Valuer Registration Frequently Asked Questions (FAQs)

Yes, all RICS members are required to value in accordance with the Red Book. Valuer registration is open to, and in most countries mandatory, for all RICS qualified members undertaking valuations.

The list of mandatory locations can be found via this link: Valuer registration.

The Red Book provides for cases where jurisdictional or other valuation standards must be complied with. In these cases, where a valuation must be carried out in accordance with other mandatory prescribed statutory or legal procedures, this compliance will not be considered as a departure from Red Book, as long as the requirement to do so is clear. In such cases, the valuation report and terms of engagement must include a statement which clarifies that the above-mentioned standards have been complied with. This valuation can still be declared as performed in accordance with the Red Book.

RICS recognises that clients may request valuers to provide a report that complies with valuation standards other than the Red Book.

When following clients’ instructions, RICS members may use a different valuation standard, provided the valuer also complies with Red Book requirements. Any deviations from Red Book must be clearly disclosed, along with the reasons for the departure. Please refer to section PS 1, paragraph 6 of Red Book Global Standards for more information.

By following these departure guidelines, the valuation is still considered a “Red Book Valuation” and meets RICS standards. Therefore, it is possible to apply another standard while also conducting a valuation that complies with the Red Book.

It should be noted that the International Valuation Standards (IVS) do not permit any departures. Therefore, while a valuation with departures can be compliant with Red Book, it cannot be considered compliant with IVS.

Following the publication of the RICS Valuation – Global Standards, effective 31 January 2025, the most significant changes to the previous version of the Red Book have been explained in this document.

If your clients prefer valuations that do not comply with the Red Book because they find it unnecessary or costly, it is important to carefully consider your professional and regulatory responsibilities. As an RICS member, you must ensure that any valuation you undertake meets the relevant professional standards and complies with Red Book unless the work falls within a PS 1, para 5 exception.

We recommend discussing these requirements openly with your clients to explain your obligations as a member of RICS and the benefits of Red Book compliance, including the assurance of quality and adherence to industry best practice. If you are unsure how to proceed, please seek guidance from RICS to ensure you remain compliant and protect both your reputation and your clients.

1. You must ensure to operate a Complaints Handling Procedure (CHP), which must include a redress mechanism that is approved by the RICS Regulatory Board.
2. You must ensure that all previous and current valuation work is covered by adequate and appropriate professional indemnity insurance cover.
    

Further information on Complaints Handling and approved redress mechanisms can be found here: Complaint Handling and Alternative Dispute Resolution.

In many markets, RICS members undertaking Red Book valuations must join the Valuer Registration Scheme (VRS). A list of markets where membership of the VRS is mandatory for RICS members can be found on Valuer registration. To join, professionals need to demonstrate either:

• valuation competency to Level 3 for Chartered Surveyor (MRICS/FRICS) assessment;
• business valuation competency to Level 3 for Chartered Surveyor (MRICS/FRICS) assessment; or
• valuation competence at AssocRICS level 2 (if qualified as an Associate RICS member).
   

Please note that an AssocRICS may not refer to themselves as a ‘Chartered Surveyor’.

Level 3 competency is defined as follows:

“Demonstrate practical competence in undertaking valuations, either of a range of properties or for a range of purposes. Demonstrate the application of a wide range of valuation methods and techniques. Be responsible for the preparation of formal valuation reports under proper supervision and provide reasoned advice. Demonstrate a thorough knowledge of the appropriate valuation standards and guidance and how they are applied in practice.”

Further information is found here: Valuer Registration Assessment.

The scheme applies to any member of RICS undertaking valuation services, including any person who is responsible or who accepts responsibility for calculating and ascribing a written opinion of value. This may include individuals who produce, but do not sign valuation reports within their organisation and individuals who sign, but do not produce valuation reports within their organisation.

Members whose valuation activity falls wholly within the scope of the exceptions listed at Global Red Book PS1 section 5 do not need to join the Valuer Registration Scheme.

These exceptions are summarised as followed:

1. Providing an agency or brokerage service in respect of the acquisition or disposal of one or more assets. However, the exception does not cover a purchase report that includes a valuation.
2. Providing valuation advice expressly in preparation for, or during, negotiations or
3. litigation, including where the valuer is acting on the behalf of others, representing their interests or needs.
4. Acting or preparing to act as an expert witness
5. Performing statutory functions
6. Providing valuations to a client purely for internal purposes, on express contractual terms that exclude the valuer’s liability, and without communication to a third party.
    

PS1, 5 contains additional standards around valuation exceptions which must also be considered in advance of talking on valuation work of this nature.

No. However, the exception does not cover a purchase report that includes a valuation. Further information is included within this professional standard.

No, RICS members undertaking only internal valuations do not need to join Valuer Registration.

