Course Gaps at Bamidele Olumilua University of Education, Science and Technology, Ikere - Ekiti

Development and re-development process. Property management in relation to social, political, economic, physical and location aspects. Property management process – strategy of estate owners and choice of alternative to achieve owner’s objectives. Estate-cycle and problems of obsolescence. Principles of estate management applicable to management of public and private estate, new towns, expanding towns, local authority redevelopment area. Implications for estate management of legislation pertinent to relationship between the landlord and tenant. Marketing and agency: legal positions of principal and agent; methods of sale promotion, selling market segmentation; market research, market planning, total project management. Parties involved in property development. Data and information for property development. Sources of finance and funding arrangements for development. Feasibility Studies – residential/commercial properties. Effect of government policy in development process with emphasis on land policy implications. Management of institutional housing and commercial estates: principles, procedures, and problems. Rule of thumb in real estate practice. Common scheduling tools, including critical path method and bar charts as an aid in project planning, budgeting, and cost control. Also introduces the gathering, processing, and evaluation of project information for effective project control.

General introduction to various aspects of surveying, use of simple survey equipment; principles and practice of chain surveying, compass traversing. Introduction to survey draughtsmanship.

General introduction to the various facts of land surveying, determination of vertical distance errors, and corrections in levelling cross-sections and profiles: contouring, enlargement and reduction of maps, years. Introduction to Geographic land information systems, use of basic GPS devices.

Statutory and Local Authority requirements. Site preparation: Clearing of bushes, grubbing up roots, top vegetable soil excavation, reduced soil excavation, reduced level excavation, dewatering, extermination of termite nests. Types of engineering soils: Importance of soil investigation. Sequence of building operations. Setting out of a simple building, using builders square, 3-4-5 Method, and checking the accuracy of setting out. Classification and properties of building materials, survey of current types of materials and methods used in building construction, concrete (cement, aggregate, water), timber, plastic and steel framing systems; masonry construction; interior and exterior finishes. Students are introduced to preliminary and basic construction processes in the construction of buildings. Types of foundation (strip, pile, pad and raft), functional requirements of foundations, trenching excavation and support, types and functional requirements of floors such as solid ground floor and raised timber ground floors.

Definitions and concepts of land and land use; the need for planning land use. Attributes of land use planning, methods of land use planning, principles of land use; land use determinants, land use dynamics and integrated spatial solutions for problems on different scales. Area-oriented integration of various tools for land use planning, regional and environmental management. Agricultural/rural land use planning: models of land use planning, and concept of entrepreneurship (entrepreneurship, intrapreneurship/Corporate entrepreneurship,). theories, rationale and relevance of entrepreneurship (Schumpeterian and other perspectives. Risk-taking, necessity and opportunity-based entrepreneurship and creative destruction). Characteristics of entrepreneurs (opportunity seeker, risk taker, natural and nurtured, problem solver and change agent, innovator and creative thinker). Entrepreneurial thinking (critical thinking, reflective thinking, and creative thinking). Innovation (concept of innovation, dimensions of innovation, Change and innovation, knowledge and innovation). Enterprise formation, partnership and networking (basics of business plan, forms of business ownership, business registration and forming alliances and join ventures). Contemporary entrepreneurship issues (knowledge, skills and technology, intellectual property, virtual office, networking). Entrepreneurship in Nigeria biography of inspirational entrepreneurs, youth and women entrepreneurship, entrepreneurship support institutions, youth enterprise networks and environmental and cultural barriers to entrepreneurship). Basic principles of e-commerce.

Income tax: nature and incident. Allowances on deductions. Assessment of owners and occupiers of landed property. Taxation of capital estate duty. Capital transfer tax. Elementary principles of national finance with particular reference to central and local government finance. The caucus and principles of taxation. Taxation distinguished from other land burdens. Methods of taxation proprietary interests in land. Income tax. Inheritance tax. Local rates and other statutory charges. National taxation policies relating to land. Organization and administration of rating. Valuation list and preparation objections; proposal and appeals. Assessment of property. Occupation and hereditament. Tone of list; gross value; net annual value; rateable value. Rebus sic stantibus. Rating valuation practice. Hypothetical tenant. Valuation assumptions. Vacant and to let exemptions. Adjustment of gross value to net annual value. Alterations of the valuation list. 400 Level Estate Management

Factors affecting supply and demand for land and buildings. Principles of investment. Stocks and shares. Interest rates and investment yields, the property market methods of valuation. Factors affecting demand and supply of land and buildings of various uses. Outgoings and the different letting arrangements: FRI, IRI. of leases and tenancies. Income patterns and variations. Property valuation process/procedure generally, and of the different methods of valuation: Direct market price comparison, replacement cost. Profit/accounts, and land residual methods. Sources of data for valuation.

Analysis of sales and letting of freehold and leasehold property, use of valuation tables. Effect of income tax on sinking fund, premiums, surrender and renewals of leases. Investment/ income method of valuation approaches: term and reversion, hard-core; traditional/conventional (initial/all-risks yield cum fixed annuity capitalization), modern/contemporary (equated yield cum variable annuity capitalization). Determination of freehold and leasehold investment/initial/all-risk yield: analysis of transactions involving sales and lettings of comparable freeholds let at rack/full rental value. Virtual/sitting rent calculations. Valuations involving freehold currently let at full rental value (FRV) on full repairing and insuring (FRI) basis and currently not let at FRV and not on FRI basis. Valuations involving deferred receipts and payments, and varying incomes. Effects of capital expenditure and present and future premium payments on rental values and valuations associated therewith. Valuations of leaseholds: long and short terms. Effects of income tax on freehold and leasehold valuations and adjustment to the year’s purchase. Applications of statistics and computer techniques in valuation.