RICS Valuation Review Services
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‘An appraisal review is an appraisal of an appraisal’RICS Valuation Review Services
An RICS Valuation Review Services is the process of evaluating the accuracy and completeness of an appraisal report. The valuation review is performed by a qualified independent third-party appraiser, EDS, to ensure that the valuation meets industry standards and guidelines and regulatory requirements. The valuation review process usually includes:
-Verifying that the appraiser is qualified and licensed
-Checking that the appraisal report includes all the required information
-Ensuring that the appraiser has followed the appropriate methodology
-Evaluating the comparables used in the report
-Assessing the reasonableness of the valuation
-Checking for any errors or omissions
-Ensuring that the report complies with the Uniform Standards of Professional Appraisal Practice (USPAP) and/or International Valuation Standards (IVS) and other regulatory requirements.
OUR GUIDING STANDARDS & GUIDELINESINTERNATIONAL VALUATION STANDARDS (IVS) | RICS 'RED BOOK'
The RICS Red Book is a set of guidelines and standards for valuing property and for conducting RICS Valuation Dispute Resolution Services. It is published by the Royal Institution of Chartered Surveyors (RICS) and is widely recognized as the leading global standard for property valuation. The Red Book provides guidance on the principles, procedures, and practice of property valuation for all types of property, including residential, commercial, industrial, and rural properties.
The Red Book is intended to provide a consistent and transparent approach to property valuation that is based on sound professional principles and best practices. It covers a wide range of topics, including the purpose and scope of property valuation, ethical and professional conduct, and the process of valuing different types of property.
The Red Book sets out the standards that RICS members must adhere to when carrying out property valuations and for conducting RICS Valuation Dispute Resolution Services. It also provides guidance to other professionals, such as lenders, investors, and property developers, on the principles and practices of property valuation.
The Red Book is updated regularly to reflect changes in the market and to ensure that it remains relevant and up-to-date. It is widely used by professional valuers, surveyors, and other property professionals around the world as a benchmark for best practices in property valuation.
RICS Valuation Review Services
REAL ESTATE | BUSINESS VALUATION | PERSONAL PROPERTY | MACHINERY & EQUIPMENT
EDS’s RICS Valuation Review Services test the credibility of the valuation and the valuer. RICS Valuation Review Services require highly-trained—highly-skilled—highly-credentialed discipline-specific and multidisciplinary RICS review valuers with decades of experience that are specifically trained and accredited in providing valuation reviews and in developing and reporting differing opinions of value, rebuttal valuations, and RICS Valuation Expert-Witness Testimony.
EDS pioneered the valuation review profession—the cornerstone of Valuation Expert-Witness Testimony—and directed the development, writing, and implementation of the valuation review Principles of Valuation and best practices that are taught to and in use today by professional valuers, legal experts, and government agencies throughout the world.
EDS Exec. Managing Director Steven N. Siegler, ASA, FRICS is the only RICS-Accredited Valuation Expert Witness in the United States of America—and all of The Americas—one of only a handful of such expert witnesses in the world holding the much-coveted RICS Expert Witness Accreditation Service (EWAS) and Dispute Resolution Service (DRS) Certifications.
EDS pioneered the valuation review profession and directed the development, writing, and implementation of the valuation review Principles of Valuation and best practices that are taught to and in use today by professional valuers, legal experts, and government agencies throughout the world. Our RICS valuation review services have allowed our clients to prevail in billions of dollars at issue, and our review valuations have been cited by U.S. regulators as “The measure by which all valuation reviews should be judged”.
Our discipline-specific and multidisciplinary RICS valuation review specialists are internationally accredited ASA/MAI/RICS valuation instructors—all well-published luminaries in the global valuation community. They include Uniform Standards of Professional Appraisal Practice (USPAP) and International Valuation Standards (IVS) and RICS ‘Red Book’ instructors, Value Adjustment Board (VAB) Magistrates, and former state and federal appraisal regulatory compliance officers.
