Author Alison Kent tipped me to this terrific blog post from Jennifer Jackson, her agent:
Just in case there is someone out there reading this who doesn't already know: Reputable agents work on commission. Commissions are based on selling your work. They make money if you make money. It's a motivational system.
This is something every aspiring author needs to know. Any agent who asks for a reading fee, a submission fee, or any other kind of fee is a fraud.
A quote I recently read: “In his will, the late author requested that he be cremated, and 15% of the ashes thrown in his agent’s face.”