Providing valuations to a client purely for internal purposes, on express contractual terms that exclude the valuer’s liability, and without communication to a third party. Further information can be found at section PS1, paragraph 5 of Red Book Global Standards.

Unless your valuation activity falls wholly within the PS1 exceptions as listed above, the rules of the Valuer Registration Scheme apply to you, even if you work within the Public Sector.

Please note that members responsible for Local Authority accounting asset valuations must be registered on the scheme. In addition, the mandatory application of VPS1-6 is required because these valuations are included in published documents in which the public has an interest. Additionally, the CIPFA Code of Practice on Local Authority Accounting in the UK mandates that valuations follow RICS Valuation – Global Standard and the UK National Supplement.

Yes. Even if you only undertake occasional valuations, you need to become a Registered Valuer unless your valuation activity falls wholly within the exceptions listed above.

If you are working in a country where VRS membership is mandatory, it is your responsibility to comply with this requirement. RICS may become aware of non-compliance through a variety of means, including routine monitoring activities, information shared by firms or clients, or during audits and regulatory reviews. Being found in breach of this rule can lead to regulatory action. We strongly encourage all members to ensure they meet the VRS requirements to maintain good standing and uphold professional standards.

If you are having trouble obtaining Professional Indemnity Insurance – please urgently contact regulation@rics.org prior to undertaking such work.

You can only apply for Valuer Registration once you have qualified as a Chartered Member or a non-Chartered Associate Member of RICS.

If you are new to valuation, you must first gain relevant and sufficient experience working under the supervision of an experienced and qualified valuer. Competence and proper training are essential before practicing independently.

If you work in a country where the Valuer Registration Scheme (VRS) is mandatory, you need to ensure you meet the VRS eligibility criteria and hold appropriate Professional Indemnity Insurance (PII). Once these requirements are met, you must join the VRS. However, if 100% of your valuation work falls within the exceptions set out in section PS 1, paragraph 5 of the Red Book Global Standards, you are not required to join the VRS.

The standard fee structure is available at: How to apply for or renew an RICS Valuer Registration.

The Valuer Registration Scheme is run on a cost-recovery basis, so the VRS fees only cover the expenses of running the scheme and monitoring the standards of those participating. Since the scheme is specifically for members working in valuation, it is fair that these members fund it directly. Therefore, the costs are not subsidised by other RICS members. This approach is consistent with how RICS manages its other schemes.

Non-Commercial Sponsoring non-regulating organisations or RICS regulated firms (large or small) that sponsor their members are charged a lower rate per valuer than those applying individually from outside a sponsoring firm. For organisations, the fee structure is layered (i.e. the firm pays more for the first valuer, less for the subsequent 4 valuers, less again for the subsequent 5 valuers and so on). This pricing structure reflects the fact that there are economies in monitoring firms with a large number of valuers. For Commercial Sponsoring non-regulated organisations, there is no discount.

The Global VR calculator is available here: How to apply for or renew an RICS Valuer Registration.

Yes. Firms that have registered to sponsor members for the scheme can pay for all their sponsored employees. A sponsorship code will be given to the sponsored members that they will need to add to their return.

There is an initial registration fee to join the Valuer Registration Scheme and an annual fee thereafter. The annual fee will be due at renewal.

Members will be able to apply online after completing the application form and will need to pay by credit card.

Firms can sponsor their RICS qualified valuers for Valuer Registration and can pay by credit card. If they wish to have an invoice and pay by BACS, they will need to have applied for a trade account. For more guidance on Firm Sponsorship please visit: Guide to Regulated Firm Sponsorship.

Once payment is confirmed a receipt will be generated automatically and sent to the email address you entered when you registered for RICS Valuer Registration. A more detailed invoice can be downloaded from the invoice and receipts section of: RICS Login.

You can see the full list of fees at: How to apply for or renew an RICS Valuer Registration.

If you have registered on the scheme and paid online, you should have been issued a receipt. If you work for a firm that is sponsoring your registration, the firm will be invoiced directly. If a firm wants to have an invoice to pay by BACS, a trade account must be applied for prior to submitting an application to sponsor or a renewal. You can apply for a trade account at: RICS Login.

Once registration has been completed there will be no refunds of the registration or annual fees.

The RICS Management Board requires that all schemes are self-funding. Schemes must not make a profit and must run at cost.

Members are required to renew their scheme registration approximately 12 months from the date of registration and at the same time in subsequent years. Members that are sponsored by a firm will be required to renew following the firm’s annual return and at the same time in subsequent years. This is to ensure that the firm and member renewals are at the same time each year.

Yes, you will receive an email reminder when your renewal is due. Please ensure that the email address you nominate as your preferred contact for RICS communications is one you check regularly so you don’t miss important reminders or messages. Remember to notify RICS if you change this email address.

You may re-join the scheme when you start practising again as a valuer.

Submit your application form to de-register and submit to regulation@rics.org.