SHB 2477 — Concerning actions arising out of real estate appraisal activity.

What this bill does

Requires claims or causes of action against appraisers, appraiser trainees, appraisal companies, and appraisal management companies arising out of an appraisal report to be brought within the earlier of two years of discovery of the act or omission or five years of signing the appraisal report, except in cases of fraud. Deems who an appraisal report is considered to be prepared at the request of and exclusively for the benefit or use of, for purposes of limiting who appraisers, appraiser trainees, appraisal companies, and appraisal management companies may be found to have liability to, arising out of an appraisal report.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

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