We provide RICS valuation reviews in all disciplines of valuation and asset classes, tangible and intangible, i.e., Real Property, Business Valuation, Intellectual Property, Personal Property, and Machinery and Technical Services, to clients throughout the world. EDS specializes in providing RICS valuation expert-witness testimony and litigation-support services to attorneys and law firms and valuation-related Alternative Dispute Resolution (ADR) Arbitration and Mediation and as Arbitrator, Mediator, Umpire, and Referee.
Our RICS valuation review experts analyze, evaluate and report matters pertinent to the subject appraisal: (1) Completeness of the material under review, (2) Adequacy and relevance of the data, including the propriety of adjustments (if any) to the data, (3) Appropriateness of the valuation methods and techniques used, (4) Whether the analyses, opinions, and conclusions are appropriate and reasonable, i.e., credible, (5) conformity with applicable valuation development and reporting standards required of the International Valuations Standards (IVS) / RICS Red Book, and Basel Accords, (6) the professional qualifications and licensing requirements of the reporting valuer(s), (7) compliance with applicable state and federal-U.S. Regulatory 75 FR 77450 Interagency Appraisal and Evaluation Guidelines, (8) compliance with any and all other applicable standards, guidelines, rules, and regulations that apply as of the Effective Date of the subject valuation under review.
EDS RICS valuation reviews are independent and objective and render credible findings that will withstand challenges and scrutiny from peer reviews, and regulatory, judicial, and taxing authorities.
The Intended Use and Scope-of-Work of the valuation review determine the level of complexity and the cost of the report.
RICS REAL ESTATE VALUATION REVIEW — COMMERCIAL / HIGH-VALUE RESIDENTIAL
Real property is defined as all the interests, benefits, rights, and encumbrances inherent in the ownership of the physical real estate. There are several specialties in real property: urban, residential, rural, timber, and ad valorem (property tax). Real property appraisal reviews include services for use in real estate acquisition and disposition, lending, insurance, estate taxes, property taxes, eminent domain (condemnation), conservation easements, and leasehold interests.
RICS BUSINESS VALUATION REVIEW — ESOP’ / ENTERPRISE VALUE / BUSINESS INTERRUPTION / ECONOMIC DAMAGES / APPRAISAL-RIGHTS (ARBITRAGE) / ASSET-BACKED SECURITIES:
EDS’ internationally accredited ASA/RICS Business Valuation experts review valuations of the value of businesses, business ownership interests, ESOPs, and securities for businesses of all sizes. We also review the value of specific intangible business assets such as patents, trademarks, employment agreements, copyrights, and goodwill.
RICS INTELLECTUAL PROPERTY VALUATION REVIEW — PATENTS / TRADEMARKS
Intellectual property is any product of the human intellect that the law protects from unauthorized use by others. Intellectual property is traditionally comprised of four categories: patents, copyrights, trademarks, and trade secrets.
RICS MACHINERY AND EQUIPMENT AND TECHNICAL SERVICES VALUATION REVIEW
EDS’ internationally accredited Machinery and Technical Services experts perform RICS valuation reviews of market or liquidation value valuations for various purposes such as sale, acquisition, ad valorem tax, eminent domain, conservation easement, collateralization, and insurance or residual forecasting.
RICS PERSONAL PROPERTY VALUATION REVIEW
EDS’ internationally accredited Personal Property valuation review experts provide RICS valuation reviews of tangible, movable property that is utilitarian, collectible, decorative, or a combination of the three for specific purposes such as insurance, estate tax, damage claims, donation, sale, dissolution of marriage, and equitable distribution.
RICS MULTIDISCIPLINARY VALUATION REVIEWS
A comprehensive RICS valuation review of a valuation involving two or more components of Real Property, Business Valuation, Intellectual Property, Machinery and Equipment and Technical Services, and Personal Property.
Engaging the correct RICS valuation professional is critical. EDS’s unparalleled level of expertise is recognized and appreciated in boardrooms and courtrooms throughout the world, and our body of work has been cited by U.S. regulators as “The measure by which all valuation reviews should be judged.”
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RICS Valuation Review Services Group
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