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Define Appraisal Subcommittee (ASC) in Real Estate

Appraisal Subcommittee (ASC): 

The "Appraisal Subcommittee" (ASC) is a government agency that oversees the appraisal profession in the United States. It is a part of the Federal Financial Institutions Examination Council (FFIEC) and was established by the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989. The ASC's main role is to ensure that appraisals performed for federally related transactions are conducted by qualified and licensed appraisers who adhere to the Uniform Standards of Professional Appraisal Practice (USPAP).

Example: 

The ASC also monitors state appraisal regulatory agencies, providing guidance and ensuring that they effectively license and regulate appraisers in their jurisdictions.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the land of appraisals, a group you'll want to know,
The Appraisal Subcommittee, keeps standards in the flow.

Part of the FFIEC, by FIRREA it was made,
To oversee appraisals, and make sure rules are obeyed.

They watch the state regulators, ensuring all is well,
With licensed appraisers, and the USPAP they must quell.

So when you study real estate, and terms you'll need to learn,
Remember the Appraisal Subcommittee, for trust in value's turn!