Red Book Flashcards by Ben Lancashire

Q

What does PS stand for?

A

Professional Standards

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Q

What does VPS stand for?

A

Valuation Performance Standards

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Q

What does VPGA stand for?

A

Valuation Practice Guidance Applications

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Q

What is PS 1?

A

Valuations must be read book compliant apart from…

1) Agency
2) Expert witness
3) Negotiations

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Q

What is PS 2?

A

Objectivity
Expertise
Previous involvement

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Q

What does the Red Book say about inspections?

A

Required to necessary amount

Not always required for revaluation

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Q

What does the Red Book say about reports?

A

1) Must outline conclusions

2) Deal with matters in ToE

3) Be compliant with IVS reporting standards

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Q

What does valuation methods say?

A

Must have regard for:

1) Nature of asset
2) Purpose of assignment
3) Local jurisdiction

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Q

What is the VPS 2 in the 2021 and 2024 Red Book?

A

2021 - inspections

2024 bases

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Q

What is VPS 3 in the 2021 and 2024 Red Book?

A

2021 - Reports

2024 - Methods

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Q

What is VPS 4 in the 2021 and 2024 Red Book?

A

2021 - Bases

2024 - Inspections

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Q

What is VPS 5 in 2021 and 2024 Red Book?

A

2021 - Methods

2024 - Models

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Q

What is VP6 in 2021 and 2024 Red Book

A

2021 - none
2024 - reports

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