Tennessee has enacted a law establishing a new statute of limitations regarding civil lawsuits and disciplinary actions against real estate appraisers. Under HB 376, any action to recover damages against a real estate appraiser must be brought within one year from the discovery of the act of omission giving rise to the action. However, in no event can an action be brought more than five years after the date the appraisal was performed.
Additionally, the Tennessee Real Estate Appraiser Commission cannot consider a complaint for a disciplinary acting that relates to an appraisal that was completed more than three years before the complaint was submitted.
The new law will take effect July 1, and will apply to appraisals performed after that date.