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APC Decks > Red Book UK National Supplement > Flashcards

Red Book UK National Supplement Flashcards

1
Q

When was the Red Book UK National Supplement published and from when it is effective?

A

It was published on 19 October 2023 (reissued December 2023) and is effective from 1 May 2024.

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2
Q

What is the UK PS 1? Is it mandatory?

A

Compliance with valuation standards within the UK jurisdiction.
* Mandatory.
* Members must ensure compliance with UK law.

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3
Q

What is the UK VPS 1? Is it mandatory?

A

Terms of engagement (scope of work) and reporting:
Red Book compliance.
* Mandatory.

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4
Q

What is the UK VPS 2? Is it mandatory?

A

Terms of engagement (scope of work): supplementary
provisions in Scotland.
* Mandatory.

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5
Q

What is the UK VPS 3? Is it mandatory?

A

Regulated purpose valuations: supplementary
governance requirements.
* Mandatory.
* Apply to the valuation of real estate for regulated purposes.
* UK VPS 3.1 Exclusion of certain properties.
* UK VPS 3.2 Disclosures.
* VPS 3.3 Rotation policy.
* UK VPS 3.4 Terms of engagement and instructions.
* UK VPS 3.5 Preliminary advice, draft reporting, and client discussions.

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6
Q

What does PS mean?

A

Professional Standards

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7
Q

What does VPS mean?

A

Valuation Technical and Performance Standards

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8
Q

What does VPGA mean?

A

Valuation Practice Guidance Applications

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9
Q

What is the UK VPGA 1?

A

Valuation for financial reporting

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10
Q

What is the UK VPGA 2?

A

Valuations for other regulated purposes

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11
Q

What is the UK VPGA 3?

A

Valuations for assessing adequacy of financial resources

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12
Q

What is the UK VPGA 4?

A

Valuation of local authority assets for accounting purposes

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13
Q

What is the UK VPGA 5?

A

Valuation of central government, devolved administration and NHS assets for accounting purposes

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14
Q

What is the UK VPGA 6?

A

Local authority and central government accounting: existing use value (EUV) basis of value

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15
Q

What is the UK VPGA 7?

A

Valuation of registered social housing providers’ assets for financial statements

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16
Q

What is the UK VPGA 8?

A

Valuation of charity assets

17
Q

What is the UK VPGA 9?

A

Relationship with auditors

18
Q

What is the UK VPGA 10?

A

Valuation for commercial secured lending purposes

19
Q

What is the UK VPGA 11?

A

Valuation of UK residential property

20
Q

What is the UK VPGA 12?

A

Valuation of residential property for miscellaneous purposes

21
Q

What is the UK VPGA 13?

A

Residential secured lending guidance for other related purposes including RICS HomeBuyer Service

22
Q

What is the UK VPGA 14?

A

Valuation of registered social housing for loan security purposes

23
Q

What is the UK VPGA 15?

A

Valuations for Capital Gains Tax, Inheritance Tax, Stamp Duty Land Tax, the Annual Tax on Enveloped Dwellings and Residential Property Developer Tax

24
Q

What is the UK VPGA 16?

A

Valuations for compulsory purchase and statutory compensation

25
Q

What is the UK VPGA 17?

A

Local authority disposal of land for less than best consideration

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