18. Valuer Registration Scheme (VRS)

Question 1

What is the RICS Valuer Registration Scheme (VRS)?

Answer 1

Introduced by the RICS in 2010, provides a regulatory monitoring scheme for all valuers carrying out Red Book Valuations.

Question 2

What are the 3 main aims for the VRS?

Answer 2

1) To improve the quality of valuation and ensure the highest possible professional standards
2) To meet the RICS’ requirrement to self-regulate effectively
3) To protect and raise the status of the valuation profession as the leading expertise in valuation

Question 3

What should clients expect from RICS valuation?

Answer 3

1) Openness and transparancy
2) RICS protection and IVS
3) Expertise and clear reporting
4) World class regulations, RICS 2010

Question 4

How can you be eligable for the VRS?

Answer 4

• Only eligable if level 3 valuations, or alternative route post qualification
• Annual fee
  “RICS Registered Valuer” can be used on marketing material
  Registration is not mandatory for the valuation work excluded from the Red Book Global.

Question 5

How can you register for the VRS?

Answer 5

Information is required in respect of valuation work undertaken as follows:
* Type of valuations
* Purpose of valuations
* Number of valuations
* Firm’s total fee income from Red Book Global valuations in the last year
* What data sources are used
* Quality assurance audit procedures in place
* History of any negligence claims and notifications

The Head of Regulation has the power to remove a valuer from the scheme