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An Examination of The Invasion of Quacks in Estate Surveying and Valuation Profesion in Akure
An Examination of The Invasion of Quacks in Estate Surveying and Valuation Profesion in Akure
An Examination of The Invasion of Quacks in Estate Surveying and Valuation Profesion in Akure
ABSTRACT
2
TABLE OF CONTENTS
Title Page i.
Certification ii.
Dedication iii.
Acknowledgement iv.
Abstract v.
CHAPTER ONE
1.0 INTRODUCTION 1
CHAPTER TWO
3
2.3.1 Function of estate surveyor and valuer 15
CHAPTER THREE
3.0 INTRODUCTION 27
CHAPTER FOUR
4
5.0 SUMMARY OF FINDINGS 40
5.1 Summary 40
5.2 Recommendation 40
5.3 Conclusion 42
References 44
Appendix 45
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CHAPTER ONE
1.0 INTRODUCTION
and put Adam and Eve in charge of it (Gen 2.15). Thus Adam and
Eve were the first estate surveyors and valuer since Eden was the first
and buildings, and this body was registered under Decree 24 of 1975,
and people that are interested in this profession under 90 training they
are called estate surveyor and valuers. Since 1960 and before the
practicing letting, buying and selling are not trained and registered,
1
The advance learner’s dictionary define “quack” as a person
lack in both theoretical and practical training) and offers the public
valuation and has increased seriously with the past few years by the
2
practice in ramshackle offices and even parading themselves
sometimes as valuers.
quack under one umbrella just like the royal institution of chattered
and valuation.
3
1.3 RESEARCH QUESTION
1. Who is a quack?
valuer?
recognized?
4
ii. identify the reasons why quacks are being patronized in Akure.
5
formulated the research questions as well as generated the aim and
objectives, the scope and significant of the study, plan of the study,
management profession.
analysis.
obtained as carrying out the research work and also the proper
6
1.7 DEFINITION OF TERMS
optimum returns.
recognized by law.
also for sale of any kind of property managed by the estate surveyor
an investment.
8
AGENCY:- This is an aspect of an estate surveyor and valuer
there are always constraints that usually stand in between them and
their loftly ideals. The following are some of the hindrance which
9
CHAPTER TWO
10
waste disposal system or the like, but in estate management variance,
this reason, the estate management needs to clearly identify the types
NIGERIA
a few.
11
practice and aspect of current development of theory particularly in
The best practice is the one that blends with good theoretical
12
Nigerian Institution Estates Surveyor and Valuer (NIESV) and Estate
his care, today, the gap between theory and practice continue to
13
They also determine the capital worth of an interest in land and
practice for all purposes estate surveyor and valuer in the country in
not less than two years post qualification practical experience in the
profession.
14
(B) He has passed as examination approved than two years
AND VALUER
15
knowledge has to be very broad as every year brings additional socio-
important.
16
revenue and the property service agency, statutory undertakes,
estates.
17
considerable importance and estate agency is the cornerstone of many
transactions.
18
legislation including landlord and tenant laws, the rent acts, housing
enterprise.
One of the basic reasons why only few people participate in real
need for credit facility. Sequel to the above fact, there is need for the
successfully achieve this, the service of the estate surveyor and valuer
19
(G) PLANNING:- Today, there is an increasing demand for
expertise.
companies.
courts etc.
carry out valuations for insurance, probate and other purposes and
21
2.4 WHAT IS ESTATE AGENCY?
with the right and duties of principal and agents, and with the right
and duties of each of them to third parties, for purpose of this study,
the agent, the agent will not be liable for breach of duty if he
22
2.5 MEANING OF QUACKS
practice.
estate agency, quacks come in many forms and they belong to many
QUACKS
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(A) EDUCATED QUACKS:- Educated quacks are educated
have training in estate management, but who have not been or who
24
no established style or vocation. They “dash into any situation and
extort money from people by black mail. They are the “local
usually and more in cases of sales of property in rural areas. They are
gamblers”.
estate surveyor and valuer (the professionals) but who out of greed,
Registered quacks deal with quacks, they hire out their stamp
and seal for a fee and they charge inflated fees not in accordance with
using money to buy client and job. Registered quacks are a shame to
Letting of property
LETTING OF PROPERTY
being very low. They would then propose that the client visit their
most cases temporary rented for the purpose and when the client pays
the required rent and deposits, the office would be close. The
professional charges.
