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Professional standards: RICS Valuer Registration Scheme

Nick French (Department of Real Estate & Construction, Oxford Brookes University, Oxford, UK)

Journal of Property Investment & Finance

ISSN: 1463-578X

Article publication date: 12 July 2011

Abstract

Purpose

In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan‐European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self‐regulatory process.

Design/methodology/approach

This paper looks at the evolution of the “RICS Valuers Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide.

Findings

The RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice.

Originality/value

This paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide.

Keywords

Citation

French, N. (2011), "Professional standards: RICS Valuer Registration Scheme", Journal of Property Investment & Finance, Vol. 29 No. 4/5, pp. 582-587. https://doi.org/10.1108/14635781111150420

Publisher

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Emerald Group Publishing Limited

Copyright © 2011, Emerald Group Publishing Limited