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Valuation Standard Setting

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Questions and Answers

According to the Core Principles of Valuation Standard Setting, what is the purpose of valuation standards?

To develop a credible opinion of value

To promote and maintain a high level of public trust in valuation practice (correct)

To communicate the opinion of value to the intended user(s)

To establish appropriate requirements for valuers

What should Valuation Standards be based on?

Development of a credible opinion of value (correct)

Communication of the opinion to the intended user(s)

Legislative and regulatory requirements

Transparent processes

How should the development and revisions of Valuation Standards be carried out?

By the valuers themselves

In a secretive manner

By way of a transparent process after appropriate exposure (correct)

By legislative and regulatory requirements

Are departures from Valuation Standards allowed?

Yes, as long as they comply with legislative and regulatory requirements Signup and view all the answers

What is the main objective of Valuation Standards?

To promote and maintain public trust in valuation practice Signup and view all the answers

Which of the following best describes the purpose of valuation standards?

To promote and maintain a high level of public trust in valuation practice Signup and view all the answers

What should Valuation Standards be based on?

Principles and the development of a credible opinion of value Signup and view all the answers

How should the development and revisions of Valuation Standards be carried out?

By following a transparent process after appropriate exposure Signup and view all the answers

Under what circumstances are departures from Valuation Standards allowed?

Only when legislative and regulatory requirements are in conflict with the standards Signup and view all the answers

What is the main objective of Valuation Standards?

To promote and maintain public trust in valuation practice Signup and view all the answers

Study Notes

Purpose of Valuation Standards

The purpose of valuation standards is to provide a framework for consistent and transparent valuation practices.

Basis of Valuation Standards

Valuation Standards should be based on market principles, international norms, and regulatory requirements.

Development and Revision of Valuation Standards

The development and revisions of Valuation Standards should be carried out through a transparent, inclusive, and consensus-driven process.

Departures from Valuation Standards

Departures from Valuation Standards are allowed in exceptional circumstances, when there is a valid reason and the departure is justified and documented.

Main Objective of Valuation Standards

The main objective of Valuation Standards is to promote trust and confidence in the valuation process, and to ensure that valuations are accurate, reliable, and consistent.

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Description

Test your knowledge on the core principles of valuation standard setting. Explore the purpose of valuation standards and their importance in maintaining public trust. Learn about principle-based valuation standards and their role in developing credible opinions of value.