PROFESSIONAL PRACTICE IN ESTATE SURVEYING AND VALUATION

Abstract

The reputation of a profession depends significantly on the credibility of its practitioners. On the other hand, a professional’s credibility depends on the extent of his/her compliance with professional, technical and performance standards required for the practice of the profession. It is on this basis that every credible profession strives to ensure that its members practice with discipline, decorum and dignity and most importantly, conduct themselves in a manner that guarantees public confidence in the profession. This effort is a life-long process. It begins at the Initial Professional Development (IPD) stage of its members, particularly during the period of studying for a degree or diploma in a professional discipline at an institution of higher learning when they are taught several courses, including professional practice and code of conduct, to the point of registration with the relevant professional body and continues throughout the life of the professional.

The estate surveying and valuation profession in Nigeria has grown tremendously since the nation’s independence. From a few chartered surveyors in 1960 to over four thousand registered estate surveyors and valuers as of December, 2016, the profession has improved greatly in terms of numerical strength. However, while it is imperative for the profession to sustain this growth, adequate, conscious and consistent efforts must be made to maintain the reputation of the profession and to sustain public confidence in its practice. This book is written as part of such efforts to educate would-be estate surveyors and valuers (students, probationers and graduates) as well as practising estate surveyors and valuers on the nature of the estate surveying and valuation profession and professional, technical and performance standards required for its practice. Such knowledge is very essential if the profession must be practiced in a sustainable, credible and ethical manner, now and in the future.

Textbooks on professional practice in estate surveying and valuation are very few and those available are either limited in scope in terms of the course contents specified in the Benchmark Minimum Academic Standards (BMAS) of the National Universities Commission (NUC) and syllabus on Professional Practice Examination (PPE) of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).or out of tune with recent developments concerning the practice of the profession at national and international levels. This book is an attempt to bridge this gap. It is also written to assist probationers and graduate members of the NIESV who are preparing for the PPE of the Institution and estate management and valuation students in Universities, Polytechnics and Colleges of Technology in Nigeria studying for B.Sc./B.Tech Degree and HND who take courses in professional practice and code of conduct.

The book is arranged in eleven chapters. Chapter 1 discusses the nature of a profession. Chapter 2 focuses on the estate surveying and valuation profession and its diversity. Professional ethics and code of conduct for estate surveyors and valuers is discussed in Chapter 3. Chapter 4 discusses professional negligence and misconduct in estate surveying and valuation practice. Chapter 5 deals with the regulation of estate surveying and valuation practice in Nigeria while the formation and structure of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) is discussed in Chapter 6.

Chapters 7 and 8 outline professional bodies to which NIESV is affiliated and other prominent professional bodies for estate surveyors and valuers respectively. Laws relevant to estate surveying and valuation practice in Nigeria are discussed in Chapter 9 while Chapter 10 focuses on professional report writing. The valuation reports presented in this chapter are based on practical valuation problems. The suggested solutions to these problems have been provided as valuation calculations in the same chapter. Understanding these calculations will help students as well as estate surveyors and valuers to properly deal with similar problems in practice. The last chapter of this book is Chapter 11. It deals with dispute resolution in estate surveying and valuation practice.

Students of estate management and valuation at all levels will find this book very useful. It will also satisfy the needs of allied professionals such as architects, builders, quantity surveyors, land surveyors, engineers, town planners, lawyers and accountants who are interested in understanding the professional, technical and performance standards which guide the conduct of estate surveyors and valuers in practice. Estate surveyors and valuers all over the world and particularly those practising in Nigeria will gain fresh insight from the book that will improve their professional practice.