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A Preview of Non-Client Influence in Property Valuation in Nigeria

Iroham, C.O. and Ayedun, C. A. and Oloyede, S. A. (2012) A Preview of Non-Client Influence in Property Valuation in Nigeria. Business Management Dynamics, 1 (9). pp. 22-29. ISSN 2047-7031

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Abstract

The existence of clients’ influence on values reported by Estate Surveyors and Valuers has been confirmed particularly in the US, UK, New Zealand, Asia and Nigeria. In a bid to discover ways of impeding the continuance of such influence, this work aimed at ascertaining the role non-client standing as third parties to contracting of valuation jobs will play. The research entailed the study of 162 Estate Surveying firms in Lagos Metropolis. A simulated mortgage valuation was carried out by the researchers with 24 final year students in a valuation course. The students who were placed in groups were required to influence Estate Surveyors and Valuers to tilt the calculated value upwards. Result derived from the use of 95% confidence interval on the t distribution table reveals that Estate Surveyors and Valuers were influenced upwards to an average of about 16% of the actual force sale value. From findings it is evident that influence in valuation might not necessary be due to inherent stakes attached to the task. While a lasting solution to the scourge is being sought, the researchers call for its eradication so as to safe guards the integrity of the Estate Surveyor and Valuer.

Item Type: Article
Uncontrolled Keywords: Clients’, Non-Client, Influence, Valuations, Estate Surveyor and Valuer, Nigeria.
Subjects: H Social Sciences > HD Industries. Land use. Labor
T Technology > TA Engineering (General). Civil engineering (General)
T Technology > TH Building construction
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Mr Solomon Bayoko
Date Deposited: 20 Mar 2014 16:31
Last Modified: 20 Mar 2014 16:31
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/2218

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