AN EVALUATION OF THE PROLIFERATION OF UNREGISTERED ESTATE AGENT ON REAL ESTATE MARKET IN NASARAWA, NASARAWA STATE
ABSTRACT
The aim of this study is to evaluate
the proliferation of unregistered estate agent on real estate market in
Nasarawa, Nasarawa state. To achieve the set aim the following specific
objectives were pursued, to examine the meaning of real estate agent, to
examine the activities of unregistered estate agent in Nasarawa real
estate market; to evaluate the impact of the proliferation of
unregistered estate agent on the real estate market and to identify the
challenges affecting real estate agency in Nasarawa and Nigeria at
large. The researcher adopt the use of questionnaire, observation and
personal interview to gather necessary data from the respondents while
tables, simple percentage and descriptive statistics were used for data
presentation and analysis. The study reveals that there has been
increase in the activities of unregistered estate agent in Nasarawa real
estate market which is due to unemployment, unregulated and poor
supervision of the activities of real estate agent in Nasarawa. The
researcher therefore recommend that the capacity of the Estate Agents
Registration Board should be enhanced to enable it regulate the
profession, unregistered agents currently practicing should be tracked
down and prosecuted and be encouraged to get registered with the
appropriate professional bodies.
CHAPTER ONE
INTRODUCTION
Background Of The Study
Agency is described as a relationship
existing between a principal and an agent, where an agent is given
rights of authorization from the former to act on his behalf. Such
relationship could be established when principals are convinced that the
involvement of agents will produce more effective returns usually due
to their vantage in training, commitment and conversance in the
prescribed endeavour
Agency, which is also described as
brokerage service, has been studied in real estate in relation to the
impact of broker intermediation on selling price and duration, Yavas
(2007). Notwithstanding the relevance of training in agency, which is an
aspect of real estate practice, its eminence in academic curriculum is
still sparse. Agitations on this backdrop have been on over the years.
Rabianski and Black (1999) noted that questions have been raised by
professionals on relevance and effectiveness of the current increase of
unregistered estate agents in the real estate market and thus reiterated
that a lot still needs to be done to further improve the effectiveness
of the market. Notwithstanding, more self-styled estate agents also
emerged, and over time, the real estate business became marred by
incompetence and unwholesome behaviors. Due to lack of control over the
self-styled estate agents, there were many victims of obtaining and
fraud. To safeguard public interests against unscrupulous practice of
estate agency by unregistered estate agents and rogues in the 1970s and
eagerly 1980s, the Nigeria government and the professional bodies
governing estate practices have enacted the guidelines and laws guiding
the practice of estate agency in Nigeria.
Real estate market is not dominates with
one particular profession, although there can be no doubt that some of
practicing estate agents are members of the Nigerian Institution of
Estate Surveyors and Valuers, there have been proliferation of
unregistered estate agent with or without requisite educational
background. One needs to comment on the cut-price estate agent. Many
believing that estate agency was a way to make easy money and believing
that existing charges were too high in which perhaps they were
encouraged by the media and such bodies sought to set up business
charging in a variety of ways, but at a level significantly below the
charges by the established agents in the area. Some charged lower rates
of commission, others set fee for a specific service.
1.2 Statement of the Problem
Nigeria in recent years has been flooded
with developers bringing property into market for sale, rather than for
the purpose of obtaining a stream of income in the form of rent. Due to
the unique characteristics of related estate, the market for real estate
all over the world does not conform to the definition of an efficient
market. An efficient goods market is one where the products have close
substitutes, many buyers and sellers who have perfect knowledge of
prices and goods exist there is little government interference and the
product is easily transferable. Real estate requires professionals who
possess an understanding of the processes to mediate between the
concerned parties who include but are not limited to financiers,
developers, sellers and purchasers. The rapid increase in the prices of
real estate has made many investors and unregistered agents venture into
real estate as a source of income. The practice of estate agency has
for a long time been associated purely with the commercial transaction
of letting properties for landlords, buying and selling land, factories,
houses, commercial premises, businesses as going concerns hotels and
the ownership rights associated with them. The agents acts on behalf of
the seller or on behalf of the buyer for a commission. In this regard,
in addition to the firms registered to carry out this practice, there
have also been a large number of estate agents practicing without any
background knowledge and/or understanding of real property as a
commodity and the real estate market as a special one, hence there is
need to evaluate the proliferation of unregistered estate agent in real
estate market.
