The Royal Institution of Chartered Surveyors has published a guide that sets out the procedures, knowledge and conduct which all estate agents should follow.

Billing it as the estate agents’ ‘Bible’ the surveyors’ institution sees it as a plank in the process of removing rouge estate agents from the marketplace.

Formally called the RICS Manual of Estate Agency Law and Practice, it advises estate agents working in the residential, rural and commercial fields how to conduct their day-to-day business and offers guidance on how to follow best practice.

The guide also details a strict code of conduct, The Residential Estate Agency Practice Statement, which all chartered surveyor estate agents must adhere to.

But it is unlikely to drive out the cowboys. For a start only some 30% of estate agents are members of RICS and even amongst those who are members, the strongest persuasion that the institution can do is to ban them from membership. The rouge agent would still be able to trade.

Consumer groups and the property industry have called for compulsory licensing of estate agents, but the Office of Fair Trading rejected the idea recently after a two-year investigation.

“This is a challenging time for estate agents, where the standing of the ethical and properly regulated sector is constantly being undermined by the endless stories of the unregulated cowboy element,” said RICS chief executive, Louis Armstrong.

RICS housing spokesman, Jeremy Leaf, says: “Regulated estate agents and consumers deserve something better. Nothing short of a minimum level of competency and compulsory licensing for residential estate agents will protect the consumer and bar the cowboys.”

“By leaving the door wide open to anyone to set up as an estate agent, the OFT report did the industry and the public no favours.”

While the government considers the OFT report, RICS is at least not standing still. Louis Armstrong says: “As the standard bearer of estate agency best practice, it is not only our duty to detail the strict code of conduct which our regulated members must adhere to, but also to produce a source of information for all practising estate agents in the hope that they will aspire to follow best practice. We believe this guide is a step in the right direction.”

“Choosing an estate agent when you decide to sell should involve more than financial considerations. By opting for a member of the RICS you can have confidence that they will both understand and employ best practice and give consumers access to independent redress if anything goes wrong.”

The RICS Manual of Estate Agency Law and Practice highlights and analyses the legal framework in which estate agents must operate. For example, it explains the new money laundering rules. Other areas include: