Association, provided the applicant is engaged exclusively in a specialty of the realestate business other than brokerage of real property.
(d) Public Service Members shall be individuals interested in the real estate profession asemployees of or affiliated with educational, public utility, governmental or other similarorganizations, but who are not engaged in the real estate profession on their own account orin Association with an established real estate business.
(e) Honorary Members shall be individuals not engaged in the real estate profession whohave performed notable service for the real estate profession, for the Association, or for thepublic.
(f) Student Members shall be individuals who are seeking an undergraduate or graduatedegree with the specialization or major in real estate at institutions of higher learning, andwho have completed at least two years of college and at least one college level course in realestate, but who are not engaged in the real estate profession on their own account or notassociated with an established real estate office.
ARTICLE V – QUALIFICATION AND ELECTION
Section 1. Application
(a) Application for membership shall be made in such a manner and form as may beprescribed by the Board of Directors and made available to anyone requesting it. Theapplication form shall contain among the statements to be signed by the applicant
(1) That applicants agree as a condition of membership to thoroughly familiarize themselves withthe Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS®, the Constitution,Bylaws, and Rules and Regulations of this Association, the State and National Associations,and if a REALTOR® Member, will abide by the Constitution, Bylaws, Rules andRegulations of this Association, the State and National Associations, and the Code of Ethicsof the NATIONAL ASSOCIATION OF REALTORS® including the obligation to arbitratecontroversies arising out of real estate transactions as specified by Article 17 of the Code ofEthics, and as further specified in the Code of Ethics and Arbitration Manual of theNATIONAL ASSOCIATION OF REALTORS®, as from time to time amended, and
(2) That applicant consents that the Association may receive information and comment aboutapplicant from any member or other persons, and that applicant agrees that anyinformation and comment furnished to the Association by any person shall be conclusivelydeemed to be privileged and not form the basis of any action for slander, libel or defamationof character. The applicant shall, upon application, have access to a copy of the Bylaws,Constitution, Rules, Regulations, and Code of Ethics referred to above. (amended 11/02)
Section 2. Qualification
(a) An applicant for REALTOR® Membership who is a sole proprietor, partner, corporateofficer, or branch office manager of a real estate firm shall supply evidence that he/she isactively engaged in the real estate profession, and maintains a current, valid Broker,Broker/Sales associate, or Sales associate license, or is licensed, registered, or certified bythe appropriate state regulatory agency to engage in the appraisal of real property, has aplace of business within the State of Florida or a state contiguous thereto (unless a5secondary member), has no record of recent or pending bankruptcy*, has no record ofofficial sanctions involving unprofessional conduct**, agrees to complete a course ofinstruction covering the Bylaws and Rules and Regulations of the local Association, theBylaws of the State Association, and the Constitution, Bylaws, and Code of Ethics of theNATIONAL ASSOCIATION OF REALTORS®, and shall agree that if elected tomembership, will abide by such Constitution, Bylaws, Rules and Regulations, and the Codeof Ethics.
(*) NO RECENT OR PENDING BANKRUPTCY is intended to mean that the applicantor any real estate firm in which the applicant is a sole proprietor, general partner, orcorporate officer, or branch office manager, is not involved in any pending bankruptcy orinsolvency proceedings or, has not been adjudged bankrupt in the past three (3) years. If abankruptcy proceeding as described above exists, membership may not be rejected unlessthe Association establishes that its interests and those of its members and the public couldnot be adequately protected by requiring that the bankrupt applicant pay cash in advancefor Association and MLS fees for up to one (1) year from the date that membership isapproved or from the date that the applicant is discharged from bankruptcy (whichever islater). In the event that an existing member initiates bankruptcy proceedings, the membermay be placed on a “cash basis” from the date that bankruptcy is initiated until one (1) yearfrom the date that the member has been discharged from bankruptcy.
(**) NO RECORD OF OFFICIAL SANCTIONS INVOLVING UNPROFESSIONALCONDUCT is intended to mean that the Association may only consider:
A. judgments within the past three (3) years of violations of (1) civil rights laws; (2) realestate license laws; (3) or other laws prohibiting unprofessional conduct against theapplicant rendered by the courts or other lawful authorities.
B. criminal convictions if (1) the crime was punishable by death or imprisonment in excessof one year under the law under which the applicant was convicted, and (2) no more thanten (10) years have elapsed since the date of the conviction or the release of the applicantfrom the confinement imposed for that conviction, whichever is the later date. (amended9/26/07)
NOTE 2: Article IV, Section 2, of the NAR Bylaws prohibits Member Associations fromknowingly granting REALTOR® Membership to any applicant who has an unfulfilledsanction pending which was imposed by another Board/Association of REALTORS® forviolation of the Code of Ethics. (adopted 9/19/01)
(b) Individuals who are actively engaged in the real estate profession other than as soleproprietors, partners, corporate officers, or branch office managers in order to qualify forREALTOR® membership, shall at the time of application, be associated either as anemployee or as an independent contractor with a Designated REALTOR® Member of theAssociation or a Designated REALTOR® Member of another Association (if a secondarymember) and must maintain a current, valid real estate broker’s or sales associate’s licenseor be licensed, registered, or certified by an appropriate state regulatory agency to engagein the appraisal of real property, has no record of official sanctions involving unprofessionalconduct*, shall complete a course of instruction covering the Bylaws and Rules andRegulations of the Association, the Bylaws of the State Association, and the Constitutionand Bylaws and Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS®, and6shall agree in writing that if elected to membership, will abide by such Constitution,Bylaws, Rules and regulations, and the Code of Ethics.
