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National Estate Agency Regulatory Authority underway
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Posted by: westo,
on 2/7/2010,
in category "Legal and Regulatory"
Views: this article has been read 406 times
Abstract: Plans are approaching advanced stages for the inauguration of an association to harmonise and regulate estate agency practice in the country.
Following the wide spread complaints on the excesses of estate agents, plans are approaching advanced stages for the inauguration of an association to harmonise and regulate estate agency practice in the country. Faced with the infiltration of quacks into estate agency practice, the Federal Government may have concluded plans to set up a regulatory body to oversee the activities of estate agents in the country.
The Federal Ministry of Works and Housing and the Nigeria Institution of Estate Surveyors and Valuers (NIESV) are promoting the initiative. Already plans have reportedly reached advance stages and potential board members for the proposed body are been collated.
Chairman, Estate Surveyors and Valuers Registration Council of Nigeria (ESVARBON), Mr Joe Idudu who confirmed the development recently said in the wake of the induction of new entrants into the profession in Abuja that the proposed body will curb the excesses of non professionals in estate agency practice.
He explained, ''Estate agency is a difficult aspect of our business. It is true that anybody that fails in any other area goes into estate agency. We are saying that in the interest of the generality of Nigerians, let there be control. Let there be an estate agency association so that certain rules are set. You cannot collect people's money today and vanish tomorrow. Firstly, there must be level of education and secondly, location of business and definite place that is recognised. The way that is done now, totally uncontrolled is wrong''. Idudu emphasised that the focus of the present board is to substantially reduce the nefarious activities of quacks by registering many qualified Estate Surveyors and Valuers in the country.
The board has put requisite machinery in place, in collaboration with the relevant law enforcement agencies, to check the spread of pseudo practice and bring to book culprits found guilty of the offence. It is worthy to stress here that the board has instituted actions in courts against quacks who would not heed its warning,'' he said.
Chief Emeka Onuorah the President of the Nigerian Institution of Estate Surveyors and Valuers while commenting on the development in a telephone chat with Castles said the setting up of the regulatory agency would in the end help to stop charlatans who parade themselves as estate agents. He added that it would also help to forestall fraudulent practices within the industry.
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