wa-law.org > bill > 2025-26 > HB 2477 > Substitute Bill

HB 2477 - Real estate appraisals

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Section 1

  1. For purposes of this chapter and chapter 18.310 RCW, and section 3 of this act, an appraisal report is deemed prepared:

    1. At the request of and exclusively for the benefit or use of: (i) The client; (ii) an intended user of the appraisal report as specified within the appraisal report; and (iii) if the client is a financial institution or mortgage lender, then its immediate successor in interest if transferring the appraisal report to another lender; and

    2. For the intended use specified in the appraisal report.

  2. A state-certified or state-licensed real estate appraiser, state-registered appraiser trainee, appraisal management company, or real estate appraisal company or business, may not be held liable in any court of law in any action arising out of an appraisal report to any person or entity other than a person or entity described in subsection (1)(a) of this section.

Section 2

  1. Except as provided in subsection (2) of this section, and subject to section 1 of this act, any claim or cause of action against a state-certified real estate appraiser, state-licensed real estate appraiser, state-registered appraiser trainee, appraisal management company, or real estate appraisal company or business, arising out of an appraisal report completed on or after the effective date of this section, must be brought within the earlier of the two following periods:

    1. Within two years from the date of discovery of the act or omission giving rise to the claim or cause of action; or

    2. Within five years from the date the state-certified or state-licensed real estate appraiser or state-registered appraiser trainee signs or affixes their signature electronically or otherwise to the appraisal report.

  2. Subsection (1) of this section does not apply to:

    1. Any claim or cause of action upon the grounds of fraud governed under RCW 4.16.080; or

    2. Limit the department of licensing's authority to conduct investigations or take disciplinary action under chapter 18.140 or 18.310 RCW.

  3. The definitions in this subsection apply throughout this section unless the context clearly requires otherwise:

    1. "Appraisal management company" has the same meaning as in RCW 18.310.010.

    2. "Appraisal report" has the same meaning as in RCW 18.140.010.

    3. "Real estate appraisal company or business" means a company or business conducting business regulated under chapters 18.140 and 18.310 RCW.

    4. "State-certified real estate appraiser" means a "state-certified general real estate appraiser" or a "state-certified residential real estate appraiser" as defined in RCW 18.140.010.

    5. "State-licensed real estate appraiser" has the same meaning as in RCW 18.140.010.

    6. "State-registered appraiser trainee" has the meaning as in RCW 18.140.010.

Section 3

The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.

Section 4

If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.

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