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D - Valuation Process

Q1

What is the firm’s total fee income from Red Book Valuation services in the last 12 months?  

Having this information will help RICS understand the extent of valuation activity you undertake.

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Q2

What Data sources does your firm normally use for your Red Book Valuations?

Please select all data sources which your firm use for your valuations. You can select as many, or as few, options as is appropriate to you, provided that you select at least one option from the list. If you do not use any of the listed data sources please select “other”.

Q3

How many individuals, who are not members of RICS, carry out valuation work for your firm? 

Having this information will help RICS understand the extent of valuation activity you undertake. An approximate figure is acceptable for this entry.

Q4.1

Does your firm have an independently recognised quality assurance audit procedure in place that is used for Red Book Valuation services? 

Please confirm whether your firm is a member of an independently recognised quality assurance audit procedure which manages procedures undertaken by your firm to achieve consistent quality. An example of an independently recognised quality assurance audit procedure is ISO 9000. 

We require this information for regulatory purposes.

Q4.1a

Which of the following is your firm’s audit procedures?

We require this information for regulatory purposes.

Q4.2

Has your firm been removed or suspended from a panel (except where this has been part of a bank rationalising panels)?

This relates to where a firm has been removed from a panel only, not where it has been subject to a rotation policy or where your firm has not been instructed to sit on a panel.

We require this information for regulatory purposes.

Q4.2a

If yes, please provide further information.

Please provide a summary of the facts surrounding the removal or suspension from the panel including the date in which it occurred.

We require this information for regulatory purposes.

Q5.1

How many paid claims, in respect of Red Book Valuation services, has the firm received in the last 5 years? 

We require this information so we can monitor you effectively by taking into account how many claims a firm has received and giving assistance if required.

This includes where you have been required to pay the excess of your Professional Indemnity Insurance policy and any financial settlements that you may have made with your insurers knowledge and approval. This information should be readily available from your expiring policy’s proposal form.

For further guidance on this question please visit www.rics.org/pii

Q5.2

How many notifications, in respect of Red Book Valuation services, has the firm made in the last 5 years? 

We require this information so we can monitor you effectively by taking into account how many notifications a firm has received and giving assistance if required. 

This includes all matters formally notified to your broker and insurer. This information should be readily available from your expiring policy’s proposal form.

For any further guidance on this please visit www.rics.org/pii

Q5.3

How many paid claims, in respect of Red Book Valuation services, has the firm received in the last 12 months? 

We require this information so we can monitor you effectively by taking into account how many claims a firm has received and giving assistance if required.

This includes where you have been required to pay the excess of your Professional Indemnity Insurance policy and any financial settlements that you may have made with your insurers knowledge and approval. This information should be readily available from your expiring policy’s proposal form.

For further guidance on this question please visit www.rics.org/pii

Q5.4

How many notifications, in respect of Red Book Valuation services, has the firm made in the last 12 months? 

We require this information so we can monitor you effectively by taking into account how many notifications a firm has received and giving assistance if required.

This includes all matters formally notified to your broker and insurer. This information should be readily available from your expiring policy’s proposal form.

For any further guidance on this please visit www.rics.org/pii