*NO RECORD OF OFFICIAL SANCTIONS INVOLVING UNPROFESSIONALCONDUCT is intended to mean that the association may only consider:
A. judgments against the applicant within the past three (3) years of violations of (1) civilrights laws, (2) real estate license laws, and (3) or other laws prohibiting unprofessionalconduct against the applicant rendered by the courts or other lawful authorities.
B. criminal convictions if (1) the crime was punishable by death or imprisonment in excessof one year under the law under which the applicant was convicted, and (2) no more thanten years have elapsed since the date of the conviction or the release of the applicant fromthe confinement imposed for that conviction, whichever is the later date. (amended 9/26/07)
(c) The Association will also consider the following in determining an applicant’squalifications for REALTOR® membership:
1. All final findings of Code of Ethics violations and violations of other Membershipduties in any other Association within the past three (3) years
2. Pending ethics complaints (or hearings)
3. Unsatisfied discipline pending
4. Pending arbitration requests (or hearings)
5. Unpaid arbitration awards or unpaid financial obligations to any otherAssociation or MLS
6. Any misuse of the term REALTOR® or REALTORS® in the name of theapplicant’s firm (amended 9/26/07)
“Provisional” membership may be granted in instances where ethics complaints orarbitration requests (or hearings) are pending in other Associations or where the applicantfor membership has unsatisfied discipline pending in another Association (except forviolations of the Code of Ethics; See Article V, Section 2(a) NOTE 2) provided all otherqualifications for membership have been satisfied. Associations may reconsider themembership status of such individuals when all pending ethics and arbitration matters(and related discipline) have been resolved or if such matters are not resolved within six (6)months from the date that provisional membership is approved. Provisional members shallbe considered REALTORS® and shall be subject to all of the same privileges andobligations of REALTOR® membership. (deleted 9/19/01; added 9/10/03;
If a member resigns from another Association with an ethics complaint or arbitrationrequest pending, the Association may condition membership on the applicant’s certificationthat he/she will submit to the pending ethics or arbitration proceeding (in accordance withthe established procedures of the Association which the applicant has made application)and will abide by the decision of the hearing panel.
Section 3. Election.
The procedure for election to membership shall be as follows:
(a) REALTORS®, whether Primary or Secondary:
(1) The Executive Officer shall determine whether the applicant is applying for theappropriate class of membership. When an application is submitted with payment of7applicable fees and dues, the name of the applicant shall be entered into membershiprecords and the individual shall be granted the services of the Association. (amended9/10/03)
(2) The Board of directors, shall review REALTOR® applicants and vote oneligibility to membership. If applicant receives a majority vote of the Board of Directors,he/she shall be declared elected to membership and shall be so advised by notice in writing.
(3) The Board of Directors may not reject an application without providing theapplicant with advance notice of its findings, an opportunity to appear before the Board ofDirectors, to call witnesses on his/her behalf, to be represented by counsel, and to makesuch statements as he/she deems relevant. The Board of Directors shall require thatwritten minutes be made of any hearing before it or may electronically or mechanicallyrecord the proceedings.
If the Board of Directors determines that the application should be rejected, it shall recordits reasons with the Executive Officer. If the Board of Directors believes that applicant mayresort to legal action because of rejection of the application, it may specify that rejectionshall become effective upon entry in a suit by the Association for a declaratory judgment bya court of competent jurisdiction of a final judgment declaring that the rejection violates norights of the applicant.
(b) Institute Affiliate Members. An application for Institute Affiliate Membership shall beacted upon by the Board of Directors within forty-five days from the date of application formembership.
Section 4. New Member Code of Ethics Orientation and JTHS Association NewMember Orientation.
New Applicants for REALTOR® membership and provisional REALTOR members mustattend the first or second JTHS New Member Orientation Program, from date ofapplication, offered by the Association in its entirety including the program on the Code ofEthics. The Code of Ethics Program shall be not less than two hours and thirty minutes ofinstructional time. This requirement does not apply to applicants for REALTOR®membership or provisional members who have completed comparable orientation inanother association, provided that REALTOR® membership has been continuous, or thatany break in membership is for one year or less.
Failure to complete the entire program will result in the forfeiture of all fees paid on thelocal level and denial of the membership application or termination of provisionalmembership. (amended 9/10/03; amended 9/16/09)
NOTE: Orientation programs must meet the learning objectives and minimum criteriaestablished from time to time by the NATIONAL ASSOCIATION OF REALTORS®.(adopted 9/19/01)
Section 5. Continuing Member Code of Ethics Training.
Effective January 1, 2001, through December 31, 2004, and for successive four year periodsthereafter, each REALTOR® member of the association shall be required to completequadrennial ethics training of not less than two hours and thirty minutes of instructional8time. This requirement will be satisfied upon presentation of documentation that themember has completed a course of instruction conducted by this or another association, theState Association of REALTORS®, the NATIONAL ASSOCIATION OF REALTORS®, orany other recognized educational institution or provider which meets the learningobjectives and minimum criteria established by the NATIONAL ASSOCIATION OFREALTORS® from time to time. REALTOR® members who have completed training as arequirement of membership in another association and REALTOR® members who havecompleted the New Member Code of Ethics Orientation during any four year cycle shall notbe required to complete additional ethics training until a new four year cycle commences.
