In commercial real estate agency you will hear many stories about commissions and fees. The fees charged by residential letting agents vary, depending on whether the agent manages the property or simply procures new tenants Charges to prospective tenants can vary from zero to £300 in non-refundable fees usually described as “Application”, “Administration” or “Processing” fees (or all three).
Unfortunately, however, one dire negative effect of this so-called “revolution of the Internet” (among many others), has been that many who now claim to be, or operate as, “sellers” or the sellers’ “brokers” or “agents,” are largely uneducated or semi-illiterate, untrained and unskilled, and are lacking in any knowledge of the proper fundamentals of international oil trading.
A fact that is by now well-established and not subject to any disputation whatsoever among credible experts in the industry, is that the overwhelming majority of selling offers peddled by crude oil and petroleum product “sellers” in the so-called “secondary” oil markets, and their brokers, agents, and other intermediaries, are fake and bogus.
When an agent charges an Agent Fee (other than an application fee) and also receives commission (including compensation received under contingent commission or profit sharing agreements) paid by the insurer or other third party, the agent must disclose this fact and obtain the customer’s documented acknowledgment before the purchase of insurance.
With reference to an insurer that may charge insureds fees that are not considered a part of its rating structure (e.g., late payment fees, reinstatement fees and premium installment fees), a licensed agent may not charge insureds such fees because their imposition is beyond the scope of the agents duty as an insurers representative.