RICS Valuation Professional Standards

January 2014

Correction
RICS Valuation Professional
Standards January 2014:
correction

PS 2 paragraph 8 Disclosures

The text as issued in November 2013 introduced an unintended ambiguity in the

period by reference to which disclosures fall to be made. This is now clarified, at the
same time recognising that individual jurisdictions may specify different requirements.
8.1.1

Where the valuation is of an asset that has previously been valued by the valuer, or
the valuers firm for any purpose, the following disclosures must be made in the
terms of engagement, in the report, and in any published reference to the valuation
as the case may be, as set out later below:

8.5.1 The purpose of this requirement is to expose any potential conflict of interest
where the member, or the members firm, has valued the asset for the same
purpose, or has been involved with the purchase of the same asset for the client
either within the period of 12 months preceding the valuation date or within such
other period and criteria as may be prescribed or adopted in a particular state or
country.
8.5.2

(c) where the report, and any published reference to it, includes one or more
assets acquired by the client within the period applicable under paragraph
8.5.1 immediately above, and the member or members firm, has in relation to
those assets:
(i) received an introductory fee or
(ii) negotiated that purchase on behalf of the client
a statement should be made to such effect including, wherever relevant,
endorsement of the report in accordance with paragraph 8.6 immediately
below.

RICS Valuation Professional Standards January 2014 1

RICS Valuation Professional Standards January 2014: correction

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2 RICS Valuation Professional Standards January 2014