Estate Management Course Descriptions

 

  1. ESM 101- Principles of Economics I (2 Credit Units)

The subject matter- nature and significance of economic science, The tools of economic analysis, Basic economic concepts- value, utility, cost, etc., theories of demand and supply, Elasticity of demand and supply and their applications. Elementary theories of cost, Inflation.

 

  1. ESM 102- Principles of Economics II (2 Credit Units)

Distinction between micro and macro economics, Production theory- location, returns to proportion and returns to scale. Classifications of market structure, Basic principles of international trade, public finance, wage determination.

 

  1. ESM 111- Principles of Estate Management I (3 Credit Units)

Definition and philosophy of Estate Management, Economics, Social, Legal, Technological, Environmental and other aspects of real estate, Meaning of Management business management and estate management- similarities and differences, management functions in relation to real estate development and investment. Setting management Objectives-planning, Coordinating, Controlling, Organizing and Directing functions of the estate manager. Origin and theories of Ownership, fee simple, freehold, leasehold, interest in common, joint interest, interestfor life, land tenure in Nigeria.

 

  1. ESM 112- Principles of Estate Management II (3 Credit Units)

Lease- terms and covenants, type of tenancy- monthly, Quarterly and yearly tenancies, tenancy at will, tenancy at sufferance and squatter, merits of leasehold interest, Functions of the estate surveyor and Valuer. Financing land and resources development, management of private and public estates, and public control of land uses.

 

  1. ESM 122- Principles of Land Economy (2 Credit Units)

Concept of land, motives of land ownership in society, proprietary land unit and proprietary interest in land, statutory and customary rights of occupancy, transfer of ownership of land, development of land markets, land economy education and professional practice.

 

  1. ESM 201- Agricultural Production I(2 Credit Units)

Principles of crop production including climate factors and type of cropping system. Land preparation, planting, protecting and harvesting annual crop and perennial crops.

 

  1. ESM 202- Agricultural Production II(2 Credit Units)

Soil profiles, soil formation and influence on parent materials, relief, climate, vegetation, texture, structure and moisture relationships of soil.

 

  1. ESM 203 – Statistical Method I (2 Credit Units)

Nature of Statistics, Statistical inquiries forms and design, The role of statistics, Basic Concepts in Statistics, Discrete and Continuous variables, functional relationships, Sources of Data, Methods of Primary Data Collection, Presentation of statistical Data, measure of central tendency, Measure of dispersion, Moments, Skew and Kurtosis, Elementary probability Theory and Distribution.

 

  1. ESM 204- Statistical Methods II (2 Credit Units)

Normal Curve, Sampling Distribution, Estimation, Student’s Distribution, Statistical Decision Theory, Tests of Hypothesis for small and large Samples, Chi- squares Distribution and tests of goodness of fit, linear Regression, and Correlation Theory, Index Number, Time Series analysis.

 

  1. ESM 205- Elements of Law of Contract and Torts I ( 2 Credit Units)

Introduction: Definition, Formation of a Contract. Offer. Acceptance. Consideration. Intention to enter legal Relation. Terms of a Contract.

 

  1. ESM 206- Elements of Law of Contract and Torts II (2 Credit Units)

Vitiating Elements of a Contract. Mistake. Misrepresentation. Duress and Undue Influence. Illegal and Void Contracts. Capacity to Contract.

 

  1. ESM 208- Administrative Law(2 Credit Units)

The Machinery of Government: Separation of Powers. The Executive, Legislature and the Judiciary. Organization and Hierarchy of Courts. Supreme Court, Court of Appeal, Federal High Court, State High Court, Magistrate Courts, Customary Court, Upper Area Court, Area Court, Administrative Tribunals/Adjudication. What is Administrative Tribunal? Membership of Tribunals, Independence of Tribunals, Rights of Appeal under Tribunals, Contempt of Court, Decisions, Immunity and Privileges of tribunals. The Personnel of the Law: the Police, Legal Status and Responsibility of Police Officers, Control of the Police Force, Relation with, and Complaints against the Police by members of the Public. Fundamental Rights under the Constitution; Right to Life, Right to Dignity of Human Person, Right to Personal Liberty, Right to Fair Hearing, Right to Private and Family life, Right to Freedom of Expression, Right to Peaceful assembly and Association, right to Freedom of Movement, Right to Freedom from Discrimination, Compulsory Acquisition of Property. Problems of Limitations on Fundamental Rights, Remedies for Administrative Misconduct. Action for Damages, Injunctions, Declarations, Certiorari, Mandamus, Habeas Corpus, Prohibition, Ouster of Finality Clause.

