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Professional standards: RICS Valuer Registration Scheme

Professional standards: RICS Valuer Registration Scheme Purpose – In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan‐European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self‐regulatory process. Design/methodology/approach – This paper looks at the evolution of the “RICS Valuers Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide. Findings – The RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice. Originality/value – This paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

Professional standards: RICS Valuer Registration Scheme

Nick French
Journal of Property Investment & Finance , Volume 29 (4/5): 6 – Jul 12, 2011
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References (10)

Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635781111150420
Publisher site
See Article on Publisher Site

Abstract

Purpose – In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan‐European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self‐regulatory process. Design/methodology/approach – This paper looks at the evolution of the “RICS Valuers Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide. Findings – The RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice. Originality/value – This paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide.

Journal

Journal of Property Investment & Finance – Emerald Publishing

Published: Jul 12, 2011

Keywords: Valuation standards; Professional ethics; RICS Valuer Registration Scheme; Assets valuation

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