Failure to satisfy this requirement shall be considered a violation of a membership duty forwhich REALTOR® membership shall be suspended until such time as the training iscompleted. (adopted 9/19/01)
Members suspended for failing to meet the requirement for the first four (4)-year cycle(2001 through 2004) will have until December, 2005 to meet the requirement. Failure tomeet the requirement by that time will result in automatic termination of membership.Failure to meet the requirement for the second (2005 through 2008) cycle and subsequentfour (4)-year cycles will result in suspension of membership for the first two months(January and February) of the year following the end of any four (4)-year cycle or until therequirement is met, whichever occurs sooner. On March 1 of that year, the membership ofa member who is still suspended as of that date will be automatically terminated.(amended 9/12/06)
Section 6. Status Changes.
A Member who changes the conditions under which he/sheholds membership shall be required to provide written notification to the Association within30 days. A REALTOR® who changes his/her license status to function as the DesignatedREALTOR® of a firm may be required to satisfy any previously unsatisfied membershiprequirements applicable to Designated REALTORS®, but shall, during the period oftransition from one status of membership to another, be subject to all privileges andobligations of a Designated REALTOR®.
Section 7. Reinstatement/Re-election.
Within one (1) year of the effective date ofresignation or termination, a former member shall be eligible for reinstatement without theobligation of the application fee if any and all funds previously owed to the Association arepaid in full at the time of application. Application for reinstatement must be in writing andapplicant must qualify as outlined in Article V, Section 2. The pro-rata amount of annualdues and a reinstatement fee to be established by the Board of Directors shall accompanythe application.
If applicant has not met the above requirements, or if one (1) year has passed sinceresignation or termination, such applicant shall be deemed to have waived reinstatementrights and shall be treated as a new applicant.
ARTIVE VI – PRIVILEGES AND OBLIGATIONS
Section 1. The privileges and obligations of members, in addition to those otherwiseprovided in these Bylaws are specified in this Article.9
Section 2. REALTOR® Members.
(a) REALTOR® Members, whether primary or secondary, in good standing whose financialobligations to the Association are paid in full shall, after completion of Orientation ifrequired, be entitled to vote and, if qualified under Article XI, hold elective office in theAssociation, may use the terms “REALTOR®” and “REALTORS®”, which use shall besubject to provisions of Article VIII, and have the primary responsibility to safeguard andpromote the standards, interests, and welfare of the Association and the real estateprofession.
(b) If a REALTOR® member is a sole proprietor in a firm, a partner in a partnership, or anofficer of a corporation, and is suspended or expelled, the firm, partnership, or corporationshall not use the terms “REALTOR®”, or “REALTORS®” in connection with its businessduring the period of suspension, or until readmission to REALTOR® membership, or unlessconnection with the firm, partnership, or corporation is severed, or management control isrelinquished, whichever may apply. The membership of all other principals, partners, orcorporate officers shall suspend or terminate during the period of suspension of thedisciplined member, or until readmission of the disciplined member, or unless connection ofthe disciplined member with the firm, partnership, or corporation is severed, or unless theREALTOR® who is suspended or expelled removes himself/herself from any form or degreeof management control of the firm for the term of the suspension or until readmission tomembership, whichever may apply. Removal of an individual from any form or degree ofmanagement control must be certified to the Association by the member who is beingsuspended or expelled and by the individual who is assuming management control, and thesignatures of such certification must be notarized. In the event the suspended or expelledmember is so certified to have relinquished all form or degree of management control of thefirm, the membership of other partners, corporate officers, or other individuals affiliatedwith the firm shall not be affected, and the firm, partnership, or corporation may continueto use the terms “REALTOR®” and “REALTORS®” in connection with its business duringthe period of suspension or until the former member is readmitted to membership in theAssociation. The foregoing is not intended to preclude a suspended or expelled memberfrom functioning as an employee or independent contractor, providing no managementcontrol is exercised. Further, the membership of REALTORS® other than principals whoare employed by or affiliated as independent contractors with the disciplined member shallsuspend or terminate during the period of suspension of the disciplined member or untilreadmission of the disciplined member, or unless connection of the disciplined member withthe firm, partnership, or corporation is severed, or management control is relinquished,whichever may apply. If a REALTOR® member other than a sole proprietor in a firm,partner in a partnership, or an officer of a corporation is suspended or expelled, the use ofthe terms “REALTOR®” or “REALTORS® by the firm, partnership, or corporation shall notbe affected. (amended 11/02)
(c) In any action taken against a REALTOR® member for suspension or expulsion underSection 8 hereof, notice of such action shall be given to all REALTORS® employed by oraffiliated as independent contractors with such REALTOR® member and they shall beadvised that the provisions in Article VI Section 2(b) shall apply.
(d) Notification: It shall be the obligation of the Designated REALTOR®, within 20 days ofa request from the Association, to certify, on a form provided by the Association a completelisting of all individuals licensed with the REALTORS® firm(s) within the Sate of Floridaor a state contiguous thereto and shall designate a primary Board/Association for each10individual. Designated REALTORS® shall also identify any non-member licensees in theREALTOR’S® office(s) and if Designated REALTOR® dues have been paid to anotherBoard/Association based on said non-member licensees, the Designated REALTOR® shallidentify the Association to which dues have been remitted. These declarations shall beused for purposes of calculating dues under Article X, Section 2(a) of these Bylaws. TheDesignated REALTOR® shall also notify the Association in writing within 30 days of any ofthe following:
(1) Any Member changes the conditions under which he/she holds membership
(2) A new Designated REALTOR® is appointed for the firm
(3) A new licensed Principal is name to the firm
(4) Licensees added to the firm (Amended 9/16/09)
(5) Severance of any individual licensee(s) from the firm
Failure to abide by this notification requirement shall result in an automatic suspension ofall Association services for a period of 90 days. Before the Association terminates theservices or membership of members for any reason other than non-payment of dues or fees,the member shall be afforded a full hearing in accordance with the Code of Ethicsprocedures as described and adopted by Article VII.