1.3 Aim and Objectives of the Study
This project is aimed at an evaluation of
the proliferation of unregistered estate agent on real estate market in
Nasarawa, Nasarawa State.
The following objectives are set in pursuant of the above aim.
- To examine the concept of real estate agent.
- To evaluate the activities of unregistered estate agent on real estate market in Nasarawa
- To evaluate the impact of the proliferation of unregistered estate agent on the real estate market in the study area.
- To identify the problems affecting real estate agency in real estate market in Nasarawa and Nigeria at large.
1.4 Research Questions
This study arose from the need to answer the following research questions:
- What is the concept of real estate?
- What are the activities of unregistered estate agent in Nasarawa real estate market
- What are impacts of the proliferation of unregistered estate agent on the real estate market?
- What are the problems affecting real estate agency in Nigeria real estate market?
1.5 Significance of the Study
The result of this study will satisfy the
needs of investors who may want to venture into the real estate market
in Nasarawa as it will educate them on the activities of unregistered
estate agent. The needs of the professionals in the real estate market
to know about the proliferation of unregistered estate agents will be
addressed therefore contributing to the practice of real estate agency
professionally and if the research findings are implemented, estate
agents will understand better their job descriptions and cope with the
changing needs of a more vibrant real estate market.
Real estate developers/landlords and
tenants will also benefit from this study since it will be brought to
their attention why they should only do business with professional
estate agents and therefore protecting them from fraudulent practices.
This also contribute to the wealth of
knowledge, hence researchers and students who want to study further on
the research topic will find this research very relevant.
1.6 Scope and Limitations of the Study
The scope of this project is limited to
the evaluation of the proliferation of unregistered estate agent on real
estate market in Nasarawa. The research shall the research population
and administration of questionnaires to a selected number of respondents
within Nasarawa town for easy of accessibility and indepth study.
Limitation
The following are the limitations encountered during the course of this study:
- Uncooperative attitude of Respondents: Some respondents were not willing to fill the questionnaires since they were suspicious about the study. Many perceived it as sharing very vital information which they were not ready to furnish the researcher with.
- Finance: The researcher have a limited amount of money at her disposal therefore limiting the number and frequency of the visits to the research population.
- Time: The research with time management as there are no separate time devoted to this research since the researcher is expected to carryout the research work together with other academic activities.
1.7 Operational Definition of Terms
Evaluation: Business
Dictionary define evaluation as a rigorous analysis of completed or
ongoing activities that determine or support management accountability,
effectiveness, and efficiency. Evaluation of completed activities is
called ex-post evaluation, post-hoc evaluation, or summative evaluation.
Evaluation of current or on going activities is called in-term
evaluation. See also effectiveness evaluation.
Estate: Estate is
defined as a property or a large area of land in the country that is
owned by a family or an organization and is often used for growing crops
or raising animals: It’s a typical country estate with a large house for the owner, farm buildings, and estate workers’ houses. (Cambridge English dictionary 2018)
Proliferation: Proliferation is defined by Oxford English Dictionary is a rapid increase in the number or amount of something.
Agent: Collins
Dictionary define estate agent as someone who works for a company or
clients that rents or sells houses and land for people.
Market: According to
business dictionary a market is an actual or nominal place where forces
of demand and supply operate, and where buyers and sellers interact
(directly or through intermediaries) to trade goods, services, or
contracts or instruments, for money or barter.
1.8 Background of the Study Area
Nasarawa Emirate in Nasarawa State is
located in the Central region of Nigeria. It is flanked by Keffi and the
Federal Capital to the North. To the South, it is bounded by Benue
River and to the west, it bordered the present Gadabuka and Toto Local
government area which are of course, part of the Emirate. To the East,
it is bordered by Doma, Lafia and Keana Local Government Areas all of
Nasarawa State.
The founding of Nasarawa Emirate in 1835
AD was the consequence of palace tussle that arose in Keffi between
Umani Makama Dogo then Madaki of Keffi and Jibrilu, son of Abdu Zanga
(first Emir of Keffi).
Umaru later known as Makama Dogo was born
in 1958 at Ruma village in Katsina Emirate, his father was Usman
Kabawana and his mother Amina. Umaru migrated to Zana , having lost his
parent where he stayed with Emir Musa, he was accorded recognition by
Shehu Usman Danfodio, among the jihadists that captured Zana under Musa.
After receiving the flag from Danfodio,
Emir Musa sent Umaru Southward of Zana to spread the Islamic faith,
Umaru arrived at a place called Zana near the present Nasarawa region.
