RICS to release Valuer Registration Program in the US later this year

Bruce Bingham, now the  Chair of the Valuation Council for RICS Americas, and a long time appraiser most recently at Capstone, alerted every one to the new Valuer Registration program. RICS standards come in the form of the "Red Book," which is now aligned with the IVSC's valuation standards.  This program attempts to "risk assess" each registered valuer, and the result is that 20% receive a desktop review.  Two per cent receive site visits.  There are now 14,000 members of the VRP worldwide (many are real property appraisers)--and at least in the UK, there are benefits.  In the UK, banks will only use registered valuers, and in the insurance world, only reports from registered valuers are accepted.   "The VRP is specifically designed to be responsive to regulators and to improve the quality of work performed, and it's been mandatory in the UK in April 2011.  The launch in the US is planned for later this year," reported Bingham.   There are fines and punishments, and the disciplinary process is public, Bingham reports.  Neil Shah is the Managing Director of RICS America who is leading this effort.