Valuations

Question 1

What is the global standard used for Valuation?

Answer 1

RICS Valuation, Global Standards (‘Red Book’) 2024 (effective 31st Jan 2025

Doesn’t tell you how to value!

Replaced RICS Valuation, Global Standards 2021

Changes - ESG reporting, use of AI and IVS alignment. Revised restructure (VPS and new valuations model)

Question 2

What document supports the application of the Red Book?

Answer 2

UK National Supplement 2023 (may 2024 update)

Goes more to town either VPAGs

Not to substitute red book

Question 3

What standard relates to comparable evidence in valuations?

Answer 3

RICS Professional Standard of Comparable evidence in real estate valuation (2019)

CAT A, CAT B, CAT C

Question 4

When undergoing a check measurement for valuation what documents should you adhere to?

Answer 4

RICS PS: Property Measurement 2nd Ed (2018) & Guidelines for RICS Code of Measuring Practice (2018)

Question 5

What section of the book relates to account/ financial reporting purposes?

Answer 5

VPGA 1 - Valuation for financial reporting

Question 6

What section of the red book relates to secured lending?

Answer 6

VPGA2 - Valuation for secured lending

Question 7

What is the regulatory monitoring scheme for all valuers?

Answer 7

Valuer registration scheme (VRS) 2011