Section 3.
Institute Affiliate Members shall have rights and privileges and be subjectto obligations as are prescribed by the Board of Directors in compliance with theConstitution and Bylaws of the NATIONAL ASSOCIATION OF REALTORS®. They shallnot have the right to use the REALTOR® logo, the term “REALTOR®”, shall not vote orhold elective office or to be a Participant in the local Association’s Multiple Listing Service.(amended 01/02)
Section 4.
Affiliate Members shall have privileges and rights and be subject toobligations as may be prescribed by the Board of Directors. They shall not have the right touse the REALTOR® logo, the term “REALTOR®”, shall not vote or hold elective officeexcept as provided in Article XI, Section 5 of the Bylaws. (Amended 9/16/09)
Section 5.
Public Service Members shall have privileges and rights and be subject toobligations as may be prescribed by the Board of Directors.
Section 6.
Honorary Membership shall confer no rights except the right to attendmeetings and participate in discussions, and shall impose no obligations.
Section 7.
Student Members shall have privileges and rights and shall be subject toobligations as may be prescribed by the Board of Directors.
Section 8.
Any member of the Association may be reprimanded, fined, placed onprobation, suspended or expelled by the Board of Directors for a violation of these Bylaws,and Rules and Regulations not inconsistent with these Bylaws, after a hearing as providedin the Code of Ethics and Arbitration Manual of the Association.Although members other than REALTORS® are not subject to the Code of Ethics nor itsenforcement by the Association, such members are encouraged to abide by the principlesestablished in the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS® andconduct their business and professional practices accordingly. Further, members otherthan REALTORS® may, or upon recommendation by a hearing panel of the Professional11Standards Committee, be subject to discipline as described above, for any conduct which inthe opinion of the Board of Directors, applied on a nondiscriminatory basis, reflectsadversely on the terms “REALTOR®” or “REALTORS®” and the real estate industry, or forconduct that is inconsistent with or adverse to the objectives and purposes of the localAssociation, the State Association, and the NATIONAL ASSOCIATION OF REALTORS®.
Section 9.
Any REALTOR® of the Association may be disciplined by the Board ofDirectors for violations of the Code of Ethics or other duties of membership, after a hearingas described in the code of Ethics and Arbitration Manual of the Association, provided thatthe discipline imposed is consistent with the discipline authorized by the ProfessionalStandards Committee of the NATIONAL ASSOCIATION OF REALTORS® as set forth inthe Code of Ethics and Arbitration Manual of the National Association.
Section 10.
Resignation of members shall become effective when received in writing by theBoard of Directors, provided, however, that if any member submitting the resignation isindebted to the Association for dues, fees, fines, or other assessments of the Association orany of its services, departments, divisions, or subsidiaries, the Association may conditionthe right of the resigning member to reapply for membership upon payment in full of allsuch monies owed.
Section 11.
If a member resigns from the Association or otherwise causes membership toterminate with an Ethics complaint pending, that Board of Directors may condition theright of the resigning member to reapply for membership upon the applicant’s certificationthat he/she will submit to the pending Ethics proceeding and will abide by the decision ofthe hearing panel if member resigns or otherwise causes membership to terminate, theduty to submit to arbitration continues in effect even after membership lapses or isterminated, provided that the dispute arose while the former member was a REALTOR®.(amended 9/10/03)
Section 12.
Harassment. Any member of the Association may be reprimanded, placed onprobation, suspended or expelled for harassment of an Association employee or AssociationOfficer or Director after an investigation in accordance with the procedures of theAssociation. As used in this Section, harassment means any verbal or physical conductincluding threatening or obscene language, unwelcome sexual advances, stalking, actionsincluding strikes, shoves, kicks, or other similar physical contact, or threats to do the same,or any other performance by creating a hostile, intimidating or offensive work environment.The decision of the appropriate disciplinary action to be taken shall be made by theinvestigatory team comprised of the President, and President-Elect and one member of theBoard of Directors selected by the highest ranking officer not named in the complaint, uponconsultation with legal counsel for the Association. Disciplinary action may include anysanction authorized in the Association’s Code of Ethics and Arbitration Manual. If thecomplaint names the President or President-Elect, they may not participate in theproceedings and shall be replaced by the Immediate Past President or, alternatively, byanother member of the Board of Directors selected by the highest-ranking officer not namedin the complaint. (Amended 9/22/04; Amended 9/16.09)
ARTICLE VII – PROFESSIONAL STANDARDS AND ARBITRATION
Section 1.
The responsibility of the Association and its members relating to theenforcement of the Code of Ethics, the disciplining of members, and the arbitration of12disputes, and the organization and procedures incident thereto shall be governed by theCode of Ethics and Arbitration Manual of the NATIONAL ASSOCIATION OFREALTORS®, as from time to time amended, which by this reference is made a part ofthese Bylaws, provided, however, that any provision deemed inconsistent with state lawshall be deleted or amended to comply with state law.
Section 2.
It shall be the duty and responsibility of every REALTOR® member of thisAssociation to abide by the Constitution and Bylaws and Rules and Regulations of theAssociation, the Constitution and Bylaws of the State Association, the Constitution andBylaws of the NATIONAL ASSOCIATIONOF REALTORS®, and to abide by the Code ofEthics of the NATIONAL ASSOCIATION OF REALTORS®, including the duty to arbitratecontroversies arising out of the real estate business as specified by Article 17 of the Code ofEthics, and as further defied and in accordance with the procedures set forth in the Code ofEthics and Arbitration Manual of this Association as from time to time amended.
