Real estate agents are licensed professionals who represent buyers and sellers in real estate transactions. Because the sale of real estate can be a complicated transaction, most buyers and sellers will hire professional representation to make sure that nothing is overlooked in a real estate transaction. It is recommended that buyers work with an exclusive buyer agent.
What qualifications should a real estate agent possess?
In Illinois, agents must be at least 21 years old and have graduated from high school or obtained the equivalent of a high school degree (GED). They must also take required coursework, and pass licensing exams. Ongoing education is also required. ILEBA.org believes that the bare minimum is not enough, so we require our agent members to adhere to a higher standard of ethics and knowledge.
How are real estate agents paid?
Agents usually work completely on commission, so their income depends on their ability to assist clients and close transactions. The commission for all agents is usually paid by the seller. Buyers of real estate typically do not have to worry about paying commissions to real estate agents because their agent’s commision is paid by the seller of the property.