Last month I dispelled some of the myths about the "dirty, little tricks and secrets Real Estate Agents don't want you to know" from a gazillion of misinformed and probably well intentioned Web sites, books and blogs; here is the Part II of what you really need to know:

The more you pay for a house, the more an Agent makes
False: Did you ever hear someone say: "Every dime more you pay for that house makes the agent more money, so don't trust that agent." That's a real misunderstanding. The difference between $300,000 and $310,000 is about $150 to an Agent. Do you really think the Agent pays any attention to the commission difference of a $10,000 spread? Further, as a buyer you do not pay the commission, the seller usually does.
 
Agents get kickbacks from Lenders/Title Agents/ Inspectors
False: Since 1974, agents have been prevented from receiving any kind of kickback or favor from real estate vendors. It's against the law. It's against RESPA: the Real Estate Settlement Procedures Act. Some Agents seems to fail to realize how the law affects them, but most would not jeopardize their license, regardless of the temptation.
 
An Agent's home inspector will always favor the Agent
False: Any Agent worth his/her salt wants disclosure. Why? Because he/she wants what is best for his/her client but also, and this is not to be taken lightly, because he/she does not want to be sued. Agents must disclose material facts. A buyer is always, without fail, better off knowing the truth about a house. Good agents care that a buyer receives full disclosure and are willing to fight for repairs on the buyer's behalf or help the buyer cancel the transaction.
 
All Real Estate Agents make too much money
False: According to the National Association of Realtors, an agent's average annual salary is less than $36,000 a year. You will find that about half the agents in any large brokerage close less than four deals a year. Nobody can live on that. And from any commission office fees, MLS fees and lockbox fees are deducted and paid, overhead and expenses for the agent are also deducted, and errors & omissions insurance and office supplies are paid. Further, when you consider the amount of time in research, phone calls, travel, showing property, contract writing and rewriting, and follow-up for each house that closes, plus the same amount of work for those that never close...the hourly wage...well lets just say most Agents do earn their money.
 
Agents will say anything to make the sale
False: Although it is true that some agents will lie to you, it's unfair to paint all Agents with such a broad brush. Top producing agents, those who enjoy a solid reputation in the community and practice real estate honestly and truthfully, are very careful to uphold a client's trust. Making misrepresentations or a false statement is against the law. Agents who fail to disclose material facts are subject to prosecution and a loss of their license to sell real estate.
 
Real Estate Agents are not trustworthy
False: You rarely hear about the honest agents in the news as most coverage is devoted to agent arrests and shady scams. But that's because truthfulness isn't newsworthy. The truth is about 10% of the agents do 90% of the business, and that top 10% are more likely to be the type that buyers and sellers can trust. Many homebuyers and home sellers say they want their real estate agent to be honest, ethical, professional and experienced.