A different way to confirm the correct spelling is to break the word into its recognizable parts and check each board's version against those parts, rather than only comparing full words.
The correct word is built from the root "arbiter" (a person appointed to judge or settle a dispute) plus the suffix "-ation," which together give "arbitration."
Checking each board: Board 1 gives ARBITRATION, which matches the root plus suffix exactly. Board 2 gives ARBITERATION, which wrongly inserts an extra "E" from the word "arbiter" instead of dropping it before adding "-ation." Board 3 gives ARBETRATION, which changes the vowel after "arb" and breaks the recognizable root. Board 4 gives ARBITATION, which drops the "R" needed in "arbitr-" before the suffix.
Only Board 1's spelling correctly follows the root-plus-suffix pattern.
Hence, the correct answer is \[ \boxed{\text{Board 1}} \].