What is the primary role of the Appraisal Subcommittee (ASC)?

The primary role of the Appraisal Subcommittee (ASC) is to oversee the appraisal process and ensure compliance with federal laws. This is crucial for maintaining the integrity and uniformity of appraisal standards across the country. The ASC was established by the Federal Housing Finance Reform Act of 1996, with the mission to promote professionalism and ensure that appraisers meet the required standards set by the federal government.

By overseeing the appraisal process, the ASC plays a vital role in protecting consumers and ensuring that appraisals are conducted fairly and accurately. This includes monitoring state appraisal regulatory programs and enforcing compliance with federal regulations, which helps to uphold market confidence and protect against real estate fraud.

In contrast, the other options focus on aspects not directly tied to the core mission of the ASC. Determining market value is the function of appraisers, while setting appraisal fees generally falls under the jurisdiction of state regulatory bodies or individual appraisal firms, rather than the ASC. Similarly, while providing training to appraisers is important, this is often handled by professional organizations or state agencies rather than the ASC.