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Introduction to Valuer Registration Valuer registration is a monitoring programme run by RICS to ensure all of its members complete valuations in accordance with the standards set out in the 'Red Book'. It is important that valuers work to the same standard. RICS has identified some areas where members and firms could ensure they follow best practice procedures. You can read more about valuer registration and about best practice for registered valuers in the 'Help and Support' tab on the left of this page and then by selecting 'Useful Websites & Guides'. Valuation Competency The RICS has defined three levels of competency as part of being a registered valuer and these are described in detail in the tabs to the left side of the page. Click on each number to reveal the details of each level.

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This level requires understanding the reasons for valuations, applicable methods and techniques, standards, guidance, and statutory requirements relevant to your practice area. Knowledge includes: - Impact of main value drivers - Application of current valuation standards - RICS best practice guidance and Professional Statements - Professional practice principles, including liability and indemnity insurance - Property law, planning, regulations, and their impact on values - Various valuation purposes (e.g., bank lending, taxation, performance management) - Capital and rental valuation methodologies - Importance of independence and objectivity - Impact of machinery and business asset laws and regulations on values - For residential valuation, understanding of Automated Valuation Models (AVMs) is also essential

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This level requires practical competence in conducting both capital and rental valuations.Along with preparing and presenting reports for clients and senior managers, it involves using appropriate valuation methods and techniques, applying relevant standards, guidance, and laws.Responsibilities include: - Preparing formal valuation reports under supervision and with reasoned advice. - Demonstrating knowledge of valuation standards, professional principles, and regulations is essential. - Activities include understanding client requirements, gathering relevant information, analyzing comparable evidence, applying valuation methods, and preparing reports. - Candidates may not conduct valuations full-time but should demonstrate competency in valuation tasks. - Skills include conducting valuations primarily for loan security and familiarity with Automated Valuation Models (AVMs).

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Examples of activities and knowledge comprised within this level are:- Be accountable for creating formal valuation reports with oversight and deliver well-founded advice across various property types, valuation purposes, and methods, showing deep understanding of relevant standards and guidance. - Your experience should span a variety of valuation reasons, like loan security and tax, encompassing diverse properties/assets in physical form, use cases, and ownership type, including industry-specific machinery and business assets. - Your advice should reflect knowledge of standards across business sectors, the main factors affecting property/asset values, and broader economic and policy influences. - Demonstration of how your valuation advice integrates with clients' broader advisory teams. - While direct application of the latest RICS standards may not be mandatory, showing an equivalent level of professionalism related to Red Book requirements is necessary. Additionally, advise on different service levels, like desktop versus full inspection valuations, highlighting each's pros and cons.

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