The review of property appraisals

Abstract

In the current climate of outsourcing services the extent to which facilities managers make use of external contractors to supply property valuations and appraisals has grown significantly. In‐house facilities or property managers in the UK that are members of the Royal Institution of Chartered Surveyors (RICS) are bound to the use of the RICS Appraisal and Valuation Manual (the Red Book). This paper examines the roles of the Red Book for property professionals involved in the review of appraisal reports and contrasts it with the Uniform Standards of Professional Practice (USPAP) used in the USA. The paper concludes that the Red Book in its existing form may inhibit any appraisal review process that any organisation may try to implement.

Citation

Andrew, A. and Pitt, M. (2002), "The review of property appraisals", Journal of Property Investment & Finance, Vol. 20 No. 1, pp. 59-67. https://doi.org/10.1108/14635780210416264