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Some Estate Agents are also members of the Royal Institution of Chartered Surveyors (RICS), the main body for property professionals in the UK, dealing with residential and commercial property. Members, are known as Chartered Surveyors, and are elected following an examination and are required to stick to a code of conduct, which includes rules about husbandry of their clients’ money and professional insurance in the event of error or negligence. For residential property, there exists a trade association, the National Association of Estate Agents (NAEA), but this has a limited scope for disciplining its members. The Estate Agents’ Ombudsman Scheme in 2005 obtained approval from the OFT for the Code of Practice for Residential Sales and, as of November 2006, claimed to have 2532 members. There is no legal requirement to belong to any trade organisations in order to set up as an Estate Agent. Due to the lack of statutory regulation, fraudulent or dishonest practices tend to exist in the industry.
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