Abstract

This paper reviewed a study on where valuers of residential properties obtain anchor data and how adjustments were made on the data to ascertain the theoretical validity and reliability of the results. It corrected grammatical and calculation errors in the previous study; updated literature, restructured poorly constructed questions and compared previous with present results. Directory of the Nigerian Institution of Estate Surveyors and Valuers, 2017, gave population as 260 valuers and accessible population, 164 in the previous study; while in the present study, we have 349 and 272 accordingly. Cronbach Alpha’s model, gave reliability of findings in 2015 as 0.875970658; while the Split-Half with Spearman-Brown Adjustment gave 0.876071051. Previous and present study showed that anchor sources and valuers adjustments vary. Anchor data from local expert was common than from the estate firms’ records. General adjustment of anchor for differences in attributes is mostly adopted, hence, establishing the theoretical validity and reliability of previous study. Previous study showed that previous value experience of the subject property valued is most frequently used; the present study showed that it is previous value knowledge of similar properties. Externally generated anchor ranked higher in use than internally generated anchor; but ranked lower in terms of frequency of adjustments in both studies. In previous study, externally generated anchor ranked lower in terms of adjustment; but higher in the present study. Probing into the attributes of anchors to ascertain differences with attributes of the subject is recommended to avoid misrepresentation of comparable and loss of clients’ confidence.

Key Words: Adjustment, Anchor, Data, Residential properties, Valuation