Red Book

Question 1

Can you name 10 things on a terms of engagement?

Answer 1

1. Client
2. Purpose
3. Subject property/ interest
4. Valuation date
5. Confirmation of standards to be applied
6. Agreed departures of RICS standards
7. Basis of value
8. Special assumptions
9. Extent of values investigations
10. Underground mining area
11. Report date
12. Currency
13. Fee payments
14. Conflict of interest

Question 2

What is the UK National Supplement?

Answer 2

provides specific valuation standards for the UK

Question 3

What is contained within the UK National Supplement?

Answer 3

Introduction
Glossary
1. UK Professional standards
2. UK Valuation technical and performance standards (UK VPS 1-3)
3. UK Valation practice guidance applications (UK VPGA’s 17 of them)

Question 4

Name some VPGA’s from the UK national supplement that are relevant to you

Answer 4

UK VPGA 1 - valuation for financial reporting
UK VPGA 9 - relationship with auditors
UK VPGA 15 - valuations for capital gains tax, inheritance tax, stamp duty land tax

Question 5

When did you UK national supplement come into effect?

Answer 5

2024

Question 6

When did the national supplement become effective?

Answer 6

It became effective in May 2024, however it was reissued in 2025 to align with the Red Book updates.

Question 7

What does the UK National Supplement sit alongside and why does it exist?

Answer 7

It sits alongside the RICS Red Book Global Standards and provides UK‑specific mandatory requirements and guidance to ensure valuations comply with UK law, regulation, financial reporting rules, and professional practice expectations.