10. VPS 4 - Inspections, investigations and records

Question 1

What is VPS 4?

Answer 1

Inspections, investigations and records

Question 2

Any limitations or restrictions on the inspection, inqurity or analysis must be identified and recorded in the ToE and also in the report. True or false?

Answer 2

True

Question 3

What does VPS require in relation to revaluations and reinspections?

Answer 3

A re-valution without re-inspection of the property previously valued must not be undertaken unless the valuer is satisfied that there have been no material changes to the property or nature of its locaiton since its last inspection.

Must be confirmed in ToE and valuation report.

Question 4

What does VPS require in relation to valuation records?

Answer 4

Proper records must be held of the inspections and investigations and of other key inputs in an appropriate business format
The valuer is to maintain a proper audit trail and be in a position to respond effectively to a future enquiry
THese note sshoud include a record of te key inputs and all calculations, investigations and analyses considered when arriving at the valuation.