 

  1. ESM 221- Land Economics (2 Credit Units)

Concepts of land Vis-à-vis land utilization decisions, classical theories of land values and economic rents- Malthusian, Neo- Malthusian, Von Thunen, Ricardian, Adam Smith, and Mills Theories, Modern location and other theories of land use and land values, Urban land use determination, Macro and Micro- determinants of land use decisions and land values.

 

  1. ESM 223- Land Economics I (Service Course) (2 Credit Units)

Land resources of Nigeria, Land as a factor of production, population growth and land use, land tenure system, land and property markets, legal concepts of land, legal control on land use. Economic basic of urbanization. Urban structure and land use pattern.

 

 

  1. ESM 224- Land Economics II (Service Course) (2 Credit Units)

Effects of Land value and land use on the operation of price mechanism. The land development process. Financing of land development. The economic rent concept. The economic factors governing land development and redevelopment. Effects of zoning of land and buildings. Land Use Decrees, its effects on land values and land development.

 

  1. ESM 251- Introduction to valuation I (3 Credit Units)

Definition of value, purposes of valuation and type of value, economic, constitutional, geographical, sociological, political, environmental and legal bases of property values, incomes, prices, costs and their relationship to value, Investment market, assets prices and pattern of rates of interest and yields, the effects of international situation and other factors on property values.

 

  1. ESM 252- Introduction to Valuation II (3 Credit Units)

Land Market- nature, features, sectors, and imperfections, capital market and the principles governing interest rates and yields, introduction to valuation methods, market analysis, structures and environmental surveys and reports for valuation, mathematical concepts and construction of the valuation tables. Elementary valuation problems. Field project.

 

  1. ESM 301- Economics of Agriculture I(2 Credit Units)

Basic economic tools and reasoning and their applicability to Agricultural Problems, Structure of production units: Capital and Labour Inputs. Forms of costing and estimating. Term budgets, Scale Economics.

 

  1. ESM 302- Economics of Agriculture II(2 Credit Units)

Role of theory in economic analysis. The structure of Nigeria’s economy, Agriculture versus Industry. Natural resources. Free enterprises.

 

  1. ESM 305- Elements of Nigerian Land Law I(2 Credit Units)

The concept of property; Meaning and Classification; Sources of Law of Real Property in Nigeria; Definition of Land; Classification of Rights in Land. Customary Land Law; Customary Land Tenure System; Nature of Title of Land under Customary Law; the Concept of Family Property. Customary Relationships on Land; Sale of Land at Customary Law; Cost of Land; Borrowing of Land; Customary Tenancy; Customary Pledge. Effects of Land Use Act on Customary Land Tenure System in Nigeria, Preservation of Customary Land Tenure System, Protection of Customary Right of Control and Management. Customary Land Relationship and the Land Use act. Revocation of Customary Land Right and Entitlement to Compensation. Non-Customary Land Law. The Doctrine of Estate. Definition of Concept. Estate of Freehold. Fee Simple Estate. Fee Tail. Co-ownership. Tenancy in Common. Sale of Real Property. Preliminary Considerations. Written memorandum. Conveyance Procedure. Pre-contact Enquiries. Perfection of Instrument of Transfer.

 

  1. ESM 306- Elements of Nigerian Land Law II(2 Credit Units)

The Land Use act. Evolution of the Land Use Act. Status of the Land Use Act under the Nigerian Constitution, Vesting of Title, Control and Management of Land, Right of Occupancy, Certificate of Occupancy, Alienation of Right of Occupancy. Planning Permission, Development Permit. Enforcement of Planning Control. Lease and Tenancies: the Relationship of Landlord and Tenant, Lease and License, Types of Tenancies, Determination of Lease Compensation for fixtures Licenses.

 

  1. ESM 331- Economics of Planned Development I (2 Credit Units)

Positive and negative planning. The town and country planning authority. Planning Balance Sheet. Economics effects of publication of town and country plans on demand for real estate. Selecting and securing sites for development. Relating planning programmes to the capacity of the building industry. Controls affecting investments in land. Financing parties in the land development.

