EFFECTS OF QUACKERY ON REAL ESTATE AGENCY PRACTICEÂ Â (A CASE STUDY OF UYO LOCAL GOVERNMENT AREA, AKWA IBOM STATE)
CHAPTER ONE
INTRODUCTION
1.1Â Â Â Â 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 principles are convinced that the involvement of agents will produce more effective return usually due to their vantage in training, commitment and conversance in the presented endeavour (Boyle, 1998). Hence it can be arguable that its application is in various sphere in life as of life endeavour could be centered in business.
In real estate practice, where the market is fraught with dearth of information, the role of the estate agent cannot be overemphasized particularly in bringing together parties of divergent interest in attaining specific goals (Ojewunmi, 2005).
Real estate agency is essentially a land based professor that deals with the business of buying, selling or leasing of interests in real estate which may be land or building or interest therein practitioners of this trade are generally addressed as estate agents in our environment considering the importance of housing in man’s hierarchy of needs and the huge deficit that exists in the housing sector in Akwa Ibom State and in Uyo in particular. The real estate agents generally play a very important role in the socio-economic life of the country (Olusegun, 1998).
Generally, a real estate agent is a person who possess the authority to act on behalf of antoher person with a view to establishing contractual relationship between his principal and a third party. The person who employs the agent is usually called the principal. Several several of real estate agent/agency exist (Olatunji, 2008). The practice of real estate agency in Uyo at present remains largely unorganized, unregulated and unprofessional. Apart from the Nigerian institute of Estate Surveyors and Valuers, that has set standards for the practice by its members that is Estate Surveyors and Valuers, the large majority of those who practice estate agency do so without the basic training in that field, without any certification or qualification, without any regulation and largely in an unprofessional manner (Gambo and Entry Ashen, 2012). The practice is generally open to all comers and entry and exit are the sole discretion of the person. Due to the lack of central professional/regulatory body that will set minimum standards for entry, set standards for its practice, as well as ensure adherence to a code of ethics, most estate generally on their own and quackery with it attendant consequences is very prevalent if not the order of the day.
A multiple if the local Estate Agents Associations exist but there are essentially local bodies without the right structure, leadership or plan to advance the practice of real estate agency beyond the parochial interest of the founders or originators (Hemuka, 2002). Therefore it is based on the forgoing that this research is carried out to investigate the effects of quackery on property agency practices with particular reference to Uyo Local Government Area, Akwa Ibom State.
1.2Â Â Â Â State of the Problem
Real estate agency practice in Akwa Ibom like other state in Nigeria contribute massively to housing delivery system as it helps to meet as well as cater for the housing/accommodation needs of people. Due to the importance of roles real estate agents play in the housing and accommodation delivery sector of the economy so many people have become victims of accommodation fraud from the hands of some of these estate agents who about duping genuine accommodation seekers which has been the reason for calls from many quarters on the need to investigate the effects of quackery on property agency practice in Uyo Local Government Area professionalizating and estate agency in Akwa Ibom State will benefit not just consuming public but also the practitioners. While the public will benefit through improved or quality agency services from reliable and well referenced real estate agents, the practitioners will benefit through proper regulation of the practice which will ensure that only qualified person practice the trade and that the practitioners are appropriately trained equipped and remunerated.
1.3Â Â Â Â Aim and Objectives of the Study
The aim of this study is to investigate the effects of quackery on real estate agency practice in Uyo Local Government Area. To achieve the aim, the following objectives are to be pursued;
- To identify the types of estate agency in the area.
- To examine the impact of quackery on real estate agency practice in the area.
- To examine the role of estate agency practice in the property market.
1.4Â Â Â Â Significance of the Study
The outcome of this study will be of immense benefit to the government and its agencies in that, the practitioners of the trade which will make easier the regulatory work of such government agencies like the EFCC in its fight against money boundering. The result will educate the general public on the need to patronize the professional real estate agents and criteria makes someone a real estate agent example qualification and the professional body, the real estate agent belongs to.
This research will also serve as a resource base to other scholars and research interested in carrying out further research in this filed subsequently, if applied will go to an extent to provide new explanation to the topic.
1.5Â Â Â Â Scope of the Study
This study centers on the effect of quackery on real estate agency practice in Uyo Local Government Area, the impact of quackery on real estate practice as well as the role of estate agency practice in the property market.
1.6Â Â Â Â Research Questions
- This study will give answer to the following questions;
- What are the types of estate agency in the area?
- What are the roles of estate agency practice in the property?
- What are the impacts of quackery on real estate agency practice in Uyo Local Government Area?
