Project Abstract

Abstract
The proliferation of unregistered estate agents in the real estate market has become a significant concern for regulators, industry professionals, and consumers alike. This research aims to investigate the root causes and consequences of this issue, focusing on the impact it has on the overall real estate market. By examining the reasons behind the rise of unregistered estate agents, such as lack of stringent regulations, loopholes in licensing requirements, and inadequate enforcement mechanisms, this study seeks to provide insights into how these agents operate and the risks they pose to both buyers and sellers. Through a combination of qualitative and quantitative research methods, including interviews with industry experts, surveys of real estate consumers, and analysis of regulatory frameworks, this research intends to shed light on the challenges posed by unregistered estate agents. The findings of this study are expected to contribute to the existing literature on real estate regulation and consumer protection, with implications for policymakers, industry stakeholders, and the general public. By identifying the factors that enable unregistered estate agents to thrive in the market, this research aims to propose recommendations for enhancing regulatory oversight, improving licensing processes, and increasing awareness among consumers. It is hoped that the insights gained from this study will help mitigate the risks associated with dealing with unregistered agents, such as fraud, misrepresentation, and lack of accountability. Ultimately, the goal of this research is to promote a more transparent, efficient, and fair real estate market that safeguards the interests of all parties involved. In conclusion, the proliferation of unregistered estate agents in the real estate market is a pressing issue that requires immediate attention from regulators, industry professionals, and consumers. This research seeks to address this challenge by investigating the root causes and consequences of unregistered agents' activities, with the aim of proposing solutions that enhance market integrity and protect the interests of buyers and sellers. The findings of this study are expected to inform policy discussions, regulatory reforms, and public awareness campaigns aimed at curbing the growth of unregistered estate agents and promoting a more accountable and trustworthy real estate sector.

Project Overview

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

The term real estate is commonly used interchangeably with real property to refer to land and all things permanently attached to it. Property in itself consists of valuable rights held to the exclusion of others (Betty and Ely,2008). The definition of real estate typically includes land, fixtures (attachment) to land, anything incidental or appurtenant to land that benefits the land owner and anything which is immovable by law. Real estate is a readable commodity with a specialized market due to its unique characteristics of geographical immobility, heterogeneity, fixity, indivisibility and indestructibility. In addition, investment in real estate requires a large capital outlay and is surrounded both by many legal factors and government regulations (Ventollo and Martha, 2001).

The decision to invest in real estate is fast becoming the preferred choice for most Nigerian investors who consider it one of the most stable forms of investment. In addition, the rapid increase in the price of Nigerian real estate has made many investors venture into real estate as a source of income. In recent years, the Nigeria real real estate market has seen a new breed of investors who are targeting capital growth/ appreciation as the most important source of return for real estate investment through their sale.

Nigeria in recent years has been flooded with developers bringing property into market for sale, rather than for the purpose of obtaining a stream of income in the form of rent. Ventollo (2001) simply defines a market as a place where buying and selling takes place. Due to the unique characteristics of related estate, the market for real estate all over the world does not conform to the definition of an efficient market. An efficient goods market is one where the products have close substitutes, many buyers and sellers who have perfect knowledge of prices and goods exist there is little government interference and the product is easily transferable. Real estate requires professionals who possess an understanding of the processes to mediate between the concerned parties who include but are not limited to financiers, developers, sellers and purchasers. The rapid increase in the prices of rel estate has made many investors and unregistered agents ve tire into real estate as a source of income.

1.2 STATEMENT OF THE PROBLEM

The practice of estate agency is not a new concept in Nigeria. However, it has for a long time been associated purely with the commercial transaction of letting properties for landlords, buying and selling land, factories, houses, commercial premises, businesses as going concerns hotels and the ownership rights associated with them. The agents acts on behalf of the seller or on behalf of the buyer for a commission. In this regard, in addition to the firms registered to carry out this practice, there have also been a large number of estate agents practicing without any background knowledge and/or understanding of real property as a commodity and the real estate market as a special one. Hence there is need to assess the proliferation of unregistered estate agent in real estate market.

1.3 OBJECTIVES OF THE STUDY

 The major objective of the study is proliferation of unregistered agents in real estate market.

1.4 RESEARCH QUESTIONS

(1) what is real estate?

(2) what is real estate market?

(3) who are real estate agent?

(4) what is the rate of proliferation of unregistered agents estate market?

1.5 SIGNIFICANCE OF THE STUDY

The study gives a clear insight into the proliferation of unregistered agents in real estate market. The need for this study arise because estate agency as a profession in this country has seen an influx of numerous unqualified persons because there exists a conflict between professionalism and commercialism in the practice. These people come in to provide agency services in the real estate market yet they have no knowledge of either real estate or the market within which it is traded. As a result, the real estate market, is plaques by inefficiency and lack of transparency due to unregistered agents. The study also emphasizes on the need. to enforce a law that will govern the real estate agent.

1.6 SCOPE OF THE STUDY

The research focuses on the proliferation of unregistered agents in real estate market.

REFERENCES

Betty and Ely (2008) Basic Real Estate Appraisal: Principles and Procedures, (7th end) Thomson South Western, U.S.A.

Ventollo, L. and Martha, R.(2001) Fundamentals of Real Estate Appraisal, Dearborn Real Estate Educator, Chicago.