RICS Rules of Conduct and Global Professional Standards RB-VPS4: Red Book VPS 4: inspections, investigations, revaluation without reinspection and records

Inspections and investigations must be sufficient for a professionally adequate valuation, with reasonable steps to verify information relied on; the extent must be agreed in the terms, and any limits, restrictions and resulting assumptions recorded in the terms and report; dispensing with inspection must be risk-assessed; valuers must have proper regard to sustainability and ESG matters. Revaluing real property without reinspection requires the valuer to be satisfied (with client confirmation) of no material physical or locational change, stated in the terms; the valuer must obtain current income and non-physical changes and consider ESG, must inspect where changes are known, and where proceeding without inspection against advice the report must carry an unequivocal internal-use, no-publication statement. Proper records of inspections, inputs and conclusions must be kept, with legible notes for an audit trail, a copy of the report and supporting papers kept for any required period, and appropriate sustainability and ESG data requested, collected and recorded.