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.