We use new data from a rental brokers' multiple listings service to examine the contractual agreements between … landlords and brokers. The data display two sources of variation in the way in which agents are compensated: 1) 69 percent of … tenant). We show that contracts vary according to apartment characteristics and market conditions. Specifically, landlords …

We study the optimal duration of contracts in a principal-agent framework with both moral hazard and adverse selection …. Agents decide on a contract-specific and non-verifiable investment. Incentive compatibility requires that initial contracts …, which serve to screen the ability of newly hired agents, cannot be longer than continuation contracts, offered to successful …