Munneke, Henry; Ooi, Joseph; Sirmans, C.; Turnbull, Geoffrey - In: The Journal of Real Estate Finance and Economics 50 (2015) 1, pp. 1-33
Comparing agent-owner with agent-represented home sales illustrates that commission contracts lead to external agent moral hazard. Real estate developers are sophisticated sellers who can either use external agents or hire internal agents. The theory shows that neither scheme eliminates agent...
