RICS vs USPAP vs IVS: which standard applies, and when
A side-by-side cheat sheet for property appraisers working across jurisdictions — when to use which framework and how to disclose mixed methodology.
Three standards dominate global property appraisal: RICS Red Book (UK and Commonwealth), USPAP (United States), and IVS (international, increasingly adopted in EU and GCC). Knowing which to cite is half the battle.
RICS Red Book is mandatory for any RICS member regardless of jurisdiction. If you carry the qualification, you carry the standard with you. USPAP is jurisdictional — required for federally related transactions in the US, optional elsewhere. IVS is the lingua franca: most large institutional clients in the EU, Israel, GCC, and Africa now require based on IVS methodology reports.
When working cross-border, disclose mixed methodology explicitly. A report can be based on RICS methodology and based on IVS methodology simultaneously — the frameworks overlap on most material points. State which framework governs which section, and which version (RICS Red Book Global 2025, IVS 2025, USPAP 2024-25 cycle) you applied.
GARAASSETS's appraisal templates carry framework selectors at the section level — pick once, and the report disclosures, comparable adjustments, and depreciation methods adjust automatically.