Is Increasing Ambition legal in Standard, Modern, and Commander?

Increasing Ambition is legal in: Modern, Legacy, Vintage, Commander, Historic.

Increasing Ambition

Q: What type of card is Increasing Ambition?

Increasing Ambition is a Sorcery. Its oracle text reads: "Search your library for a card and put that card into your hand. If this spell was cast from a graveyard, instead search your library for two cards and put those cards into your hand. Then shuffle. Flashback {7}{B} (You may cast this card from your graveyard for its flashback cost. Then exile it.)"

Sorcery

Search your library for a card and put that card into your hand. If this spell was cast from a graveyard, instead search your library for two cards and put those cards into your hand. Then shuffle.

Flashback (You may cast this card from your graveyard for its flashback cost. Then exile it.)