A question among many members in regions outside of the UK is how to comply with Red Book when other national standards are in place.
RICS has been assisting members in some markets by publishing guidance that helps mitigate differences between the Red Book and local standards; in the US, for example, US Guidance Note 1 does exactly that. It has proven to be so useful that we will be publishing a Canadian version of the same guidance note in the coming months. It is understood by RICS that members must adhere to local laws and regulations; in some locations, that adherence to the RICS and local standards may be easier through continuing convergence of international and local standards. The most recent example is an agreement between the International Valuation Standards Council (IVSC) and The Appraisal Foundation (TAF) on bridging the gap between International Valuation Standards (IVS) and Uniform Standards of Professional Appraisers Practice (USPAP).
As the RICS Red Book incorporates IVS, which are principle based and sit “above” more prescriptive technical standards, a harmonization of IVS and USPAP will mean that appraisers complying with USPAP will also be compliant with IVS, and in turn the Red Book. Both organizations are now working to develop a bridging document that would harmonize any differences. Please be on the lookout for more information coming out from TAF, IVSC, and RICS in months to come.
In the meantime, if you have any questions around Red Book compliance, US Guidance Note 1, or Valuer Registration, please contact the regulation team at firstname.lastname@example.org.
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