Valuation Flashcards
(19 cards)
Sch 5 LGFA 1988
Exemptions
Valuation of real property interests
VPGA 8
Valuation of trade related properties
VPGA 4
Inspections, investigations and records
VPS 4
Valuation reports
VPS 6
DRC?
calculating the cost of replacing it with a new, equivalent asset, then deducting depreciation for age and wear
Comparable Evidence?
RICS proffessional standard Comparable evidence in real estate valuation 1st edition reissued in April 2023 as a professional standard
Red Book?
Global Valuation Standards to promote high standards in valuation delivery worldwide effective 31 Jan 2025
Market Value and Market Rent
VPS 2 and IVS 104
Separately let parking
Renore LTD v Hounslow BC 1970
Definition of RV?
Based on an assessment of the annual rent the property would provide let on the open market at a fixed valuation date.
Legislation for NDR
Section 41 of LGFA 1988
Where is AVD set?
Paragraph 2 section 3 of schedule 6 LGFA 1988 with successive orders specifying avd for each list
Correcting an innacuracy
Ndr regs 2009 regulations 14(7)
Hereditament?
General rate act 1967 section 115
UK National Supplement
The Red Book UK National Supplement was published on 19 October 2023 and is effective from 1 May 2024 setting out standards for valuations in UK jurisdiction
Difference between Practice Statements and professional standards
RICS Professional Standards are mandatory requirements for RICS members and regulated firms, prsctice statements are advisory
RICS guidance for Rating?
Rating consultancy code of practice, 5th edition developed with IRRV and RSA
What is included in Red Book?
Professional Standards, Valuation Technical and Performance Standards, Valuation Practice Guidance Applications and International Valuation Standards 6 VPS and 11 VPGA