 

  1. ESM 332- Economics of Planned Development II (2 Credit Units)

Valuation of financing implications of development projects. The role of public and private developers. Comprehensive redevelopment and new town schemes. Economic problem involved in Slum clearance and redevelopment programmes. The use of valuation in ascertaining the most economic methods. Impact of government policies and actions.

 

  1. ESM 341- Land Taxation and Rating Practice I (3 Credit Units)

Principles of national finance- central, state and local government finance. Principles and canons of taxation. Objectives and methods of taxing proprietary interests in land. Land taxation- capital gains and transfer taxes, Estate duty and other statutory charges on land. Types of income tax- nature and influence, allowance and deductions.

 

  1. ESM 342- Land Taxation and Rating Practice II (3 Credit Units)

History and development of property rating in United Kingdom and Nigeria. Rating practice- valuation, Administration and Appeal Machineries. Comparison of Nigerian and United Kingdom systems.

 

  1. ESM 351- Principles of Valuation I (3 Credit Units)

Factors affecting supply and demand of land and buildings. Valuation process – procedure and methods of valuation. Use of valuation tables- single rate and dual rates tables, effect of leasehold properties. Deferred incomes and varying incomes. Statistical and computer framework of valuation. Alternative to the use of valuation tables.

 

  1. ESM 352- Principles of Valuation I (3 Credit Units)

Valuation involving deferred receipts and payments and as well as varying incomes. Virtual or sitting rents, racks rental values, future capital payments and receipts. Capital expenditure and premium- effect of capital expenditure on rental value. Effect of premium on the rental value. Capital expenditure regarded and treated as premium surrender and renewal of leases. Effect of income tax on sinking fund.

 

  1. ESM 353- Principles of Valuation (Service Course) (2 Credit Units)

Function of a Valuer, Definition of value. Types of Landed property. Demand and Supply of Land. Investment market, the property market, principles and methods of property valuation. An appreciation of the economic basis of property values. Asset prices and the pattern of interest rates. Income, prices, costs and their relation to value. Concept of years purchase, construction of and of valuation tables.

 

  1. ESM 401- Public Health Engineering(2 Credit Units)

Basic Elements of estate engineering with particular emphasis on primary infrastructure- water supply system, water circulation, sources of water, rainfall runoff, collection and storage – sewage disposal system, types of sewage, quantity and quality and characteristics. Factors affecting sewage planning, development. Types of sewage treatment plants. Septic tanks and soak-away system. Drainage system and bye-laws.

 

  1. ESM 411- Principles of Property Management (3 Credit Unit)

Management theory- Aims and policies of landed property management. The functions of management in economy and in relation to real estate particularly. Proprietary land unit as an area of decision. Leasehold system. Development and redevelopment process. Urban and rural estates, principles of managing public and private estates.

 

  1. ESM 413- Land Registration and Administration of Property (2 Credit)

Registration and instrument and titles to land. Valid registration. Effects of registered title and land instruments and notice on land. Procedure for land instrument registration and search on title documents. The characteristics of public poverty. Various governmental agencies and statutory bodies concerned with property ownership, occupation and land administration. Motives of public ownership and occupation of properties. Positive management as applied to public property.

 

  1. ESM 421- Comparative Land Policies (2 Credit Units)

The nature of customary tenure and economic and social structure in selected countries of West Africa, Africa and the world. The purpose and progress in national land reforms in selected countries. Implementation of land policies; government and bodies related thereto.

 

  1. ESM 431- Urban Land Economics (2 Credit Units)

Land as a factor of production. Price determination and location theory. Factors governing the pattern of land use. Central Business Districts (CBD), zone of transition, rural-urban fringes, etc. use of economic and management principles of explaining urban land uses and land values. Impact of location on urban land use and land values. Urban land use controls- merits and demerits.

 

  1. ESM 451- Principles of Valuation III (3 Credit Units)

Premium, surrender and renewal of leases. Application of methods of valuation- replacement cost methods, direct  market comparison method, residual and developmental methods, accounts method. Valuation for mortgages- Bases of Valuation, recommendation and policy advice, second or subsequent mortgages. Principles of insurance and method of valuation for insurance purposes. Double sinking fund method of valuation.

