Real estate agency in Nigeria is confronted with various challenges that border on ethics and conduct in practice. This study assessed this situation by undertaking a tripartite review of the policy framework, pedagogy and practice of real estate agency. The position of policy on the practice of real estate agency was examined alongside pedagogic approach to training and issues of ethics in the practice. Questionnaires were used for data collection while relevant policy documents and extant literatures were also reviewed. Respondent groups include the thirty-five final year students of the Department of Estate Management Covenant University as well as the principal officers of fifty-two practicing Estate Firms in Ikeja, Lagos State, Nigeria. Data were analysed with 5-Point Likert scale and mean score and subsequently ranked while Paired Sample T-Test was used to compare and establish if there is significant difference between the opinions of the study groups about the adequacy of real estate agency training in tertiary institutions. It was found among others that the pedagogic approach was inadequate in terms of period of delivery. It was also found that agency was not properly grafted into real estate profession while issues relating to ethics, misconduct and conflicts are rife among practitioners. In addition, it was found that institutions' intervention mechanism in ethics and misconduct among practicing surveyors is weak and ineffective. The study therefore suggests improvement in pedagogic approach, amendment of existing policy to redefine and enshrine real estate agency in real estate profession thereby making it exclusive preserve of qualified practitioners. It also recommends empowering institutions' intervention mechanisms for a more effective monitoring.