Yes, you could do this deal with just a handshake and everything might be okay but it leaves everything up to a lot of interpretation by the court and it would be a he-said, she-said situation.

That said, it's unclear if that interpretation of the contract would hold up in court.Unfortunately, if FNMA refuses to agree to refund the EM, you're only two options are:1.

I'm assuming that's not what you meant and if you're interpreting "steal" and "discount" as being two different things, then now we are just playing semantics.

(i.e. a non-Realtor® would be under no obligation to disclose the status or end date of any contract with a potential seller. for more information, see case interpretation Case #16-7: REALTOR®’s Refusal to Disclose Nature and Current Status of Listing to Another REALTOR® (Revised Case #21-13 May, 1988.

Hopefully someone savvy that will be able to give me a solid interpretation of what I am getting myself into. 

Illegal, yes; but they can exist for a long time, sometimes forever, without getting caught.If you dig deep enough into their site, you'll find, in words you have to really interpret, they even tell you they receive compensation from these companies - so they've warned you.

As I would interpret the term, "Bird dogging" is the illegal practice of brokerage services without a license.

This number can vary greatly, so it is necessary to know what your goals are in order to interpret these numbers. 

Did I interprete this wrong or PM is playing a smart one on me?

My rationale was if you purchase the property but cannot sell it for 3 months, you still find a buyer and provide a lease to own option and adjust the length of the lease and closing date so you can sell after the 3 month timeframe.I am learning a lot from this site and also my mentor so I want to ensure my interpretation is accurate.