 

 

 

 

  1. ESM 453- Mineral Valuation (2 Credit Units)

Definition and basic characteristics of common minerals. The legal, political, economic and physical bases of mineral ownership, exploitation, processing and marketing and the impact on mineral values. Methods of valuation of minerals for different purposes.

 

  1. ESM 471- Estate and Development Finance (3 Credit Units)

Traditional and contemporary sources of real estate finance. Mortgages, pledges, and sale and lease back as sources of estate of estate and development finance. Internal and consociate estate development funds. Contractor financing, insurance and other banking and institutional finance. Mortgage Financing, Securitization & Unitization, REITS, Estate Accounts, Income statements and balance sheet. Control and management of working capital, Budgeting and financing, forecasting.

 

  1. ESM 491- Research Methodology (2 Credit Unit)

This course aims at assisting the student development his/her research and investigation techniques and writing skills; and incorporates- problems identification and statement of hypothesis, Use of elementary statistical techniques in analysis and solving of problems. Structure, organization and presentation of dissertation/project report.

 

  1. ESM 501- Computer Application in Estate Management Practice (2 Credit Units).

Possibilities of Computer applications in the Field of Estate Management practice. Different software packages for property and assets valuations, property management, Estate Agency, Feasibility and Viability Appraisals, Geographic Information System (G.I.S). Practical/demonstration of the applications.

 

  1. ESM 502 – Professional Practice (2 Credit Units)

Rules of professional practice and Code of Conduct. The Nigerian Institution of Estate surveyors and Valuers and The Estate Surveyors and Valuers Registration Board of Nigeria. The relationship between the institution and the Registration Board and other professional bodies. Rules of thumb in real estate practice. The roles of Valuers in the public and private sectors. Professional firms, groups, partnership and their management.

 

  1. ESM 511- Advanced Property management (2 Credit Unit)

Estate plan- need for estate plan. Factors that influence estate plan, type of plan- long term, medium and short- term programme. Management control- aims of management control and types of management control- occupation and lease controls, control on sale, and control of assessments, licenses and lesser interests. Lease control and management surveyors role- administration, selection of tenants, negotiation of terms, routine management- rent collection, periodic inspections etc. property maintenance, user and others including marketing of space, insurance, service charges, accounting, portfolio advice. Financial control- revenue accounts, capital accounts and budgets. Estate organization structure- direct control, coordinated control, uniform control and total effective management. Estate records- deeds and agreements, correspondences, general information records and estate reports.

 

  1. ESM 512- Advanced Property management II ( 2 Credit Units)

Land, Housing and Fiscal Policies of the governments- control of Rent Edicts, Land lord and tenant Acts, Recovery of Premises Edicts, etc. and their effects on property- Management, Maintenance, Improvement, Mobilization and Conservation of building including mechanical and electrical services. Maintenance survey, administration, life cycle, costing and rehabilitation, etc. specific problems relating to residential, commercial and industrial properties, Rent reviews, taxation of income and capital- withholding tax, capital gains taxes. Revocation and modification of planning permission. Estate Agency- principal/ Agent relationship, Sole and multiple agency, sales- advertising and selling by auction, preparation of the sale and conduct of sale. Selling by tender. Management of public and private estates, preservation and Management of historical and monumental buildings. Public versus private estates.

 

  1. ESM 514- Facilities Management(2 Credit Units)

Evolution of Facilities Management; definitions, rationale and scope of functions and activities. The role of the facilities manager in a corporate organization; Typology and classification of Facilities; Facilities Management systems and Professional involvement, Multidisciplinary nature of F.M.; Goals and benefits of Facilities Management, Tools of Facilities Management; Management techniques applicable in FM; Environmental and economic factors militating against efficient Facilities Management. Professional development of Facilities Management; Case studies of Facilities Management application in Nigeria

 

  1. ESM 516- Real Estate Portfolio Management (2 Credit Units)

Objectives of Portfolio Management. Contents and measurement of property investment portfolio. Performance Evaluation Techniques, Performance indicators. Scope, rationale and techniques of Portfolio Construction, Diversification and performance evaluation. Comparative analysis of indices applicable to mixed and property only port-folios, Obstacles to portfolio management application in Nigeria case studies and comparisons.

 

  1. ESM 521- Land Use and Resources I (2 Credit Units)

Meaning of land in economic, legal and social theories. Adequacies of otherwise of the theories in prudent and viable use of land resources in society. Evolution growth, structure and pattern of human settlement- the influence of climate, economic development, social order, land tenure, communication and technology on the use of land. Competitive and complementary land uses. Population and land area ratio, national and local difference.

