Valuation - Mock Questions

Question 1

How would you respond to a request to value a property from a Drive-by only?

Answer 1

• Ask why do you want to inspect by drive by? What is the purpose of the valuation? If for sale then I would reject this request and state you must inspect internal of the premises.
• I would only do a drive-by if you have previously inspected the premises such as for Re-valuation purposes
• You have to have enough information to carry out a valuation. A desk-top valuation or drive-by is departing from the red book mandatory requirements however you can do it.

Question 2

What types of assets have you had experience valuing?

Answer 2

In my career, I have had the opportunity to value a variety of assets including office, industrial/ warehouse

Question 3

What is your understanding of the Red Book?

Answer 3

It provides consistency, objectivity and transparency. To ensure a valuation is provided to the highest professional standards anywhere in the UK. To establish a framework of best practice.