(a) In general

The Appraisal Subcommittee shall -

(1)

monitor the requirements established by States for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility;

(2)

monitor the requirements established by the Federal financial institutions regulatory agencies and the Resolution Trust Corporation with respect to -

(A)

appraisal standards for federally related transactions under their jurisdiction, and

(B)

determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;

(3)

maintain a national registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and

(4) Omitted

.

(b) Monitoring and reviewing foundation

The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation