Valuation - Professional Standards 2

Question 1

What standards must members undertaking valuations act in accordance with?

Answer 1

Professional and Ethical Standards

Members undertaking valuations must act with in accordance with the RICS Rules of Conduct

Question 2

What must the valuer and firm do in relation to independence, objectivity, and conflicts of interest?

Answer 2

Act objectively and independently always, not be influenced by any situation which could threaten professional objectivity, apply ‘professional scepticism’ when reviewing information and data before relying upon it

Detailed advice is provided on dealing with conflicts of interest.

Question 3

What must members understand in terms of client requirements and engagement?

Answer 3

The client’s requirements and comply with the minimum terms of engagement. Members must be able to demonstrate professional competence

The contents of PS2 are mandatory for all valuations