Section 3.
The responsibility of the Association and its members relating to theenforcement of the Code of Ethics, the disciplining of members, the arbitration of disputes,and the organization and procedures incident thereto, shall be consistent with thecooperative professional standards enforcement agreement entered into by the Association,which by this reference is made part of these Bylaws. (adopted 9/19/01)
ARTICLE VIII – USE OF THE TERMS “REALTOR®” AND “REALTORS®”
Section 1.
Use of the terms “REALTOR®” and “REALTORS®” by members shall at alltimes be subject to the provisions of the Constitution and Bylaws of the NATIONALASSOCIATION OF REALTORS® and to the Rules and Regulations prescribed by its Boardof Directors. The Association shall have the authority to control, jointly and in fullcooperation with the NATIONAL ASSOCIATION OF REALTORS®, use of the termswithin its jurisdiction. Any misuse of the terms by members is a violation of a membershipduty and may subject members to disciplinary action by the Board of Directors after ahearing as provided for in the association’s Code of Ethics and Arbitration Manual.(amended September, 2007)
Section 2.
REALTOR® members of the Association shall have the privilege of using theterms “REALTOR®” and “REALTORS®” in connection with their places of business withinthe State of Florida or a state contiguous thereto so long as they remain REALTOR®members in good standing. No other class of members shall have this privilege.
Section 3.
A REALTOR® member who is a principal of a real estate firm, partnership, orcorporation may use the terms “REALTOR®” and “REALTORS®” only if all the principalsof such firm, partnership, or corporation who are actively engaged in the real estateprofession within the State of Florida or a state contiguous thereto are REALTOR®members of a Board or Association.
(a) In the case of a REALTOR® member who is a principal of a real estate firm,partnership, or corporation whose business activity is substantially all commercial, theright to use the term REALTOR® or REALTORS® shall be limited to office locations inwhich a principal, partner, corporate officer, or branch office manager of the firm,partnership, or corporation holds REALTOR® membership. If a firm, partnership, orcorporation operates additional places of business in which no principal, partner, corporate13officer, or branch office manager holds REALTOR® membership, the term REALTOR® orREALTORS® may not be used in any reference to those additional places of business.(adopted 9/19/01)Section 4. Institute Affiliate members shall not use the term “REALTOR®” nor theimprint of the emblem seal of the NATIONAL ASSOCIATION OF REALTORS®.
ARTICLE IX – STATE AND NATIONAL MEMBERSHIPS
Section 1.
The Association shall be a member of the NATIONAL ASSOCIATION OFREALTORS® and the Florida Association of REALTORS®. By reason of such membership,each REALTOR® member of the Member Association shall be entitled to the services andbenefits of the NATIONAL ASSOCIATION OF REALTORS® and the Florida Association ofREALTORS® without payment of dues. The Association shall continue as a member of theState and National Associations, unless by a majority vote of all of its REALTOR®members, decision is made to withdraw, in which case the State and National Associationsshall be notified at least one month in advance of the date designated for the termination ofsuch membership.
Section 2.
The Association recognizes the exclusive property rights of the NATIONALASSOCIATION OF REALTORS® in the terms “REALTOR®” and “REALTORS®”. TheAssociation shall discontinue use of the terms in any form in its name, upon ceasing to be amember of the National Association, or upon determination by the Board of Directors of theNational Association that it has violated the conditions imposed upon the terms.
Section 3.
The Association hereby adopts the Code of Ethics of the NATIONALASSOCIATION OF REALTORS® and agrees to enforce that Code among its REALTOR®members. The Association and its entire REALTOR® members agree to abide by theConstitution, Bylaws, Rules and Regulations, and policies of the National Association andthe Florida Association of REALTORS®.
ARTICLE X – DUES, FEES, ASSESSMENTS
Section 1. Application Fees.
The Board of Directors may adopt a membership applicationfee for Designated REALTORS®, Primary and Secondary REALTORS®, and Affiliates, inreasonable amount, not exceeding three times the amount of the annual dues for theapplicable category of membership. Such fee shall accompany the application and becomethe property of the Association upon receipt of such funds from the Applicant. SaidApplicant shall be granted all privileges and benefits of membership according to theBylaws while awaiting approval of the application. If application is not approved, fees shallbe refunded. (amended 01/02)
Section 2. Dues.
