Not-so Secret Agent Man Part Two

Today I tackle some of the things you should expect your real estate agent to do (designated duties) and some things that if he/she does is not a violation of agency duties (so don't get mad).......In parenthesized green italics- I'll give some real-world, non-legalize, examples):

Designated Agency Duties Under the Act

• Perform according your agency agreement.
• Promote your best interests as follows:
• -Seeking a transaction that meets the terms of your agency agreement or that is other-wise acceptable to you.
• -Presenting all offers to you and from you unless you direct your agent to do otherwise. (Even those offers that my buyers make that could be considered laughable, I'm obligated to present. Flip side of that: if your representivie brings in a very low offer on a listing of mine, I'm obligated to present it to the sellers, even if you offer $1,000 on a million dollar listing!)
• -Disclosing material facts about the transaction that the agent actually knows about and the information is not confidential to someone else. NOTE: Material facts typically will not include information related to property that is not the subject of the transaction, that is a fact situation not related to the subject property or occurrences related to the subject property.

• -Accounting for all money/ property received from you or for your benefit.
• -Obeying your lawful instructions.
• -Promoting your best interests above the agent's or someone else's best interests. (I.E. doing what's BEST for YOU regardless of how it affects me. It would be easy, in a comissio-based business, to cut corners or hide facts to get deals closed so that we, the agents, could make money. This should be obvious that behavior like such as this is NOT ALLOWED!!!)
• Exercise reasonable skill and care in performing brokerage services.
• Keeping your confidential information confidential.
• Complying with the Illinois Real Estate License Act of 2000 and other laws that might apply, i.e. fair housing and civil rights statutes. (Please never tell me to NOT show or sell property to a minority or someone of a different ANYTHING than you. I will show/sell property to ANY interested, qualified purchaser.)

What are NOT VIOLATIONS of Agency Duties???

1. Showing the same or similar properties to more than one interested buyer or tenant client. (The house/property is going to be sold at some point...if you dilly-dally and someone else wants to see it- there's NO justifiable reason why I cannot help an interested buyer procure it.)
2. Being compensated a higher fee if the purchase/lease price is higher. (Since commission is based on percentages- it will almost ALWAYS be a higher fee if a higher priced property is purchased/sold. Example: 50% of $1,000 is $500. 50% of $8,000 is $4,000....I used 50% so as to avoid all price-fixing issues that may arise- but, by all means, if you ever want to pay 50% for me to represent you, I'll oblige.)
3. Providing false information to you if the false information was given to the agent by a customer and the agent did not know the information was false. (If a seller fills out a disclosure and it says there is no known electrical issues in a home and I report that back to you- you cannot blame me if there really ARE electrical issues. I don't have x-ray vision and will ALWAYS recommend a home inspection be done.)

This is part two in a five part series on The Consumer's Guide to Real Estate Agency in Illinois. Part one can be found HERE.