Establishes statute of limitations for claims against real estate appraisers and related entities.

The bill sets a statute of limitations for claims against real estate appraisers, trainees, appraisal management companies, and real estate appraisal businesses. Claims must be brought within two years of the act or omission or five years from the date the appraiser signs the report. The statute of limitations applies to real estate-related financial transactions, including sales, leases, investments, refinancing, and use of property as security for a loan. The bill also specifies that the statute of limitations applies to claims against similarly functioning housing finance agencies.

Establishes statute of limitations for claims against real estate appraisers and related entities.

The bill sets a statute of limitations for claims against real estate appraisers, trainees, appraisal management companies, and real estate appraisal businesses. Claims must be brought within two years of the act or omission or five years from the date the appraiser signs the report. The statute of limitations applies to real estate-related financial transactions, including sales, leases, investments, refinancing, and use of property as security for a loan. The bill also specifies that the statute of limitations applies to claims against similarly functioning housing finance agencies.