The Royal Institution of Chartered Surveyors (RICS) has published RICS Valuation Standards 7th Edition - The Red Book. It came into effect on 02 May 2011 and replaces all previous issues, and incorporates several vital changes:
- Revisions to the ethical and compliance Standards to ensure they reinforce the RICS Valuaer Registration Scheme (VRS)
- A new standard that specifically states that terms of engagement must be agreed before the report is issued
- New material on mortgage valuations
- A consolidated UK Residential Valuation Standard including a rewritten Residential Mortgage Specification
- Alignment with current Internaitonal Valuation Standards (IVS).
Adopting this new edition is the only way we can be sure to be totally compliant with the latest professional standards.
As both JPS Directors Michael Gabel MRICS and Mark Isaacs MRICS are RICS Registered Valuers, following these latest standards enable us to fulfil our obligation to clients and ensure we are protected against the risk of negligence claims arising from non-compliance.