ESVARBON bans ‘double charging’ for agency transactions
The moves, contained in three booklets, launched in Lagos last week would among other things serve as guide to estate surveyors and valuers in their professional conduct and practice, as no registered realtor has any excuse for professional misconduct.
IT is now a written document that a registered estate surveyor and valuer in Nigeria cannot be entitled to claim for the full fees calculated in accordance with approved scale of professional charges from two parties to the same transaction.
In clear terms, estate surveyors and valuers plying their trade in Nigeria are not entitled to collect agency fee from both the buyer and the seller on a single business dealing.
This is one of the rules set by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) contained in the newly released ‘Code of Professional Conduct For Estate Surveyors and Valuers and Explanatory Notes’, launched in Lagos last week. Also launched are: ‘A Competency Framework for Registered Estate Surveyors and Valuers and Valuation Reporting Template.’
It is a step to further regulate, sanitize and eliminate unwholesome practices usually perpetrated by quacks in the industry, where standards have been an issue of concern particularly to the founding fathers of the profession.
The books, reviewed by Mr. Akin Olawore, an estate surveyor and valuer, were also to enlighten the entire public of what estate surveying and valuation really is and how registered professionals are legitimately bound to carry their business. It is also to inform both the financial institutions and estate surveyors that ESVARBON is up to the task of setting minimum standard of practice and rules of engagement.
ESVARBON has regulatory watch and oversight function of the estate surveying and valuation profession in Nigeria.
On the Code of Professional Conduct, Chairman, ESVARBON, Elder Williams Odudu, said that prior to coming on board of the current leadership of the regulatory watch and oversight function of the estate surveying and valuation profession in the country appeared to have been surrendered to the Nigeria Institution of Estate Surveying and Valuers (NIESVs), adding that the reversal of role typifies a case of the child leading the parent.
“Awakening from slumber and poised to restore the board to its exalted place, the current leadership prepared the Code of Professional Conduct for registered estate surveyors and valuers in order to promote ethical practice and conduct in the practice of the profession.
According to him, the main thrust of the code is to ensure that core professional values and fundamental ethical issues in the practice of estate surveying and valuation profession are adhered to. “It is therefore aimed at entrenching the issues of character, integrity, accountability, objectivity and legal compliance. The entrenchment of the core values and professional standards of the profession are paramount to the conduct of professional business, which all estate surveyors and valuers must imbibe.”
Calling of the members to keep to the code, Odudu said: “I therefore, urge all estate surveyors and valuers to acquaint themselves with the Code of professional conduct as well as the explanatory notes and other extant rules and regulations by the board for efficient professional service delivery.”
Speaking on the framework, the Chairman said the board had come up with the document in fulfillment of its functions of regulating and controlling the practice of estate surveying and valuation in all its aspects and ramifications, adding that, the document would aid delivery of credible and competent valuation opinions and services to the public by registered estate surveyors and valuers acting in an ethical manner.
“This framework is intended to enhance the understanding of the attributes of registered estate surveyors and valuers generally and to assist organizations in the development of appropriate education and training curricula. It should be of interest to a wide range of stakeholders including: universities, polytechnics, employers and others who design, deliver or assess education programmes for registered estate surveyors and valuers.”
Commenting on the Template, Odudu said: “This template has been produced for the following reasons: for valuers in Nigeria to have a uniform and standard reporting format to produce easy to understand reporting for global consumption.”
According to him, the Template had been produced as minimum reporting content for registered valuers in Nigeria and had been prepared in accordance with the provisions of IVS 103.
“Every registered valuer in Nigeria is accountable to his client subject to the code of ethics produced by this board and each valuer is expected to have clear understanding of the needs of the client, to enable him appropriately and in the agreeing format.”
Warning of due punishment should any of his members flouts the provisions in the books, Odudu said the board would not hesitate to punish defaulters if found guilty, urging all to keep to the rules of practice, enthrone professionalism and preserve the ethos of the profession.