Real Estate Agency Practice In Nigeria

Figure 1: Map of Nigeria showing kwara   
Source: Ministry of Land and housing, Kwara State.

1.8 Definition of Terms
•    Agency:  The relationship between principal and agent which arises out of a contract either express or implied, wherein an agent is employed by a person to do certain acts on his behalf in dealing with a third party (Abobade, 1994)
•    Agent: One who undertakes to transact some business or to manage some affair for another by authority of the latter (Abobade, 1994)
•    Principal: The employer of agent or the agent client (Kuye, 2003)
•    Real Estate market: is a medium where ownership of interest in landed property change hand in consideration for not only monetary but also for other consideration depending on the interest of parties involved (Abobade, 1994)
•    Power of attorney: A written instrument duly signed and executed by an owner of property to which authorizes an agent to act on behalf of the owner to the extend indicated in the instrument (Abobade, 1994)
•    Quack:A person who dishonestly claims to have knowledge and skill. (Oxford Advanced Dictionary,2006). A person who pretends to be able to carry out certain activities, but his/her is unqualified and incompetent. Ajagbe (1998), define Quacks as those people who practice professions for which they are not formally trained or are not licensed to practice even though they have might gotten a formal training.