Posted: 2023 | Pages: 98 | Format: MS Word | Chapters: 1-5 | Others: Questionnaires & References

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ABSTRACT

The world is a global village and is influenced by human behaviour. Everything that each individual does have some effect upon others, which means the world, is guided by laws and customs; and by duties and responsibilities. The degree to which those rules are observed determines the level of cohesion and stability of the world. Professional ethics is as old as the business world. In the practice of Estate Management the professional owes his client the duty of care in the performance of his duty that ensures that his client does not suffer any unnecessary loss due to wrong advice or a miscalculated act. The survey research method was adopted in this study. A sample size of 190 respondents comprising practicing Estate Surveyors and Valuers, Property Owners, Tenants and Lawyers in Anambra State were chosen using stratified random sampling technique. Carefully constructed questionnaire were distributed out and oral interviews conducted. The responses of these respondents together with other data collected were presented in tables and pie chats. Analytical tools of percentage were used to analyze the data collected. One of the major findings of this study is that misconduct occurs in all aspect of Real Estate Valuation practice be it valuation for rating purposes, valuation for compensation and valuation for mortgage. The study recommended that diligence and care should be ensured by Estate Surveyors and Valuers during the course of delivering service mostly in valuation of properties. Seminars, conferences and workshops should be organized on regular basis; the programme/workshop should be well advertized and affordable in order to encourage participants. Strict disciplinary measures should be meted to Estate Surveyors and Valuers caught in the act of misconduct in order to minimize if not eliminate misconduct in valuation    practice.

CHAPTER ONE

1.0 INTRODUCTION

        Real estate is a diverse and complex industry. For that reason, licensees often specialize in a particular type of real estate or a specific market area. This allows them to remain current and familiar with the market segment.

        The Real Estate council, and no doubt the public, expects a licensee to maintain a state of competency on an ongoing basis, in all areas in which the licensee renders services. A licensee who demonstrates incompetence may be found to have committed professional misconduct.

        Section 35 of Real Estate Service Act provides that a licensee commits “professional misconduct” if the licensee:

1. Contravenes the Real Estate Service Act regulations, or the rules;
2. Breaches a restriction or condition of their license;
3. Demonstrates incompetence in performing any activity for which a license is required;
4. Fails to co-operate with an investigation under section 37 (investigations by council) or 48 (investigations by superintendent);
5. Fails to comply with an order of the real estate council, a disciplinary committee or the superintendent;
6. Makes or allows to be made any false or misleading statement in a document that is required or authorized to be produced or submitted under this act (RESA).

The public relies on a licensee’s expertise. Therefore, licensees should not act in situations where they are unable to render competent service.

Section 43 of RESA provides for disciplinary action against a licensee who breaches section 35 by committing professional misconduct. As set out in section 35 of RESA, a licensee can commit professional misconduct in variety of ways, including by demonstrating incompetence.