The annual dues of members shall be as follows:
(a) The annual dues of each Designated REALTOR® member shall be such base amount asestablished annually by the Board of Directors plus an amount to be determined by theBoard of Directors multiplied by the number of real estate sales associates and licensed,registered, or certified appraisers who are (1) employed by or affiliated as independentcontractors, or who are otherwise directly or indirectly licensed with such REALTOR®member and (2) are not REALTOR® or REALTOR-ASSOCIATE® Members of anyBoard/Association in the State of Florida or a state contiguous thereto or Institute Affiliate14Members of the Association or State Association. In calculating the dues payable to theAssociation by a Designated REALTOR® Member, non-member licensees as defined in thisArticle shall not be included in the REALTOR® Member, non-member licensees as definedin this Article shall not be included in the computation of dues if the DesignatedREALTOR® has paid dues based on said non-member licensees in anotherBoard/Association in the state, or a state contiguous thereto, provided the Designated REALTOR® notifies this Association in writing of the identity of the Board/Association towhich dues have been remitted. In the case of a Designated REALTOR® Member in a firm,partnership, or corporation whose business activity is substantially all commercial, anyassessments for non-member licensees shall be limited to licenses affiliated with theDesignated REALTOR® (as defined in (1) and (2) of this paragraph) in the office where theDesignated REALTOR® holds membership, and any other offices of the firm located withinthe jurisdiction of this Association. (amended 9/19/01)
For the purpose of this Section, a REALTOR® member shall be held to be any member whohas a place of business within the State or a state contiguous thereto and who, as aprincipal, partner, corporate officer, or branch manager of a real estate firm, partnership,or corporation, is actively engaged in the real estate profession as defined in Article III,Section I of the Constitution of the NATIONAL ASSOCIATION OF REALTORS®. Anindividual shall be deemed to be licensed with a REALTOR® if the license of the individualis held by the REALTOR®, or by any broker who is licensed with the REALTOR®, or by anentity in which the REALTOR® has a direct or indirect ownership interest and which isengaged in other aspects of the real estate business, (except as provided for in Section 2 (a)herein) provided that such licensee is not otherwise included in the computation of duespayable by the principal, partner, or corporate officer of the entity.
A REALTOR® with a direct or indirect ownership interest in an entity engaged exclusivelyin soliciting and/or referring clients and customers to the REALTOR® for consideration ona substantially exclusive basis shall annually file with the association on a form approvedby the association a list of the licensees affiliated with that entity and shall certify that allof the licensees affiliated with the entity are solely engaged in referring clients andcustomers and are not engaged in listing, selling, leasing, managing, counseling orappraising real property. The individuals disclosed on such form shall not be deemed to belicensed with the REALTOR® filing the form for purposes of this Section and shall not beincluded in calculating the annual dues of the Designated REALTOR®.
Membership dues shall be prorated for any licensee included on a certification formsubmitted to the association who during the same calendar year applies for REALTOR®membership in the association. However, membership dues shall not be prorated if thelicensee held REALTOR® membership during the preceding calendar year. (Amended9/22/04)
(b) Dues for REALTOR® Members other than the Designated REALTOR® and all otherclasses of membership shall be in such amount as established annually by the Board ofDirectors. (Amended 9/12/06)
(c) Dues for Institute Affiliate members shall be as established in Article II of the NARBylaws.
NOTE: The Institutes, Societies and Councils of the National Association shall beresponsible for collecting and remitting dues to the National Association for Institute15Affiliate Members ($75.00). The National Association shall credit $25.00 to the account of alocal association for each Institute Affiliate Member whose office address is within theassigned territorial jurisdiction of that association, provided, however, if the office locationis also within the territorial jurisdiction of a Commercial Overlay Board (COB), the $25.00amount will be credited to the COB, unless the Institute Affiliate Member directs that thedues be distributed to the other board. The National Association shall also credit $25.00 tothe account of state associations for each Institute Affiliate Member whose office address islocated within the territorial jurisdiction of the state association. Local and stateassociations may not establish any additional entrance, initiation fees or dues for InstituteAffiliate Members, but may provide service packages to which Institute Affiliate Membersmay voluntarily subscribe. (amended 01/02)
Section 3. Dues Payable.
Written notice of annual dues shall be sent from theAssociation to each REALTOR® no later than November 15 of each year. The DesignatedREALTOR® will be mailed a dues statement listing all individual members affiliated withthe firm. Members’ dues are non-refundable and shall be paid annually in advance no laterthan 5:00 p.m. the first business day of the New Year, unless extended by the Board ofDirectors. A late fee, in an amount to be established by the Board of Directors, will beassessed on dues paid after the due date. Dues shall become payable on the first day of the month or quarter in which a member shall be notified of election and shall be pro-rated forthe year on a monthly or quarterly basis as determined by the Board of Directors. If annual dues are not paid by January 31, membership of the non-paying member shall beautomatically terminated. (amended 11/02)
In the event a licensee who holds REALTOR® membership is dropped for non-payment ofdues, and that licensee remains with the Designated REALTOR’s firm, the dues obligationof the Designated REALTOR® shall be increased to reflect the addition of a non-memberlicensee. Such increased dues must then be paid in full within 14 days of the date suchnon-member licensee is dropped from membership. Dues shall be calculated from the firstday of the current fiscal year.
Section 4. Non-Payment of Financial Obligations Other than Annual Dues.
If fees,fines or other assessments owed to the Association are not paid within one month after thedue date, the non-paying member shall be subject to suspension at the discretion of theBoard of Directors. Two months after due date, membership of the on-paying member maybe terminated at the discretion of the Board of Directors. Three months after due date,membership of the non-paying member shall automatically terminate unless within thattime the amount due is paid. However, no action shall be taken to suspend or expel amember for non-payment of disputed amounts until the accuracy of the amount owed hasbeen confirmed by the Board of Directors and the delinquent member has been notified inwriting, setting for the amount owed, the date(s) on which it was payable, and action to betaken if not paid. A former member who has had his membership terminated fornonpayment of dues, fees, fines, or other assessments duly levied in accordance with theprovisions of these Bylaws or the provisions of other Rules and Regulations of theAssociation or any of its services, departments, divisions or subsidiaries may apply forreinstatement in the manner prescribed for new applicants for membership, after makingpayment in full of all accounts due as of the date of termination.
Section 5. Deposits.
