RICS has published a revised version of its Red Book on valuation standards with which all its members have to comply.
RICS has published a revised version of its Red Book on valuation standards with which all its members have to comply.
The new edition, which was launched on Tuesday at a meeting of RICS’ Governing Council in Amsterdam, incorporates changes to the International Valuation Standards (IVS) which were made in July.
In addition to these updates, the latest edition has been restructured to make it more user-friendly for chartered surveyors and their clients and to improve its overall clarity. It aims to eliminate duplication, saving users time and reducing the risk of misinterpretation.
The RICS Red Book is regarded as ‘the Bible’ of the valuation sector as it sets out the standards and procedures to be adopted by valuers as well as providing guidance on specific valuation matters. Its use is mandatory for individual valuers and firms registered for regulation by RICS.
'The Red Book provides the framework for RICS members to deliver asset valuations to International Valuation Standards which are increasingly being requested by clients and recognised by market regulators,' said Ben Elder, RICS global director of valuations.
Together with the new edition of the Red Book, RICS has also introduced a mandatory Valuer Registration (VR) scheme in the Netherlands, requiring all RICS-regulated valuers in the market to be registered and monitored.
The Netherlands is the second market after the UK where the VR scheme has been made mandatory following its voluntary introduction across continental Europe in September 2011.
'This is an important step for valuers and provides an additional quality label which inspires trust in the market,' said RICS president Michael Newey.
Globally, RICS now has over 14,000 registered valuers. The organisation has more than 100,000 members worldwide.
