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

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 stand...

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Bibliographic Details
Published in:Business management dynamics 2012-03, Vol.1 (9), p.22
Main Authors: IROHAM, C O, AYEDUN, C A, OLOYEDE, S A
Format: Article
Language:English
Subjects:
Researchers
Valuation
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Summary: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.
ISSN:2047-7031