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- 1 In this post you can find everything you need to know about RICS valuations and their standards:
- 2 What is MRICS?
- 3 What are the standards of RICS Valuations?
- 4
- 5
- 6 What do RICS valuations consist of?
- 7 What is the Red Book?
- 8 How is MRICS Certification Obtained?
- 9 What is the difference between RICS valuations and ECO appraisals?
In this post you can find everything you need to know about RICS valuations and their standards:
What is MRICS?
MRICS is one of the most prestigious certifications in the real estate sector today, issued by the Royal Institution of Chartered Surveyors (RICS), which qualifies professionals in the real estate industry with the highest standards of appraisal, administration and development of real estate.
The organization has a great international reputation, and its members are recognized throughout the world, not only in Europe but also in countries and regions of other continents.
What are the standards of RICS Valuations?
Valuations have four types of standards: professional standards, codes of good practice, guidance notes and information notes.
RICS Real Estate Valuations are valuations that have been carried out in accordance with these international ethical minimums, promulgated by the Royal Institution of Chartered Surveyors, the main international valuation organization.
Personalized RICS Valuation Quote
Appraisal Company Approved by the Bank of Spain
What do RICS valuations consist of?
The valuation formulated in accordance with the standards of the Royal Institution of Chartered Surveyors (RICS) and the international regulations of IVS has been recognized by investors, funds and financial institutions around the world.
It is non-profit and is currently a world leader in training and professional ethics. In short, RICS is a seal of trust, quality and professionalism when it comes to real estate valuations.
>>> Learn about the importance of properly appraising an inheritance.
What is the Red Book?
Below the principles and rules of conduct are the professional, international and exclusive RICS standards. The Red Book is the reference book for all members of the valuation-related organization.
It contains mandatory rules, standards of conduct and best practice guidelines that must be taken into account when preparing valuation reports. Since 2015, it has adopted the IVS (International Valuation Standards) of the IVSC (International Valuation Standards Council), accompanying the specific recommendations for RICS members.
How is MRICS Certification Obtained?
To obtain RICS certification it is necessary to pass a demanding exam and accredit your professional prestige to guarantee the minimum conditions, which include years of experience in the field and management, as well as adequate training.
Once this approval has been obtained, the RICS valuer is permanently subjected to rigorous control and is obliged to professional development.
Those who do not comply with these regulations may be sanctioned by withdrawing their approval and expelling them from the system. Today RICS is, basically, a
What is the difference between RICS valuations and ECO appraisals?
RICS does not set Valuation Methodologies, but explains and recommends methodologies for different scenarios. It does not compulsorily establish the use of a certain method parameters, in fact, it is the other way around, it leaves it to the discretion and responsibility of the signing technicians.
It will be the valuer, taking into account the situation of the real estate market and the characteristics of the asset to be valued, who will define which will be the ideal methodology to offer his opinion of value.
On the other hand, the ECO Order requires the use of different methods under different scenarios, establishing minimum parameters in the application and, under the monitoring of the principle of prudence and the certification of the lowest of the values as the appraisal value among the different hypotheses raised.
In summary, it should be noted that these are therefore necessary and non-contradictory regulations. They ensure the correct and transparent functioning of the market and give all the intervening actors (buyers, sellers, intermediaries, financiers, regulators, among others) sufficient confidence so that said functioning complies with the highest standards.
At Euroval, we are adapted to the needs of our clients and therefore, in addition to the Valuations under ECO regulations that we have issued since 1990, for several years we have been a company approved by RICS, so we issue valuations that comply with the International Valuation Standards (IVS International Valuation Standards) and under the professional and ethical standards of the red book, through our website you can request a personalized quote to carry out a RICS appraisal.
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