Free RICS APC Revision Quiz - Red Book Valuation

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* 1. What is the full title of the Red Book?

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* 2. What does the Red Book provide valuers with?

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* 3. Is there any UK specific guidance issued separately to the Red Book Global?

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* 4. When was the global Red Book last updated?

1 July 2020

1 July 2019

31 January 2022

1 January 2017

31 January 2020

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* 5. What are the 3 VPS 5 valuation approaches?

Income

Market

Profits

Cost

Rental evaluation

Investment

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* 6. What are the 5 methods of valuation?

Investment

Term and reversion

Depreciated Replacement Cost

Profits

Comparable

Development appraisal

Residual

Discounted cashflow

YP in perp

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* 7. What are the 3 VPS 5 valuation approaches?

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* 8. What is a key change brought about by the updated Red Book?

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* 9. What does IVS stand for?

Investment Valuation Standards

International Valuation Standards

Institutional Valuation Standards

Independent Valuer Standards

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* 10. What type of valuations fall under the scope of the Red Book?

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* 11. Which sections of the Red Book are mandatory?

PS 1-2

VPS 1-5

VPGA 1-10

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* 12. What does PS1 relate to?

Ethics, competency, objectivity and disclosures

Compliance with standards where a written valuation is provided

Terms of engagement (scope of work)

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* 13. What does PS2 relate to?

Terms of engagement (scope of work)

Compliance with standards where a written valuation is provided

Ethics, competency, objectivity and disclosures

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* 14. Which section of the Red Book relates to valuation reports?

VPS4

PS1

VPS3

PS2

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* 15. Which section of the Red Book relates to terms of engagement?

PS1

VPS1

VPS2

VPS5

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* 16. How would you find out about the bases of value?

Look in VPS4

Check PS1 and PS2

Check other RICS guidance

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* 17. Which VPGA relates to secured lending?

VPGA1

VPGA2

VPGA8

VPGA10

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* 18. What is an assumption?

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* 19. What is an internal valuer?

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* 20. What is the definition of fair value?

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* 21. What is the definition of worth?

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* 22. What is the definition of Market Rent?

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* 23. What is the definition of Market Value?

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* 24. What is a special assumption?

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* 25. When may a valuation be excepted from VPS 1-5?

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* 26. Is an excepted valuation also exempt from complying with PS 1-2?

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* 27. When was the UK National Supplement last updated?

With effect from 14 January 2018

With effect from 14 January 2019

With effect from 14 January 2017

With effect from 1 May 2024

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