He met Abdu Zanga a Fulani normad from Katsina, they both became very
close that Umaru adviced them to present themselves to the Emir of Zana
for recognition, this was done successfully, which triggered the
granting of a request of Abdu Zanga by the then Emir of Zana to settle
in a place called Keffi which was ruled by Abdu Zanga since he was the
eldest with Gunki, his Madaki and Umaru as Makama.
In 1802, Keffi was famous for the
exploits of the great warrior Umaru and with Abdu Zanga. A
misunderstanding between Abdu Zanga and Makadi Gunki later made the duo
paeted ways.
On the sickbed of Abdu Zanga, he gathered
his brothers and sons and told them to appoint Umaru Makama Dogo as the
Emir of Keffi which was never realized after the death of Zanga due to
the betrayal to one Albarka. However , Makama Dogo was advised to move
Westward of Keffi where the Kwato (Igbira) resides, fought then and
established his own kingdom but he kicked against the idea and moved
Yankardi, where he camped about ten kilometer South of Keffi.
Makama left his sons Ahmadu Manman
Galadima and Manman Sani in Keffi as a flash back. He later left
Yankardi where he arrived at a place occupied by Bassa speaking people
called TAMMAH, met Bagobiri known as Kasimau, who assisted him in the
establishment of a kingdom called Nasarawa (meaning victorious). Makama
Dogo fought many wars in the course of his Islamization, fought Afo
speaking people, conquered Ubbe, Usheni, Agwadama, Itta and Gwaffa.
Makama Dogo also conquered Panda due to
some misunderstandind between him and Ohimege (the ruler of Panda).
Makama Dogo fought the people of Toto (Igbira people) because of the
combination of Islam and traditional way of worship by the people. After
fighting other kingdoms like Dogo, Agaza and Udeni, Umaru told Madaki
Ahmadu his eldest son to continue leadership after his death and should
please be buried in Nasarawa town.
PHYSICAL CHARACTERISTICS
The major things considered under
physical characteristics of Nasarawa are, geographical location,
temperature, rainfall, geology, wind, vegetation, humidity, soil.
TEMPERATURE
The temperatures are generally high
during the day, particularly between the months of March and April. The
main monthly temperatures in the state range between 200C and 340C with the hottest months being March/April and the coolest months being December/January.
RAINFALL
The study area experience dry season
without or little’s rainfall from November to March of about 95mm, which
is wet season is from April to October of about 1.30mm,
GEOLOGY
From the Jos Plateau, this comprises of
basement complex metamorphic rocks, granite and basalt of two or more
ages. The basement complex is covered by shadow soil.
WIND
Nasarawa local government is determined
by the seasonal movement on inter-tropical convergence zone [ITCZ],
which represents the moving frontier between the moist Atlantic air from
the south and the dry air from the north. In the dry season from
November till March the north east wind are dominant. For the remaining
of the year, the south-western winds are prevailing. Generally, the wind
velocity is relatively low.
VEGETATION
Nasarawa is situated in the Benue valley
between the Benue river and Jos Plateau. This area lies within the part
of southern guinea savannah. The vegetation of Nasarawa has, to a large
extent resulted from extensive agricultural use of the land, the
predominant vegetation type is partly savannah which is characterized by
a discontinuous canopy, shrubs and grasses many areas are affected by
man through bush burning during the dry season. Among the common trees
are oil bean trees, locust bean free and isoberline trees.
RELATIVE HUMIDITY
The relative humidity is the measurement
of deepness of the atmosphere which varies from place to place and
different time of the day. The level of humidity in Nasarawa state in
January is quite less that 40% which rises as from February to July to
about 88%. By April when the steady rain commences it will be about 75%
by August when the inter-tropical discontinuity is at it northern part,
must position of the entire state will experience tropical marine wind
and continues till December.
SOIL
The major soil units of Nasarawa belong
to the category of oxisols or tropical ferruginous soils. The soils are
derived mainly from the basement complex and old sedimentary rocks.
Lateritic crust occurs in extensive areas on the plains while hydro
orphic soils (limbic incept sols) occur along the flood plains of major
rivers (Nyangba, 1995).
SOCIO-ECONOMIC CHARACTERISTICS
Nasarawa main economic activity is
agriculture; cash crop, such as yam, cassava and egusi (melon).
Production of minerals such as salt is also another main economic
activity of people in the state; Nasarawa produces a large proportion of
the salt consumed in the country.
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