All monies received by the Association for any purpose shall bedeposited to the credit of the Association in a financial institution or institutions selected bythe Board of Directors.16
Section 6. Expenditures. The Board of Directors shall administer the finances of theAssociation but shall not incur an obligation or expenditure of an unbudgeted item inexcess of cash on hand less reserves without authorization by vote of 51% of theREALTOR® members at a meeting provided a quorum is present as required by Article XII,Section 3.
ARTICLE XI – OFFICERS AND DIRECTORS
Section 1. Officers.
The elective Officers of the Association shall be: a President, aPresident-Elect, a Secretary, and a Treasurer. The duly elected President-Elect shallautomatically become President the year following the term as President-Elect. All Officersshall be elected for terms of one year.
Section 2. Qualifications of President and Other Officers.
Individuals nominated toan Officer position shall have previously served on the Board of Directors of thisAssociation.
Section 3. Qualifications of Directors.
Individuals nominated to a Director positionshall have previously:
a) served as Chairman of a Committee of a REALTOR® Association for one (1)year; or
b) participated actively as a committee member of a REALTOR® Association for atleast two (2) years; or
c) successfully completed the Leadership Development Program of this Association;or
d) served as an officer or Director of a REALTOR® Association.
Section 4. Duties of Officers.
The duties of the Officers shall be such as their titles, bygeneral usage, would indicate and such as may be assigned to them by the Board ofDirectors. In the absence of the President, the President-Elect shall perform the duties ofthe President. In the absence of both the President and President-Elect, the ImmediatePast President shall perform such duties.
Section 5. Board of Directors.
The governing body shall be a Board of Directorsconsisting of the elected Officers and no fewer than six (6) nor more than eight (8)REALTOR® Members of the Association, plus the immediate Past President of theAssociation. Directors shall be elected to serve for terms of three (3) years unless filling anunexpired term in which case they shall serve the remainder of that term. There may beone additional voting Affiliate Director who will be nominated by the Affiliate/RealtorCommittee and elected by Affiliate Members for a term of one year. Voting rights willexclude Grievance and Professional Standards matters. (amended 9/19/01; amended9/10/03)
Not more than three (3) individuals from any one real estate firm shall serve as Officers or Directors atany given time. If circumstances should result in four or more Officers and/or Directors being associatedwith the same real estate firm due to a transfer or acquisition, this Officer and/or Director shall bepermitted to complete the remainder of their term. (amended 9/10/03)17
The Board of Directors may employ an Executive Officer who shall have the title ofExecutive Vice President, Executive Officer, or Association Executive. They may alsoretain legal counsel and may employ such other persons as are necessary to properlyconduct the Association’s business. The Executive Officer shall have such duties andpowers as the Board of Directors directs.
Section 6. Election of Officers and Directors.
(a) The election of Officers and Directors shall take place at the Annual Meeting. Electionshall be by ballot in compliance with Article XII of these Bylaws. The ballot shall containthe names of all candidates and the offices for which they are nominated.
(b) At least two months before the annual election, the President shall appoint, with theapproval of the Board of Directors, a Nominating Committee of five REALTOR® members,one of whom shall be the Immediate Past President, who shall serve as Chairman.
(c) At least 30 calendar days preceding the election, the report of the NominatingCommittee, without review by the Board of Directors, shall be mailed to the stipulatedaddress of each REALTOR® qualified to vote.
(d) Additional candidates for the seats to be filled who meet the qualifications of Sections 1,2, 3 of this Article may be placed in nomination by a petition signed by at least five percent(5%) of the members qualified to vote. The petition shall be filed with the Executive Officerat least three weeks before the election. The Executive Officer shall send notice of suchadditional nominations to all voting members at least ten business days prior to theelection.
(e) Any Director who is nominated for an Officer position, forfeits the right to complete theterm of his/her Directorship if not elected to the Officer position. A member may not be acandidate for more than one position on the Board at the same time.
(f) At the Annual Meeting, the President shall appoint an Election Committee of three ormore voting REALTORS® to conduct the election. For the ballot to be counted, there mustbe one vote cast for each Director position to be filled. When Director terms of unevenduration are to be filled, candidates receiving the highest number of votes shall serve thelongest terms. In case of a tie vote, the selection shall be by lot made under the direction ofthe Election Committee.
(g) In the event a Member of the Nominating Committee or a Member of his/her immediatefamily, is a candidate for Officer or Director of the Association, such member shallimmediately resign from the Nominating Committee and notify the President so that areplacement can be appointed.
Section 7. Vacancies.
Should the office of President become vacant, this office shallautomatically be filled by the President-Elect, or, if the President-Elect is unable to serve,by the immediate Past President. All other vacancies shall be appointed by a simplemajority vote of the Board of Directors. Any position filled by such appointment shall besubject to election at the next annual meeting.
(1) A duly elected President-Elect who fills the vacancy of President will automaticallybecome President for a full term upon the completion of the unexpired term.18
(2) If an appointed President-Elect or Immediate Past President fills the vacancy ofPresident, then the office of President shall be subject to election at the nextannual meeting, in compliance with Article XI, Section 6. (Amended 9/16/09)
Section 8. Removal of Officers and Directors.
In the event that an Officer or Directoris deemed incapable of fulfilling the duties for which elected, but will not resign from officevoluntarily, the Officer or Director may be removed from office under the followingprocedure:
(a) A petition requiring the removal of an Officer or director and signed by not less thanone-third of the voting membership or a majority of all Directors shall be filed with thePresident, or if the President is the subject of the petition, with the next ranking Officer,and shall specifically set forth the reasons the individual is deemed to be disqualified fromfurther service.