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- Scandalizing other agent before perspective tenant.
SALES OF PROPERTY
deposits which are never refunded. They coin type of fees to cheat
the purchaser. By the time the agent transaction is over, they would
have made 15% - 20% individual from both seller and buyer.
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CHAPTER THREE
RESEARCH METHODOLOGY
3.0 INTRODUCTION
procedure and the relevant tools for data presentation and analysis.
The essence of this is to give clearer picture of all that was involved
data analysis.
situation therefore, the target population of this study will be the total
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3.2 SAMPLING PROCEDURE
The data and information for this study were gathered from two major
A. Personal interview
B. Use of questionnaire
The sampling frame for the study for registered estate surveyor
surveyor and valuers (NIESV) amounts to twenty (20) and since this
is within a manageable size, then it will serve as a simple size for the
For the purpose of this study, two major data collection methods
1. Primary sources
2. Secondary sources
e.t.c.
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i. Frequency tables ii.
Trend analysis
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CHAPTER FOUR
INTRODUCTION
in tables.
4.1.2 Table II: Are quacks threat to your survival in the estate
management profession?
Yes 40 40%
32
No 60 60%
Total 10 100%
4.1.3 Table III: People believe that this profession is a dubious one, is
this true?
Yes 0 0
No 10 100
Total 10 100%
Agency 10 100
Valuation 0 0
Management 0 0
33
Development 0 0
Total 10 100%
SECTION II QUACKERY
Male 8 80
Female 2 20
Total 10 100%
4.1.6 Table vi. Do you agree that there are quacks in estates
management and valuation profession invading other people’s right?
Yes 10 100
No 0 0
Total 10 100%
34
The total number of respondents that filled the questionnaires owned up
Yes 10 100
No 0 0
Total 10 100%
confirm they charge higher commission, while 400% advocate that their
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Sex Count Percentage (%)
Yes 15 75%
Female 50 25%
Total 20 100%
Yes 0 0
No 10 50%
Total 20 100%
have been dupes before, while the other ten (10) said they have been
4.1.11 Who among the professional and quacks can you entrust you
property?
Professionals 20 100%
Quacks 0 0
Total 20 100%
36
100% of the questionnaires distribute to advocates that property
Professionals 0 0
Quacks 20 100
FIELD
37
professions. Take for instance the fees they charge for registration
forms is unethical.
portfolio for sale and letting is also unethical. Also, estate agents
for sale or to let, this normally gives most freeholders the impression
that freeholder might decide to inflate the rents thus, this lead to
increase in rents.
among the quacks they charge abnormal fees these problems have led
38
to direct dealing by prospective leaseholder with the freeholders
instead of going through the real estate agent. Even professionals are
not patronized because a lot of people still believe that their activities
QUACKS
services.
assignments.
39
The absence of a recognized body or associated to cater for the
surveyors.
40
It appears that there is inadequate publicity and public
the lending institution (mortgage) might run into problem should for
surveyor.
41
CHAPTER FIVE
CONCLUSION
5.1 SUMMARY
It has been observed from the field that there is inadequate and
It was also discovered from the field that quacks are gaining
5.2 RECOMMENDATIONS
42
would be made to consider steps that could be taken to arrest the
trend.
a positive change.
The government should make a law that anyone going into estate
eliminating them.
43
Members should conduct and carry themselves with dignity. By
so doing, the public and quacks will give more and due respect
professionals.
There should be continuous education even after graduation and
44
5.3 CONCLUSION
and some of the public are award of the invasion of real estate
into the hands of estate agents that is, fear would be removed; the
45
REFERENCES
IRVIN ROBERT (1984): The Real Estate Handbook, Maran Hick, New
York.
APPENDIX
DEPARTMENT OF ESTATE MANAGEMENT AND
VALUATION, SCHOOL OF ENVIRONMENTAL STUDIES,
RUFUS GIWA POLYTECHNIC OWO, ONDO STATE.
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LEVEL:- HND II
TOPIC: CRITICAL EXAMINATION OF INVASION OF QUACK
IN ESTATE MANAGEMENT PROFESSION
(A CASE STUDY OF AKURE ONDO STATE)
Dear Sir/Ma,
A. Name of respondent:--------------------------------------------------------
SECTION A
Yes ( ) No ( )
profession? Yes ( ) No ( )
SECTION C
(b) quack
6. Have you ever been duped, by who? (a) estate management
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