A question we are often asked by clients!
The ‘Red Book’ is The RICS Valuation Professional Standards, for both Global and UK (2014) – which incorporate the International Valuation Standards (IVSC) 2013. It contains the mandatory rules and best practice guidance for all RICS members undertaking asset valuations.
The purpose of the standards is to ensure that all valuations carried out by RICS members – that are covered by the Red Book – achieve high standards of integrity, clarity and objectivity. The standards produce a framework for best practice in how a valuation report must be produced and delivered and that is consistent with internationally recognised standards.
All Red Book valuations must be carried out by RICS Registered Valuers.
Written by Adam Robinson