RICS Annual Review 2012

Valuation Standards
that valuations across the world are produced to high standards
of integrity, clarity and objectivity.
A growing number of end users such as banks, insurers and
funds, now demand RICS Red Book valuations. The Financial
Stability Board (advisory body set up by the G20) named the
Red Book as a standard of good practice in its consultation
paper on the principles for sound residential mortgage practice.
In June, we issued Application of
RICS Valuations – Professional
Standards in the US Guidance Note
1 (USGN1) further harmonising what
members in the US are required
to do by law and the guidance we
provide through the Red Book.
An intensive programme of market engagement
was delivered in Brazil, which enabled us to
build relationships with government agencies,
major firms, academic institutions and trade
bodies. Activity culminated in a presentation
of RICS Valuation Standards to the Brazilian
Real Estate Index Committee. Coverage of our
market entry into Brazil was secured in Valor
Economico (a key business newspaper)
and a feature on RICS and international
investment in a leading real estate magazine.
PREVI – a major Brazilian
pension fund – adopted the
Red Book Standards and agreed
to encourage other pension
funds in Brazil to do the same.