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AN EVALUATION OF CLIENTS’ MODE OF INFLUENCE ON VALUATION ESTIMATES IN METROPOLITAN LAGOS

Ayedun, C. A. and Oni, A. O. and Oloke, C. Olayinka and Babajide, Susan (2014) AN EVALUATION OF CLIENTS’ MODE OF INFLUENCE ON VALUATION ESTIMATES IN METROPOLITAN LAGOS. In: IRERS, 29-30 April, 2014, Malaysia. (Submitted)

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Abstract

Valuation of landed property or real estate appraisal, is a process of establishing an opinion of value for an interest in landed property or real estate. It constitute an important element in the functioning of modern economies and of modern society. In the absence of continuously traded and securitized markets and the lack of success in developing transaction-based indices, it performs a vital function in the property market by acting as a surrogate for transaction prices. The difficulty involved at determining values arising from heterogeneous nature of real estate has been what easily gives some clients the opportunity at influencing the professional valuers with a view to getting the valuation estimates of their desire. The study examined empirically the mode of influence often being exerted on the professional estate surveyors and valuers in Metropolitan Lagos by the valuation clients. An exploratory cross-sectional survey research devoid of control; involving one-time observation of independent and non-manipulated variables. The target population consists of the practising estate surveyors and valuers in private practice in Metropolitan Lagos. Structured questionnaires were administered to 137 practising estate surveyors and valuers in the study area out of which 82 (60%) were retrieved. Data analysis was carried out with the aid of descriptive statistics. The study confirmed the existence of client influence in the conduct of valuation practise; tacitly or cunningly through supply of manipulated information or through coercive threats. In order to stem the tide of clients influence, vigorous education and enforcement of valuation standards by the regulators, vigorous peer review of valuation estimates emanating from the valuers and reformation of the valuation industry among others are recommended.

Item Type: Conference or Workshop Item (Paper)
Subjects: A General Works > AS Academies and learned societies (General)
Divisions: Faculty of Engineering, Science and Mathematics > School of Civil Engineering and the Environment
Depositing User: Abiodun Caleb Ayedun
Date Deposited: 19 Feb 2015 09:02
Last Modified: 19 Feb 2015 09:02
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/3530

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