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Red Book 2017

Red Book 2017

The latest of the Red Book — the RICS Valuation, Global Standards 2017, took effect on 1 July 2017, the same date as the IVS 2017 published.

A guide to key changes

The accompanying Red Book 2017 (Global Edition) — A guide to key changes & basis of conclusions explains the rationale behind updates in the final version and highlights significant changes to ensure you can quickly identify what you must do differently to remain compliant. Specifically, it addresses the main refinements made in consequence of the responses received to the public consultation. It has been produced purely to assist the reader and does not form part of the standards.

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Download the translations and national chapters

  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    RICS has developed this guidance note, which covers mandatory application in Brazil, where members must comply with, in addition to Brazilian regulations. This is the national valuation standard.

  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    RICS has developed this guidance note, which covers mandatory application in China, where members must comply with, in addition to Chinese regulations. This is the national valuation standard.

  • In Cyprus, the valuation profession is regulated by the Cyprus Scientific and Technical Chamber Law No. 224/1990. Even though specific procedures, standards and methodologies are not in place, it is widely recognised and accepted that the RICS Red Book must be adopted when undertaking written valuations.

    This guidance note aims to address several market practices that may differ due to market peculiarities and to clarify potential ‘grey areas’ between the Red Book and the Cyprus law and/or standard practice.

    The guidance note includes:

    • Insurance value assessment
    • Agricultural land
    • Land and buildings
    • Forced sale value
    • Vacant land prime for development
    • Density value
    • Freehold and leasehold valuations (long-term leases)
    • Buildings without final certificate of approval
    • The plethora of planning zones in the Cyprus planning and housing system
  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    The French RICS Valuation Professional Group has developed this guidance note, which covers mandatory application in France, where members must comply with, in addition to French regulations, the Charte de l’Expertise en Evaluation Immobilière, 2012 (the Charter). This is the national valuation standard.

    The guidance note covers:

    • The national context
    • FRPS 1 The Charte de l’Expertise en Evaluation Immobilière
    • FRPS 2 Valuations for special purpose vehicles (SPVs)
    • FRVPGA 1 Weighted lettable areas for retail
  • This guidance note is for RICS members active in Germany. It aims to facilitate application of the RICS valuation standards in Germany and demonstrate how the RICS valuation standards can be applied to German market conditions and the German legal system.

    The guidance note covers:

    • Introduction
    • Definitions
    • German legislation and the application of Red Book
  • Procedures are in place in Greece to have the valuation profession regulated by law in the near future. This guidance note is intended to respond to the new regulatory regime, with the aim of clarifying potential ‘grey areas’ between the Red Book and Greek law.

    This guidance note covers:

    • Context and definitions
    • Foreshore: Effects of the foreshore and beach delimitation regime on seaside plots
    • Archaeology
    • Key money
    • Residual building coefficient (RBC)
    • Unauthorised structures
    • Valuation certainty and uncertainty
  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    RICS has developed this guidance note, which covers mandatory application in Hong Kong, where members must comply with, in addition to local regulations. This is the national valuation standard.

  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    RICS has developed this guidance note, which covers mandatory application in Italy, where members must comply with, in addition to Italiam regulations. This is the national valuation standard.

  • The Red Book recognises that local statute, or regulation, may have specific requirements that expand the global standards and that such requirements may be the subject of RICS national association valuation standards.

    RICS has developed this guidance note, which covers mandatory application in Netherlands, where members must comply with, in addition to Dutch regulations. This is the national valuation standard.

  • This guidance note provides assistance to our members on the application of the RICS Valuation – Professional Standards January 2014 (the ‘Red Book’) to valuations that have to be provided in compliance with Polish law. The English language version published on 27 June 2016. The Polish language version published on 2 August 2016.

    This guidance note covers:

    • terms used
    • compliance with our regulations in Poland
    • valuation methodology.
  • This RICS national association valuation standard covers the application of the Red Book in Portugal. It is provided in both English and Portuguese.

    RICS publishes a number of RICS national association valuation standards and national guidance material. They are designed to cover specific statutory or regulatory requirements in local jurisdictions, while being consistent with relevant international standards.

    This professional statement covers:

    • PTPS 1: Compliance with Law no. 153/2015 of 14 September – Property Valuation Experts (Peritos Avaliadores de Imóveis – PAIs)
    • PTPS 2: Guidelines for RICS members who perform valuations in Portugal.
  • This standard will create clear and consistent guidance for both valuation providers and valuation users. It has been prepared primarily for financial reporting purposes, to comply with International Financial Reporting Standard 13 and for reporting to the Sweden Annual Property Index. 

    What's covered?

    • Valuers’ competence requirements
    • General concepts and definitions
    • Documentation
    • Sustainability and environmental matters
    • Valuation principles
    • Requirements regarding the valuation report
    • Appendices on rental information, operation and maintenance, and estimations, conditions and DCF calculation
  • The UK National Standards supplement the Global Red Book for valuations carried out in the UK. We are working on updating the UK National Standards at the moment (to include updated cross-references) and hope to have them in draft form ready for public consultation later this year.

    Therefore at present the RICS Valuation - Professional Standards UK January 2014 (revised April 2015) remain effective, sitting under the over-arching requirements for all members set down in the 2017 Global Red Book. Accordingly, for the purpose of paragraph 2 in section k) of VPS 3 in the Global Edition, a valuation report declared simply as issued "in accordance with the RICS Red Book" without reference to the year of issue will  for UK jurisdictions  be taken to mean in accordance with the 2017 Global Edition plus UK 2014 (revised 2015) supplement.   
     
    The National Standards are referenced on page 5 of the 2017 Global Standards. 

    The RICS Valuation – Professional Standards as they apply in the UK were updated with effect from the date of publication in April 2015. 

  • This guidance note provides assistance to RICS members on the application of the Red Book 2012 to valuations that have to be provided in compliance with US jurisdiction.

    As recognised in the Red Book in VS 1.2.2, Compliance with other valuation standards, RICS members must take care to ensure compliance with U.S. law and regulation when providing valuation services under U.S. jurisdiction.

    The aim is to give guidance on how to interpret Red Book global standards in the US context where state legislation affect the obligations of the valuer. In addition, this guidance note also offers a comparison exercise to match the terminology in the Red Book with that commonly used in US practice.

    Due to variations in law and regulation in areas across the RICS Americas region, this guidance note applies only to practice under US jurisdiction.

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