Level 2 - Valuation Peer Review Flashcards
How is your peer review ethical?
It promotes good quality, diligent service and ensures advice is of the highest standards.
Ensures my opinion is in line with sector experts and a second opinion
Allows for methodology and approach to be assessed
Why a senior colleague with expertise?
All valuations are signed off by a registered valuer
Expertise from agents as they have the best market knowledge and can help with confirmation on value
They understand occupier demand more up to date
What is C&W internal sign off procedure?
It is peer review by another valuer in the team
It is peer reviewed by a sector agent
It is reviewed and signed off by registered valuer and dual-signature with the Partner within the team
What factors do you discuss with the agent?
Specification of property, location, its drivers of value, the comparable evidence i have relied upon
What is quality assurance?
It is a process to ensure services meet specified standards to prevent errors and issues before it is published to a client.
This includes Feedback and continuous improvement, documentation and records
What is Rule 3 of the Rules of Conduct?
Good quality and diligent service
Why is acting diligently important in valuations?
Valuations are normally governed by the Red Book Global
Strict set of rules and principles valuers follow