(b) Upon receipt of the petition, and not less than twenty (20) days or more than forty-five(45) days thereafter, a special meeting of the voting membership of the Association shall beheld, and the sole business of the meeting shall be to consider the charge against the Officeror Director, and to render a decision on such petition.
(c) The special meeting shall be noticed to all voting members at least ten (10) days prior tothe meeting, and shall be conducted by the President of the Association unless thePresident’s continued service in office is being considered at the meeting. In such case, thenext ranking Officer shall conduct the meeting. Provided a quorum is present, a threefourthsvote of members present and voting shall be required for removal from office.
ARTICLE XII – MEETINGS
Section 1. Membership Meetings.
(a) Annual Meeting. The annual meeting of the Association shall be held during the monthof September of each year, the date, place and hour to be designated by the Board ofDirectors.
(b) Special or Emergency Meetings. Meetings of the members may be held at such othertimes as the President or the Board of Directors may determine, or upon the writtenrequest of at least ten percent (10%) of the REALTOR® Members.
Section 2. Notice of Meetings.
Written notice, to include statement of purpose, shall bemailed to the stipulated address of all REALTORS® who are qualified to vote at least ten(10) business days in advance. In the event of emergency meetings requiring shorter notice,diligent effort will be made to contact the membership.
Section 3. Quorum.
Quorum for transaction of business other than election of Officers andDirectors, shall be five percent (5%) of those members eligible to vote and physicallypresent. Quorum for election of Officers and Directors shall be five percent (5%) ofmembers eligible to vote including absentee ballots. (amended 11/02)
Section 4. Absentee Ballots.
In the event a REALTOR® cannot be present at a meetingwhere an election of Officers and Directors will be held, that RELATOR® may vote bymeans of an absentee ballot provided that REALTOR® does so in person at the Association19office no later than 5:00 p.m. the working day prior to the meeting. Absentee ballots will beavailable from the Association office ten (10) business days prior to the meeting date.Absentee ballots will be counted only for the purpose of election of Officers and Directors.
Section 5. Meetings of Directors.
The Board of Directors shall designate a regular timeand place of meetings. Absence from three consecutive regular meetings without an excusedeemed valid by the Board of Directors shall be construed as resignation there from. Amajority of the Board of Directors shall constitute a quorum.
ARTICLE XIII – COMMITTEES
Section 1. Standing Committees.
The President shall appoint from among theREALTOR® Members, subject to confirmation by the Board of Directors, the followingstanding committees: Professional Standards, Education, Budget/Finance, Program,Grievance, Bylaws, and Public Policy. (Amended 9/16/09)
Section 2. Special Committees.
The President shall appoint, subject to confirmation bythe Board of Directors, such special committees as deemed necessary. Affiliate membersmay be appointed as Chairmen of socially related committees (e.g. Picnic, Social, Golf, etc.).
Section 3. Organization.
All committees shall be of such size and shall have such duties,functions, and powers as may be assigned to them by the President or the Board ofDirectors, except as otherwise provided in these Bylaws.
Section 4. Attendance.
Any committee member who fails to attend two consecutivemeetings without an excuse acceptable by the committee shall be deemed to have resignedfrom the committee, and the vacancy shall be filled as herein provided for originalappointees.
Section 5. President.
The President shall be an ex-officio member of all committees andshall be notified of their meeting.
ARTICLE XIV – FISCAL AND ELECTIVE YEAR
Section 1.
The Association’s fiscal and elective year shall be the calendar year.
ARTICLE XV – RULES OF ORDER
Section 1.
Robert’s Rules of Order, latest edition, shall be recognized as the authoritygoverning the meetings of the Association, its Board of Directors, and committees, in allinstances wherein its provisions do not conflict with these Bylaws.
ARTICLE XVI – AMENDMENTS
Section 1.
Proposed amendments, after review and comment by the Bylaws Committeeand review by the Board of Directors, shall be presented to the REALTOR® Members.These Bylaws may be amended by majority vote of the REALTOR® Members present atany meeting at which a quorum (as defined in Article XII, Section 3) is present, andprovided the substance of such proposed amendments together with comments from theBylaws Committee are plainly stated in the meeting notice. Any such proposedamendments, when introduced, shall be subject to further amendments before final20passage, provided such further amendments do not change the intent of the subject.(amended 11/02)
Section 2.
Notice of all meetings at which amendments are to be considered shall bemailed to the stipulated address of all REALTORS® at least ten (10) business days prior tothe meeting.
Section 3.
Amendments to these Bylaws that are mandated by NAR or FAR policy, orpunctuation and grammatical corrections that do not alter or change the substance ofmeaning, shall automatically become effective upon approval of the Board of Directors ofthis Association.
Section 4.
Amendments to these Bylaws affecting the admission or qualification ofREALTOR® and Institute Affiliate Members, the use of the terms “REALTOR®” and“REALTORS®”, or any alteration in the territorial jurisdiction of the Association shallbecome effective upon their approval by the Board of Directors of the NATIONALASSOCIATION OF REALTORS®.
ARTICLE XVII – DISSOLUTION
Section 1. Upon the dissolution or winding up of affairs of this Association, the Board ofDirectors, after providing for the payment of all obligations, shall distribute any remainingassets to the Florida Association of REALTORS® or, within its discretion, to any other nonprofittax exempt organization.
ARTICLE XVIII – MULTIPLE LISTING
Section 1. Authority.
The Association shall participate as a Shareholder in a regionalMultiple Listing Service known as Regional Multiple Listing Service, Inc. for the use of itsmembers and be governed by the Bylaws of said Listing Service and such Rules andRegulations as may hereinafter be adopted by that organization.
