Texas Civil Practice and Remedies Code 16.013 – Real Estate Appraisers and Appraisal Firms
(a) In this section:
(1) “Appraisal” has the meaning assigned by § 1103.003, Occupations Code.
(2) “Appraisal review” has the meaning assigned by § 1104.003, Occupations Code.
(3) “Real estate appraisal firm” means an entity engaging a real estate appraiser as an owner, member, shareholder, partner, employee, or independent contractor to perform an appraisal or appraisal review.
(4) “Real estate appraiser” means an individual licensed or certified under Chapter 1103, Occupations Code.
(b) Except for an action for fraud or breach of contract, a person must bring suit for damages or other relief arising from an appraisal or appraisal review conducted by a real estate appraiser or appraisal firm not later than the earlier of:
(1) two years after the day the person knew or should have known the facts on which the action is based; or
(2) five years after the day the appraisal or appraisal review was completed.
Terms Used In Texas Civil Practice and Remedies Code 16.013
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Fraud: Intentional deception resulting in injury to another.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005