RICS Rules of Conduct and Global Professional Standards RB-VPS3-5: Red Book VPS 3 and 5: approaches, methods and valuation models

Valuers are responsible for selecting and justifying approaches and methods, which must reflect what kind of asset it is, why the assignment is being done and its context, and any mandatory requirements, and must be able to explain and record, with reasons, which approaches and methods were used. When a complex or proprietary model is involved the valuer must be satisfied it suits the purpose using professional judgement, and members and firms must apply the IVS 105 model provisions.