The Impact of the Activities of Quacks on the Practice of Real Estate Profession in Nigeria.

12735 Words Dec 7th, 2012 51 Pages
THE IMPACT OF THE ACTIVITIES OF QUACKS ON THE PRACTICE OF REAL ESTATE PROFESSION IN NIGERIA.

BY

OREAGBA .K. OMOTOKE

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF BACHELOR OF SCIENCE DEGREE (HONS) IN ESTATE MANAGEMENT

DEPARTMENT OF ESTATE MANAGEMENT

JANUARY, 2011.

CHAPTER ONE

INTRODUCTION
1.1. Background to the Study
The notion of professionalism is based upon a practitioner in whatever vocational field to serve not only his client but also the society at large. This implies the need to maintain a high degree of ethical responsibility and conduct, because integrity must be the watch word for any profession.
Thus the attainment of professional status involves a discipline of study, a compilation of
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In the course of reading all this, the researcher was prompted to find out in what way has the activities of quacks affected Real Estate Profession with special focus on real estate agency and property dealings in Lagos Island and its environs due to its high volume of letting and sales transactions.
1.2. Statement of Research Problem According to Akomolede (2006), the biggest problem facing the estate agency business in Nigeria today is the absence of regulation, there is no enabling law under which estate agents are registered and controlled; the danger is that the profession in its present state allows for the intrusion of all kinds of quacks.
Another main problem with the current system is that there is no requirement to belong to a regulatory body in order to set up and practice as an agent. Estate agents may choose to become members of the Royal Institution of Chartered Surveyors or the National Association of Estate Agents, and it's a good idea to check for their membership of these bodies when choosing one to work on your behalf. Crime Watch investigations published in the PM News (17th September, 2009) revealed that most of the properties advertised for rent or lease do not exist, and where they exist, people are joining hundreds of other victims to line the greedy pockets of these criminals. It was also revealed that between last year and today, over 1,000 house

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