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10 Cards in this Set
- Front
- Back
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What do RICS use to control regulate and ensure constancy in property valuation professional practice in the UK and globally?
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RICS Valuation - Professional Standards 2012
• Code of measuring practice 6th edition • Valuations information papers (IP’s) |
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What is the purpose of the RICS standards and valuation standards?
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to provide users of valuation services with confidence that a valuation provided by an RICS qualified valuer has been undertaken in compliance with the highest professional standards
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What is mandatory for a RICS valuer to do?
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to follow the RICS Valuation - Professional Standards 2012
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What are the RICS Valuation - Professional Standards 2012 otherwise known as?
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The RED Book
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What does the red book contain?
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• Valuation standards (UKVS)
• Guidance notes (UKGN) on various subjects – e.g. hotels, water businesses and business interests • Appendices (UKAPP) eg accounting practices etc. • International valuation standards (IVS) |
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Who reviews and sets these standards?
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"International Valuation Standards Committee (ISVC) reviews sets these standards "
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What are the UK standards based on?
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Same as IVS but amended to account for UK legislation
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What does the IVSC do?
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They standards set out procedural rules and guidance for valuers
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What is the Code of measuring practice 6th edition?
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This sixth edition of the code provides succinct, precise definitions to permit the accurate measurement of buildings and land, the calculation of the sizes (areas and volumes) and the description or specification of land and buildings on a common and consistent basis
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What are Valuations information papers (IP’s)?
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Practice based information that provides users with the latest information and/or research eg Capital and rental valuation of hotels in the UK
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