RICS Knowledgebase

The RICS do not produce anything on other valuation standards because we expect all valuations to be done as per the Red Book. As per RICS Valuation – Global Standards (Red Book)  2025   PS 1 - 5.7:

valuations are either compliant with Red Book Global Standards or not. Terms such as ‘quasi–Red Book’ or ‘partial Red Book’ – or even ‘non-Red Book’ – must not be used in terms of engagement or reporting or even in conversation.

Some members may be able to provide an effective valuation without a huge investment in time due to their expertise and knowledge and still be compliant with the Red Book.

There may however be opinions or insights which are not valuations and must be made clear they are not a valuation:

UK Commercial Real Estate Agency RICS Professional Statement  which under 4.5 ‘Market Appraisal’ it is stated:

“This advice is not a formal valuation of the property. It is important that you make clear to the seller that you are providing an estimate of anticipated market price or rent and not a valuation or appraisal. If required by the client, you may instruct a formal valuation on your client’s behalf”.

Another example is in UK residential real estate agency RICS Professional Statement , where there is a similar section (3.1 ‘Advising on the property price or rent for marketing’) which provides members the scope to provide figures to be used for residential brokerage and “that this advice is not a formal valuation of the process

See also this myRICS March 2023 posting by Charles Golding about no exemptions from Red Book https://community.rics.org/discussion/global-red-book-noexemptions