Valuation

Question 1

What is the RICS Redbook definition of Market Value and where is it found

Answer 1

the estimated amount for which an asset or liability should exchange on the valuation
date between a willing buyer and a willing seller in an arm’s length transaction, after
proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion

RICS REDBOOK Section 4.1

Question 2

5 Methods of Valuation

Answer 2

1. Comparable
2. Residual
3. Investment
4. Profits and Receipts
5. Contractors/ DRC (Depreciated replacement costs)