RICS Rules of Conduct and Global Professional Standards
RICS Valuation - Global Standards (Red Book 2025): PS 1, PS 2, VPS 1 to 6 – RICS Rules of Conduct and Global Professional Standards

RICS Rules of Conduct and Global Professional Standards RB-PS1-4-6: Red Book: other standards, exceptions and departures stated

Where other (for example jurisdictional) valuation standards are followed, the terms of engagement and report must say so and state the basis of value and its definition; voluntary compliance with other standards is a departure. Where VPS 1 to 6 are not applied under a permitted exception, the valuation must not be described as IVS-compliant, the exception must be stated and explained in the terms and report, written terms are still needed, a changed role over a long instruction must be documented and disclosed, and labels like 'quasi', 'partial' or 'non' Red Book are banned. No departure from PS 1 or PS 2 is allowed; a client asking for advice contrary to a VPS must be told it is a departure, stated in the terms, report and any published reference.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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