NEW

Question 1

What is the hierarchy of evidence for sales?

Answer 1

1. where the subject property, or one very similar to it, has been marketed
2. recently completed transactionsoccasionally, this may include the subject property itself
3. recently completed transactions of other, similar property for which full and accurate information is available
4. recently completed transactions of similar property for which full data may not be available, but for which sufficient reliable data can be obtained
5. information from published sources or commercial databases; its weighting will depend on extent and its authority or verifiability
6. historic evidence of the same or similar properties
7. other indirect evidence (e.g. indices)
8. transactional evidence from other property types and locations and other background data (e.g. interest rates, stock market movements and returns)
9. asking prices (though the weighting would be higher where markets are active and transparent).

Question 2

What are the types of RICS publications?

Answer 2

• International Standard - Mandatory
• RICS Professional Statement - Mandatory
• RICS Code of Practice - Guidance or Mandatory (It will specify)
• RICS Guidance Note - Recommend Best Practice
• RICS Information paper - Information/Best Practice
• Market Reports/Consumer Guides/Research - Best Practice

Question 3

List the Relevant Publications

Answer 3

International Standards

• International Property Measurement Standards (IPMS)
• International Property Valuation Standards 2017
• International Ethics Standards

Professional Standards

• RICS Global and Ethical Standards
• RICS Conflicts of Interest 2017
• RICS Clients Money
• RICS Property Measurement 2018
• Real estate agency and brokerage 2016
• RIC Valuation Global Edition - Red Book 2017
• RICS Valuation UK Edition - Red Book 2015

Code of Practice
- RICS Code of Measuring Practice (not mandatory)

Guidance Note

• RICS Independent expert determination 2016
• RICS Financial Viability in Planning

Information Paper
- RICS Comparable evidence in property valuation