The Red Book contains mandatory rules and best practice guidance for members undertaking asset valuations
In recent months, we have learnt of situations where RICS quantity surveyors have conducted valuations. This is only permissible if the surveyor is a Registered Valuer, who is competent to perform the work and complies with all RICS' rules and standards.
Most quantity surveyors will not meet the necessary requirements to undertake professional valuations without taking additional steps. These steps include compliance with RICS rules and standards, which are:
RICS professionals performing valuations must be assessed "competent" at RICS Valuation Level 3, or equivalent.
If you have not already been assessed to Level 3, they can complete a valuer registration assessment to demonstrate a minimum level of competence and understanding of the Red Book. If you do not recall whether you have been previously assessed to Valuation Level 3, please contact firstname.lastname@example.org to check.
Some valuations that might be performed in a quantity surveying practice may be exempt from the Red Book (see Red Book, PS1 paragraph 1.5, and PS1 paragraph 5.4) and can be performed by any competent and qualified surveyor, without participation in Valuer Registration. Exemptions are limited to:
If your current or planned work includes valuations, and they do not match any of the exeptions from the Red Book, you must:
RICS takes this compliance seriously and will continue to monitor work for instances of non-compliance. We hope to support RICS professionals in complying with these requirements to avoid disciplinary action.
As part of our continuous effort to ensure that RICS professionals adhere to globally recognised standards, the RICS Regulation team carries out periodic audits of regulated firms and professionals, and monitors trends in the market. When a matter that affects our professionals is flagged, we may issue a Regulation Alert to ensure that everyone is updated and aware of any necessary actions.
Head of Regulation, Asia Pacific
Ilana is an experienced attorney with expertise in professional assurance, compliance, complex investigations, remediation of systemic deficiencies, risk management, litigation, and crisis management.
In the past, she conducted and oversaw internal investigations for two of the largest law enforcement agencies in the United States — the Chicago Police Department and the Los Angeles County Sheriff's Department. She also launched and led Chicago Independent Police Review Authority, a one-of-a-kind civilian-staffed department with broad powers to investigate and impose discipline on police officers; investigate officer-involved shootings; and conduct criminal investigations of police officers to refer for state and federal prosecution.