Rics valuation - Global Standards (UK national Supplement) 2023

Question 1

When was the UK National supplement first published?

Answer 1

2018

Question 2

When was the latest version of the UK National supplement published and when did it come into effect

Answer 2

October 2023 published into effect on May 2024

Question 3

What does the new edition in of the UKNS reflect?

Answer 3

The independent review of Peter Pereira Gray

Question 4

What did the amendment state?

Answer 4

The UKNS augments the Red Book and is not a substitute for it

Question 5

What is the purpose of the UKNS?

Answer 5

Provides specific requirements for members on valuations that are subject to UK jurisdiction and includes UK VPGAs

Question 6

What are the contents of the UK National supplement?

Answer 6

Part 1 - UK Professional Standards - mandatory

Part 2 - UK Valuation Technical and performance Standards - mandatory

Part 3 - UK VPGAs

Question 7

What is the key UK VPGA for social housing valuation?

Answer 7

UK VPGA 14 - Valuation of registered social housing for loan security purposes

Question 8

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Question 9

Who undertook the RICS independent review of real estate valuations 2021

Answer 9

Peter pereira Gray

Question 10

What were some of the recommendations made in the RICS independent review on real estate investment valuations?

Answer 10

13 recommendations including

• The commissioning and receiving of valuation reports
• Rotation of valuers for regulated purpose valuations
. The valuation profession should incorporate the use of discounted cash flow as the principal model applied in preparing property investment valuations
• Valuation audit trails
• A new Valuation Assurance Committee (now set up)

Question 11

What is the professional standard surroundings sustainability and valuation?

Answer 11

PS: sustainability and ESG in commercial property valuation and strategic advice 2021