Published April 2011 and effective from 2 May 2011, the 7th Edition of the RICS Valuation Standards replaces all previous issues of the Red Book, and incorporates several vital changes. Its standards are completely compliant with current IVS (International Valuation Standards, published by the International Valuation Standards Council) and its standards reinforces the VRS (Valuer Registration Scheme). It has more easily accessed sections and a greater consolidation of official material. So the Red Book is the definitive source of valuation best practice currently available. It gives you: - Enhanced clarity on which standards are universal because they impact on compliance and ethics, and which have specific application to different areas of work - Guidance on the application of the standards for valuers who work for firms not registered for regulation - Consolidated UK residential valuation standards, including a rewritten Residential Mortgage Specification - New material on mortgage valuations - A new standard that specifically states that terms of engagement must be agreed before the report is issued - Valuation Standards (previously Practice Statements) - Additional guidance notes and information papers. From 30 April 2011, as a RICS Valuer carrying out valuations in the UK you must join the Valuer Registration Scheme. As well as reducing the risk of negligence claims arising from non-compliance, registration gives you several important benefits: - Registration proves to clients that you produce high quality valuations - Your clients are protected by best practice valuation - Scheme membership increases your revenue stream and adds value to your service offering - It promotes your professional expertise and shows you follow best practice ethics, valuation reporting and technical methods. visit www.rics.org/vrs RICS Valuation Standards (The Red Book) is issued by the RICS Valuation Professional Group and contains mandatory rules and best practice guidance for all RICS Registered Valuers undertaking valuation services worldwide.