4. PS 1 - Compliance with standards where a written valuation is provided

Question 1

What is included within PS 1?

Answer 1

Compliance with standards and practice statements where a written valuation is provided

Question 2

What are the exceptions for VPSs 1-6

Answer 2

• Agency or brokerage services
• preparation or during negotiations or litigation
• Expert witness (acting or preparing)
• Performing statutory functions
• For internal purposes only, on express contractual terms that exclude the valuer’s liability, and without communication to a third party

Question 3

What are the requirement differences between a red book instruction and a red book valuation report?

Answer 3