Globally recognised standards issued by the IVSC governing how valuations are performed and reported, promoting consistency and transparency across borders; RICS members apply IVS within the Red Book framework.
Related terms
- Market commentary
A written interpretation of market conditions, trends, and their implications.
- Material uncertainty
A declaration a valuer makes when market disruption means significantly less certainty can be attached to the valuation than usual; widely invoked during COVID…
- Peer review
Independent checking of a valuer's work by a suitably qualified colleague before issue, to test assumptions and calculations and reduce error; standard practic…
- Professional indemnity insurance (PI)
Insurance carried by valuers and surveyors covering claims arising from negligent advice or errors in their professional work; mandatory for RICS-regulated fir…
- Regulated valuation
A valuation carried out under RICS regulatory oversight and subject to full Red Book compliance and monitoring, as opposed to advice given outside the regulate…
- RICS
The Royal Institution of Chartered Surveyors, the global professional body for surveyors and valuers that sets qualification, ethical, and valuation standards;…
- Scope of work
The agreed definition of what an advisory assignment will and will not cover.
- Terms of engagement
The written agreement setting out the scope, basis, purpose, assumptions, and fee of a valuation instruction, agreed with the client before work begins; requir…