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PDF | Purpose of the Book Real Estate Development and Management (REDM) is multi-disciplinary in nature. Therefore, the scope of Real. PDF | Course “Real Estate Economics” covers the legal, physical, economic and investment aspects of real estate, contains an overview of. PDF | The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset.
Formal Agency tends to strengthen transparency and certainty toward the clients and is instrumental at mitigating squabbles as the agent can effectively be traced in case of any breach or illegality. However, Real Estate market realities depict that; Formal Estate Agents are not fully equipped with localized property market information especially regarding scanty deals, and not resolutely committed to low-income transactions for instance, case of a single room at Sinza or Manzese shanty settlements.
Furthermore, they are encircled with intricate and bureaucratic formalities hampering accessibility by low-scale customers. Scenarios of malicious over-pricing, falsification of documents, misrepresentation and misinformation to the clients emanate to malpractices instigated by still lame realty regulatory framework in Tanzania.
Comparing both forms of Estate Agency, Mpogole affirms that no particular Agency is superior to the other, inculcating the need to merge them in order to re-establish formidable Estate Agency in Tanzania envisaged at provision of superb services. Mpogole vehemently criticized lackadaisical regulatory framework with regard to Real Estate Matters in Tanzania which consequently spirals to loopholes compelling the s ste to a k o good faith a tio s o o issio s of people e t usted with obligations.
This persona has eventually yielded to the drafting of Estate Agency Bill, which upon passing through the Tanzania Legislative Assembly and subsequent assent by the President of the United Republic of Tanzania will become a fully fledged Principal Act. The Bill to be promulgated; categorically details the establishment and composition of Estate Agency Board, Qualifications and Registration of Estate Agents and Land Brokers, Regulatory framework, Enforcement and Compliance and Right for Appeals in case of dissatisfaction with adjudication of the Board.
At the genesis of this imperative and reformative development, this paper assesses the perspectives of Estate Agency Practice conspicuous players at Kinondoni Municipal Council in Dar es Salaam Tanzania to comprehend their likely reciprocation.
The study applied mixed approach to gather both quantitative and qualitative data through structured and open-ended questionnaires within Kinondoni Municipality in Dar es Salaam. The study adhered to the Research ethical criteria through consideration of informed consent, anonymity, confidentiality and proper record handling so as not to harm the respondents.
The study was scientifically implemented to guarantee validity, reliability, accuracy and consistency of the process so as not to mislead the society given the reformative significance of the subject matter in Tanzania. Data are hereby analyzed and results systematically presented on the tables b 3.
Table 1: This is an outright indicator that the study revoked the participatory urge from the respondents from the predetermined sample strata. The study enquired on the opinions of the respondents as toward the enactment and promulgation of the Estate Agency Bill, This was the focal point of the study among other related externalities.
The study also wanted to comprehend the perceptions towards the structure, organization and enforceability of the purported legislation. Table 3: On the other hand, though about This is unhealthy as it can instigate counter-reactions and poor enforceability of the prospected Act.
Table 4: This outcome convinced the research to relate the Informal Agency with un-qualification as probably the major reason for objection towards the regulatory reform thereby calling for more educating strategies in the prospected Act. The study further investigated on the perceived to be conspicuous obstacles to Estate Agency in Tanzania so as to highlight major areas to reinforce on during enforcement.
The Lekert Scale is used below as elaborated in Table 5 to determine the rampancy of outstanding challenges in Estate Agency in Tanzania: Table 5: Moreover given a weighted mean score of In a nut shell, inter alia, the study indicates that the general perception is that all classes are of the greater opinion that there are many challenges to be controlled efficaciously but this must bring all stakeholders to a round- table rather than being technocratic, top to bottom approach.
The Estate Agency Board to be instituted should focus on developing Estate Agency sector rather than existing like a tool to foster the interests of few people in or out of the paradigm. The contemporary business circles are averse of rigid formalities, thereby advocating for regulations which can change with the society at large lest the reform process become detrimental rather than substantive remedy to this vital service.
The escalation of prices and rents has continued to be a quagmire and uncontrollable menace in still nascent property market in Tanzania. As per Kongela and Knight Frank , Tanzania is among the countries with high rental rates in Africa. Despite the study by Kusiluka and Lucian with forecasting models projecting likeliness of decrease in rent, the situation has moved to worse given the unregulated rapid urbanization in Tanzania.
The Authorities and pertinent stakeholders need to intervene particularly at this time when studies by CAHF and UNESCO indicated that by then Tanzania had a deficit of 3million housing units, growing at a rate of , units annually as Dar es Salaam moves swiftly to being a mega city as per criterion of population. The financing costs have continued to be beyond reach by the low income earners irrespective of outreaching measures being pragmatically implemented thus calling for Estate Agency to be monitored and assessed scrupulously to mitigate adverse repercussions.
Given the peculiarities of Real Estate sector, some estate agents have often abuse the trust bestowed upon them by house-seekers through mendacious maneuvers, falsification of documents and misinformation thus mal-treating clients for selfish gains. The study is optimistic that; given the findings, appropriate and commeasurable checks shall be placed to curb these vices and inculcate ethical virtues within the profession.
Emanating from the fact that Estate Agency services are kernel to Realty markets effective functioning and given the emancipation of radical socio-economic and political reforms intermingled with inevitable impacts of globalization and remarkable advancement in technology diversified in a multitude of sectors, it is indispensable that every de-facto practice is formalized, monitored and synchronized in pertinence to the international standards to enhance connectivity and efficiency.
The quest to adhere to the inherent ethical cannons and professional codes of conduct, have become the benchmark and propensity to prosperity both in business and nationally. Stephen F.
Fanning, Terry V. Grisson, Thomas D. Pearson , Market Analysis for Valuation Appraisals. Africa Report , London Kusiluka, M. Evidence from Activities of Selected Investors in Tanzania. A Roommate Rental Agreement is a binding document between the roommate and the landlord. If you're looking for a template, then you can use the roommate rental agreement sample.
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