Proposals to prevent auctioneers from quoting to potential buyers a price below their genuine opinion of market value of a property, as given to their client in writing in advance, will prove unenforceable, estate agents were told yesterday.

Speaking at the annual president's lunch of the Irish Auctioneers and Valuers Institute (IAVI), the group's president James O'Halloran said: "The report actually says the AMV [advised minimum valuation] itself must be the figure quoted, but the IAVI believes this will prove unenforceable.

"In our view, sellers are entitled to quote a price higher than the AMV if they wish and any attempt to curtail that right could run into constitutional difficulties - vendors do not mislead the public if they quote higher asking prices."

The recommendation was contained in the report of an expert review group that examined the profession, which was launched by the Minister for Justice, Equality and Law Reform, Michael McDowell, this week. The report also proposed the establishment of a new regulatory authority to eliminate improper practice in the profession.

Mr O'Halloran said the IAVI was generally pleased with the report's findings, as they broadly reflected submissions made by the organisation.

Auctioneers and estate agents attending yesterday's event also heard from Bill Rancic, the winner of the US television show, the Apprentice. The prize was a job with billionaire businessman Donald Trump.

Mr Rancic, who is now in charge of the project management of the Trump International Tower development in Chicago, outlined his career trajectory - from used car salesman to owner of an online cigar company with annual revenue of $80 million - and suggested why he was chosen from 250,000 contestants to win the award.

"I never went to business school," he said. "I don't have that kind of mind-set, nor do I think that business theory can only be learned from a book. I've always believed that success in business is an attitude; a willingness to challenge yourself, your beliefs and ideals.

"There are three key elements to success," he told the audience. "First, it takes practical execution - actions speak louder than words. You have to be agile, to be able to adapt to the changing marketplace. And you also have to take risks. That's what separates the winners from the losers."