Final answer:
The Appraisal Subcommittee (ASC) works to oversee the real estate appraisal process, ensuring compliance with federal guidelines, maintaining a registry of appraisers, and regulating the discipline of non-compliant appraisers to uphold the integrity of property valuations.
Step-by-step explanation:
The Appraisal Subcommittee (ASC) is a federal entity charged with overseeing the real estate appraisal process in the United States. Its primary function is to ensure that appraisals are conducted in a manner that is consistent, reliable, and in compliance with minimum standards established by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. The ASC monitors the appraisal programs of the states and their compliance with federal guidelines, provides a monitoring framework for The Appraisal Foundation (TAF), and maintains a national registry of state-certified and licensed appraisers.
Additionally, the ASC is involved in the development and enforcement of appraisal regulations and standards, as well as the discipline of appraisers who fail to comply with those standards. Through its work, the ASC helps to protect the integrity of the appraisal process, which is crucial for the stability of the real estate industry and the financial system that relies on accurate property valuations for mortgage lending purposes.