Federal Real Property Disposal Pilot Program and Management Improvement Act of 2005 - Requires the Federal Real Property Council (established by this Act) to conduct a Federal Real Property Disposal Pilot Program under which excess property, surplus property, or underutilized real property shall be disposed of in accordance with this Act.
Requires specified agencies to develop and implement an agency asset management planning process.
Requires the Federal Real Property Council to develop guidance for, and facilitate the success of, each agency's asset management plan.
Provides for the Federal Real Property Council to serve as a clearinghouse for executive agencies for best practices in evaluating progress in the implementation of real property enhancements.
Directs the Administrator of General Services to establish a database of all real property under the custody and control of all executive agencies, other than real property excluded for national security reasons.
Directs the heads of executive agencies to identify all underutilized properties under that agency's custody and control and submit a list describing the underutilized properties to the Federal Real Property Council.