Rics valuation - Global Standards (UK national Supplement) 2023 Flashcards

1
Q

When was the UK National supplement first published?

A

2018

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2
Q

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

A

October 2023 published into effect on May 2024

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3
Q

What does the new edition in of the UKNS reflect?

A

The independent review of Peter Pereira Gray

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4
Q

What did the amendment state?

A

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

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5
Q

What is the purpose of the UKNS?

A

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

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6
Q

What are the contents of the UK National supplement?

A

Part 1 - UK Professional Standards - mandatory

Part 2 - UK Valuation Technical and performance Standards - mandatory

Part 3 - UK VPGAs

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7
Q

What is the key UK VPGA for social housing valuation?

A

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

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8
Q

a

A
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9
Q

Who undertook the RICS independent review of real estate valuations 2021

A

Peter pereira Gray

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10
Q

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

A

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)

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11
Q

What is the professional standard surroundings sustainability and valuation?

A

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

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