Example Assessment Questions Flashcards
Can you give some examples of the minimum content for a Red Book Valuation Report?
How does this differ from the minimum content of the Terms of Engagement?
The Red Book Valuation for IHT purposes, can you tell me about how you conducted it. How did you arrive at your figure for the IHT charge?
Can you tell me about the Red Book Valuation of the barn with planning permission. How did you determine the value of the barn?
We always state the purpose of our valuation reports. Why do we do that?
Why do we have a Valuer Registration Scheme?
Valuer Registration is currently mandatory for RICS professionals since 31 July 2017. To monitor adherence to:
- ‘Red Book’ valuation standards
- delivering credible and high-quality reports
You have drafted Terms of Engagement for the basis of Valuation work
Which VPS covers these?
VPS 1
Can you list some of the requirements listed under VPS 1?
• Identification and status of the valuer
• Identification of the client(s)
• Identification of any other intended users
• Identification of the asset(s) or liability(ies) being valued
• Valuation (financial) currency
• Purpose of the valuation
• Basis(es) of value adopted
• Valuation date – what is this?
• Nature and extent of the valuer’s work – including investigations – and any
• limitations thereon
• Nature and source(s) of information upon which the valuer will rely
• All assumptions and special assumptions to be made
• Format of the report
• Restrictions on use, distribution and publication of the report
• Confirmation that the valuation will be undertaken in accordance with the IVS
• The basis on which the fee will be calculated
• Where the firm is registered for regulation by RICS, reference to the firm’s
• complaints handling procedure, with a copy available on request
• A statement that compliance with these standards may be subject to
• monitoring under RICS’ conduct and disciplinary regulations
• A statement setting out any limitations on liability that have been agreed.
