Limitation of Actions Against Appraisers

Under current law, the statute of limitations to bring certain claims against a real estate appraiser does not start until the party filing the claim has discovered, or should have discovered, an alleged defect in the appraisal.

The bill requires a claimant to bring an action against a real estate appraiser or individual performing a real estate appraisal practice within 5 years after the date the appraisal report is completed and transmitted to a client. The 5-year statute of limitations does not apply to an action for fraud, for misrepresentation, or for a discriminatory housing practice brought against a real estate appraiser or individual performing a real estate appraisal practice.
(Note: This summary applies to this bill as introduced.)