Valuation VRS Flashcards
What is the RICS Valuer Registration Scheme (VRS)?
A regulatory monitoring scheme for valuers carrying out Red Book Global valuations, introduced by RICS in October 2011.
What are the three aims of the RICS Valuer Registration Scheme?
- To improve the quality of valuation and ensure the highest possible professional standards.
- To meet the RICS’ requirement to self-regulate effectively.
- To protect and raise the status of the valuation profession as the leading expertise in valuation.
What can clients expect from an RICS valuation?
Openness and transparency, RICS protection and International valuation standards, expertise and clear reporting, world-class regulations.
RICS, 2010
Is registration mandatory for all valuation work?
No, registration is not mandatory for valuation work excluded from the Red Book Global.
What title can a valuer use if registered on the scheme?
They can use the term ‘RICS Registered Valuer’ on their business stationery and marketing material.
What are the eligibility requirements for becoming a Registered Valuer?
Members must have completed the APC valuation competency to Level 3 or qualify through an alternative route post qualification for Level 2.
What is required to register for the RICS Valuer Registration Scheme?
Information about valuation work undertaken, including type, purpose, number of valuations, firm’s total fee income, data sources used, quality assurance audit procedures, and history of negligence claims.
How does RICS monitor valuers?
Through the submission of their firm’s annual return and additional monitoring with Risk Based Reviews.
Who has the power to remove a valuer from the RICS scheme?
The Head of Regulation.
