Valuation Notes
The current issue and full text archive of this journal is available at www.emeraldinsight.com/1463-578X.htm JPIF
29,4/5
PRACTICE BRIEFING
Professional standards: RICS
Valuer Registration Scheme
582
Nick French
Department of Real Estate & Construction, Oxford Brookes University,
Oxford, UK
Abstract
Purpose – In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan-European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self-regulatory process.
Design/methodology/approach – This paper looks at the evolution of the “RICS Valuers
Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide.
Findings – The RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice.
Originality/value – This paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide.
Keywords Valuation standards, Professional ethics, RICS Valuer Registration Scheme, Assets valuation
Paper type General review
The RICS Valuer Registration Scheme enables RICS members to demonstrate that they do act professionally and with integrity all over the world (Eve Salomon, Chair of the RICS
Regulatory Board, February 2011).
Journal of Property Investment &
Finance
Vol. 29 No. 4/5, 2011 pp. 582-587
29,4/5
PRACTICE BRIEFING
Professional standards: RICS
Valuer Registration Scheme
582
Nick French
Department of Real Estate & Construction, Oxford Brookes University,
Oxford, UK
Abstract
Purpose – In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan-European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self-regulatory process.
Design/methodology/approach – This paper looks at the evolution of the “RICS Valuers
Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide.
Findings – The RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice.
Originality/value – This paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide.
Keywords Valuation standards, Professional ethics, RICS Valuer Registration Scheme, Assets valuation
Paper type General review
The RICS Valuer Registration Scheme enables RICS members to demonstrate that they do act professionally and with integrity all over the world (Eve Salomon, Chair of the RICS
Regulatory Board, February 2011).
Journal of Property Investment &
Finance
Vol. 29 No. 4/5, 2011 pp. 582-587
References: French, N. (1997), “Market information management for better valuations: concepts and definitions of price and worth”, Journal of Property Valuation & Investment, Vol Gilbertson, B. and Preston, D. (2005), “A vision for valuation”, Journal of Property Valuation & Investment, Vol Hordijk, A. and Condit, J. (1997), “Will investors standardize appraisal practices in the European Union?”, Journal of Property Valuation & Investment, Vol Peto, R. (1997), “Market information management for better valuations: data availability and application”, Journal of Property Valuation & Investment, Vol Real Estate Appraisal Board (2011), “History”, available at: www.realestatezing.com/usa/realestate-appraisal-board (accessed 23 April 2011). RICS (1994), The Mallinson Report, Commercial Property Valuations, Royal Institution of Chartered Surveyors, London. RICS (2002), The Carsberg Report, Royal Institution of Chartered Surveyors, London. RICS (2010), RICS Valuation Standards, Royal Institution of Chartered Surveyors, London.