NEW Flashcards
1
Q
What is the hierarchy of evidence for sales?
A
- where the subject property, or one very similar to it, has been marketed
- recently completed transactionsoccasionally, this may include the subject property itself
- recently completed transactions of other, similar property for which full and accurate information is available
- recently completed transactions of similar property for which full data may not be available, but for which sufficient reliable data can be obtained
- information from published sources or commercial databases; its weighting will depend on extent and its authority or verifiability
- historic evidence of the same or similar properties
- other indirect evidence (e.g. indices)
- transactional evidence from other property types and locations and other background data (e.g. interest rates, stock market movements and returns)
- asking prices (though the weighting would be higher where markets are active and transparent).
2
Q
What are the types of RICS publications?
A
- International Standard - Mandatory
- RICS Professional Statement - Mandatory
- RICS Code of Practice - Guidance or Mandatory (It will specify)
- RICS Guidance Note - Recommend Best Practice
- RICS Information paper - Information/Best Practice
- Market Reports/Consumer Guides/Research - Best Practice
3
Q
List the Relevant Publications
A
International Standards
- International Property Measurement Standards (IPMS)
- International Property Valuation Standards 2017
- International Ethics Standards
Professional Standards
- RICS Global and Ethical Standards
- RICS Conflicts of Interest 2017
- RICS Clients Money
- RICS Property Measurement 2018
- Real estate agency and brokerage 2016
- RIC Valuation Global Edition - Red Book 2017
- RICS Valuation UK Edition - Red Book 2015
Code of Practice
- RICS Code of Measuring Practice (not mandatory)
Guidance Note
- RICS Independent expert determination 2016
- RICS Financial Viability in Planning
Information Paper
- RICS Comparable evidence in property valuation
