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I have been told that I need to get a formal valuation report carried out in accordance with the Red Book. What is the Red Book?

April 26, 2017accordance book formal red report valuation

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I have been told that I need to get a formal valuation report carried out in accordance with the Red Book. What is the Red Book?

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A. The RICS Appraisal and Valuation Manual sets certain minimum requirements so as to ensure a high standard of valuation and reporting. The Manual contains mandatory practice statements and guidance notes, principally concerned with the mechanics of practice including the assembly, interpretation and reporting of information relevant to the task of valuation.