This article discusses arbitration clauses between buyers, sellers, and brokers. In California. CCP 1298 is preempted by 9 USC 2, but agreements, however, may still require being initialed. Brokers are cautioned on using the CAR Residential Purchase form because the arbitration clause may be ineffective.
Bernhardt, Roger, "Revising the Arbitration Clause in Real Estate Contracts" (2004). Publications. 360.