LRB-1291/1
KRP:cdc&amn
2021 - 2022 LEGISLATURE
May 21, 2021 - Introduced by Representatives Tittl,
Armstrong, Moses, Murphy
and Wittke, cosponsored by Senator Jacque. Referred to Committee on
Housing and Real Estate.
AB340,1,2
1An Act to create 893.895 of the statutes;
relating to: limitations of actions
2regarding real estate appraisal services.
Analysis by the Legislative Reference Bureau
This bill limits the time a person has to start a lawsuit for damages against a
licensed or certified real estate appraiser to five years from the date the real estate
appraiser submits the appraisal report to the client for whom real estate appraisal
services are performed, unless a shorter limitations period applies. The limitation
period created in the bill does not apply to a real estate appraiser who commits fraud
or concealment in the performance of real estate appraisal services.
Currently, there is no statute of limitations specifically addressed to real estate
appraisal services.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB340,1
3Section
1. 893.895 of the statutes is created to read:
AB340,1,4
4893.895 Real estate appraisers; limitations of actions. (1) In this section:
AB340,1,55
(a) “Appraisal report” has the meaning given in s. 458.01 (3).
AB340,1,66
(b) “Client” means a person for whom an appraisal report is prepared.
AB340,2,6
1(2) Except as provided in subs. (3) and (4), an action to recover damages based
2on tort, contract, or other legal theory against a real estate appraiser licensed or
3certified under ch. 458 for an act or omission in the performance of real estate
4appraisal services shall be commenced within 5 years after the date the real estate
5appraiser submits the appraisal report to the client for whom the services are
6performed or be barred.
AB340,2,10
7(3) If a person sustains damages covered under sub. (2) and the statute of
8limitations applicable to those damages bars commencement of the cause of action
9before the end of the period specified in sub. (2), then that statute of limitations
10applies.
AB340,2,12
11(4) This section does not apply to a real estate appraiser who commits fraud
12or concealment in the performance of real estate appraisal services.
AB340,2
13Section
2.
Initial applicability.
AB340,2,1514
(1) This act first applies to a cause of action that accrues on the effective date
15of this subsection.
