What is the responsibility of the Appraisal Subcommittee (ASC)?

The Appraisal Subcommittee (ASC) plays a critical role in overseeing the appraisal industry at the national level, specifically regarding compliance and regulation. Its primary responsibility is to monitor state appraisal regulatory agencies to ensure they adhere to federally mandated policies and standards. This includes evaluating state practices, ensuring that they effectively enforce uniform standards for appraisers, and maintaining oversight to protect the integrity of the appraisal profession.

This function is essential because it promotes consistency across different states and helps to enforce compliance with federal regulations designed to ensure the reliability of appraisals. By monitoring these state agencies, the ASC helps to maintain the quality and credibility of appraisal practices, which is vital for the stability of the real estate market.

The other options, while related to appraisal in various ways, do not accurately define the ASC's main responsibility: licensing of appraisers, funding educational programs, or creating laws is outside the scope of what the ASC directly does. Instead, it focuses on oversight and coordination, ensuring that state appraisal programs operate within the required guidelines.