ABSTRACT
Introduction On receipt of instructions to value property a valuer, if a member of the Royal Institution of Chartered Surveyors (RICS), is required to confirm the terms of engagement (RICS Valuation Standard (VS 2); the majority of valuations are now required to be compliant with the RICS Valuation Standards (The Red Book) (2011) which are themselves compliant with the International Valuation Standards (IVS). There are a few exceptions set out in VS 1.1, but the underlying assumption in this text is that the requirements of The Red Book must be followed.
