"Arbitrator" means an individual appointed to render an award, alone or with others, in a controversy that is subject to an agreement to arbitrate. A legal resource guide for Nevada real estate licensees.Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. Specified in the arbitration agreement. These are the Local Rules of Practice for the United States District Court for the District of Nevada. Geographic arbitrage means taking advantage of the differences in prices between various locations. You earn money in a stronger economy.