List one exception to the mandatory use for valuations as stated in VPS 1-5.
Understand the Problem
The question is asking for a specific exception to the mandatory use of valuations as outlined in VPS 1-5. This requires a knowledge of the relevant valuation standards and guidelines to identify any exceptions.
Answer
Exception for agency or brokerage.
One exception to the mandatory use for valuations as stated in VPS 1-5 is for agency or brokerage purposes.
Answer for screen readers
One exception to the mandatory use for valuations as stated in VPS 1-5 is for agency or brokerage purposes.
More Information
The RICS Valuation – Global Standards allows certain exceptions to the use of VPS 1-5, such as when a valuation is carried out for agency or brokerage purposes. This recognizes the specific context in which different valuation approaches might be warranted.
Tips
A common mistake might be assuming there are no exceptions due to the mandatory nature of the standards without consulting the guidelines which explicitly state situations where they do not apply.
Sources
- Valuation Flashcards by MR H A Howard-Jones - Brainscape - brainscape.com
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