19. Statutory Valuations - CPO Flashcards
1
Q
Describe how CPO valuations relate to the Red Book.
A
CPO valuations are for negotitiation purposes and are “statutory” valuations. Therefore, exemptions to VPS 1-6 are applicable.
However, the red book is still abided by as closely as possible as this would be given more weight during a tribunal.
The main difference being a special assumptions (Red Book) / Section 5 “no shceme world” (Statute). CPO is bounded by statue first, then the red book.
