The statement of a client needs and objectives that frames an engagement.
Related terms
- Conflict of interest
A situation where a party obligations or interests compromise their objectivity.
- Continuing professional development (CPD)
The ongoing training and learning that professionals must complete each year to keep their skills current and maintain chartered status; RICS requires a minimu…
- Deliverable
A defined output of an engagement, such as a market study or feasibility report.
- Executive summary
A concise, up-front statement of a report key findings and recommendation.
- Fee proposal
A document setting out the price and terms for undertaking an assignment.
- Instruction
The formal engagement of a surveyor or valuer by a client to carry out a specific piece of work, and the mandate that defines it.
- International Valuation Standards (IVS)
Globally recognised standards issued by the IVSC governing how valuations are performed and reported, promoting consistency and transparency across borders; RI…
- Market commentary
A written interpretation of market conditions, trends, and their implications.