Under current law, the statute of limitation to bring a claim against
a real estate appraiser does not commence until the party filing the claim discovers, or should discover, 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 3 years after the date of report; except that, if a cause of action arises during the third year after the date of report, the action must be brought within 2 years after the date the cause of action arose.
