A Red Book Valuation is the name given to a valuation report that adheres to the RICS (Royal Institution of Chartered Surveyors) professional valuation standards.
The Red Book contains mandatory rules, best-practice guidance and related commentary for all RICS-registered valuers undertaking asset valuations.
It does not tell a valuer how to value a property, but it does set out the standards that should be followed, including the qualifications of the valuer, the minimum content of the valuation report, duty of care and ethics. This in turn means that the client receiving the report can be sure that it has been prepared by a suitably qualified practitioner and that it is well considered and robust.
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