ARCHIVE: RICS Valuation standards, Global and India 7th edition, May 2011
This edition is out of date and held on isurv for information purposes only.
This edition of the Red Book marked its issue for the first time in global, UK and India volumes, and incorporated a number of changes and updates to enhance its clarity and ease of use. They included adopting the term 'valuation standards' rather than 'practice statements' in relation to the key requirements, which continue to be mandatory for members, since the emphasis throughout is on the delivery of valuations to clear and consistent standards.
The purpose of the global valuation standards is to provide an effective framework, within the Rules of Conduct, so that users of valuation services can have confidence that a valuation provided by an RICS member is objective and delivered in a manner that is consistent with internationally recognised standards including those set by the International Valuation Standards Council (IVSC) (see section 2). There is a mandatory obligation placed on the individual valuer, or firm registered for regulation by RICS, to follow these standards and an effective sanction in the case of a material breach.
For the current edition of the Red Book see www.isurv.com/redbook
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