12-531. Real estate appraiser liability; four-year limitation; exception; definition

250 words·~1 min read·/az/title-12/12-531

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. A person who has a cause of action for damages against a real estate appraiser for malpractice, negligence, an error, a mistake, an omission or a breach in connection with a real estate appraisal or an appraisal-related service, whether based in contract or tort, shall commence the action before the earlier of:

1. The expiration of the applicable statute of limitations for the type of claim that is being pursued if the length of time after the report date to the expiration of the statute of limitations does not exceed four years. For the purposes of this paragraph, "report date" means the date on which the real estate appraisal giving rise to the action was completed or should have been completed.

2. Four years after the date on which the appraisal-related service giving rise to the action was performed or should have been performed.

B. The statute of limitations prescribed in subsection A of this section does not apply to a claim that alleges that an appraiser knowingly and intentionally committed fraud or knowingly and intentionally made a gross misrepresentation when performing a real estate appraisal or when providing an appraisal-related service.

C. For the purposes of this section, "real estate appraiser" means any of the following:

1. A state-licensed appraiser.

2. A state-certified residential appraiser.

3. A state-certified general appraiser.

4. A state-registered trainee appraiser.

5. Any agent, employee, employer or firm of a person who is listed in paragraph 1, 2, 3, or 4 of this subsection.