 

  1. ESM 522-  Land Use and Resources II(2 Credit Units)

Rural and Urban land uses and allocation. Supply and demand for land. Development and redevelopment, obsolescence, urban blight, slum and renewal. Relocation problems land resources and exploitation in Nigeria. Environmental Pollution and conservation. Public control of land use. National land policy.

 

  1. ESM 531- Project Management (2 Credit Units)

Definition of project management. Advantages of project management. Theoretical framework of project management. Selection of project personnel. Organization and power flow in project execution. Crises elimination and network analysis. Programme evaluation and Review technique. Critical Path Analysis. Construction and use various charts in project management.

 

  1. ESM 551- Advanced Valuation I (3 Credit Units)

Valuation of Residential, commercial and Industrial Properties, Valuation of Company assets, Rating, assets and going concern valuation of easements, Valuation of Agricultural Properties, Capital Budgeting, Trends in Values, Valuation Report writing.

 

  1. ESM 552- Advanced Valuation II (3 Credit Units)

Valuation of special properties includes petrol filling stations, hotels, cinema houses, plant and machinery, Compulsory acquisition of land or revocation of rights of occupancy for over- riding public interest and assessment of compensation. Disturbance, injurious affecting and severance. Valuation for way leaves, rights of way and easements. Case-studies and Field assignments.

 

  1. ESM 553- plant and Machinery Valuation (2 Credit Units)

Definition and identification of plant and machinery. Survey and determination of functional and economic lives and efficiency of plant and machinery. Depreciation theory and methods of ascertainment of accrued depreciation, purposes of valuation of plant and machinery, method of valuing plant and machinery.

 

 

  1. ESM 561- Feasibility and Viability Appraisals I (3 credit Units)

Definition or meaning of Appraisal, Categories of valuation- Executory valuation, Decision valuation, follow-up appraisal, Components of Decision valuation- Feasibility Appraisal, Viability Appraisals, feasibility Studies/ Report as a misnomer for feasibility and Viability studies. Distinction between Feasibility and Viability Appraisals. Decision Calculation Applications. Feasibility appraisal and Indicators- technological Feasibility, Physical feasibility, economic feasibility, legal feasibility, financial feasibility, socio-political feasibility. Viability Appraisal- Major concern of viability, compelling viability. Objectives of investment, development, etc. decision-financial, non-financial and mixed choice of viability criteria.

 

  1. ESM 562- Feasibility and Viability Appraisal II (3 Credit Units)

Viability appraisal Techniques- Break even Valuation, Residual Valuation, developmental Valuation, Cost- Benefits Techniques- Cost Benefits Analysis, Cost-benefit Ratio, Cost –benefit rate of Return, Cost- Benefit Balance Sheet. Cash- flow Techniques- Cash- Flow Analysis, Discounted Cash-flow, External Rate Principles i.e. Net present value (NPV) and terminal Value, Internal Rate of Return (IRR), payback Period, Profitability Index, average/ Accounting rate of Return, Bailout test.

 

Other techniques- Sensitivity test, statistical and other forecasting methods, follow-up Appraisal Technique- monitoring and evaluation, financial state Analysis, Accounting Ratios- rate of investment Ratio, Dividend per share ratio, Dividend Cover ratio, Times fixed charge earned, Current Asset ratio, Solvency ratio, Credit Ratios. Feasibility/Viability Report Writing.

 

  1. ESM 581- Arbitration and Awards I (2 Credit Units)

The nature of arbitration. Reference by consent. The Arbitration Act, 1950 and amendments thereof. The arbitration Agreement. Conduct of an arbitration, differences between arbitration and Valuation.

 

  1. ESM 582- Arbitration and Awards II (2 Credit Units)

Power and duties of the arbitrator. Principal rules of evidence applicable to arbitrations. Preparation of proof of evidence. Principles governing the validity of an award. Cost. References under order of court.

 

  1. ESM 599 – Research Projects/ Dissertation (4 Credit Units)

Students choose research topics according to their interests and identified problems or gaps in knowledge or practice of the discipline. However, the topics must be approved for term by the Departmental Academic Board. Students would receive guide from their academic staff supervisor with regard to the research and preparation of the dissertation report.