Thank you. It mentioned switching item factions…
Does each item keep track of the item faction you were in when you found the item?
Like if I find an axe in the non-trading faction, then I switch to the merchant guild, does that axe become tradable?
When an item is obtained with an item faction's bonus (CoF drops or MG Bazaar) that item is given the corresponding Item Faction Rank Requirement, e.g. Requires CoF Rank 2. Think of this as an alternate level requirement. This requirement can't be changed or removed by any means. If an item drops while you are representing the CoF, that item will have a CoF rank requirement from 1-5. Nothing can remove or change that. You can only sell items at the bazaar that don't have any faction rank requirements.
Please check out the FAQ at the bottom of the initial announcement post. It is extremely extensive and the vast majority of the questions that get asked are answered there. Also, everything I said above is there too.