Valuation

Question 1

What are the sections of the UK National Supplement?

Answer 1

1. Intro
2. Glossary
3. UK PS (mandatory)
   - PS1 = compliance with standards in UK
4. UK VPS (mandatory)
   - VPS1 = Terms of engagement and reporting
   - VPS2 = Terms of engagement (Scotland)
   - VPS3 = regulated purpose valuations
5. UK VPGAs (guidance)
   - 1 = financial reporting
   - 4 = LA assets for accounting
   - 7 = RPs’ assets for financial statements
   - 8 = charity assets
   - 10 = commercial secured lending
   - 11 = UK residential
   - 14 = registered social housing for loan security

Question 2

Red Book Global sections?

Answer 2

1. Intro
2. Glossary
3. PS
   - PS1 = written reports
   - PS2 = ethics, competency, objectivity, disclosures
4. VPS
   - VPS1 = terms of engagement
   - VPS2 = inspections, investigations and records
   - VPS3 = reports
   - VPS4 = bases of value, assumptions and special assumptions
   - VPS5 = approaches and methods
5. Valuation applications (VPGAs)
   VPGA1 = financial statements
   VPGA2 = secured lending
   VPGA8 = real property interests
   VPGA10 = material uncertainty
6. IVS
   101 = scope of work
   104 = bases of value
   105 = approaches and methods (Income, cost, market)
   400 = real property interests

Question 3

What is on the front cover of RBG and when was it introduced?

Answer 3

Red globe, title, RICS logo.

Effective Jan 2022.

Question 4

What is on the front cover of UK National Supplement and when was it introduced?

Answer 4

Red globe, title, RICS logo.

Introduced Oct 2023, effective May 2024.