Wisconsin Statutes 893.895 – Real estate appraisers; limitations of actions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Wisconsin Statutes 893.895
- 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 all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(1) In this section:
(a) “Appraisal report” has the meaning given in s. 458.01 (3).
(b) “Client” means a person for whom an appraisal report is prepared.
(2) Except as provided in subs. (3) and (4), an action to recover damages based on tort, contract, or other legal theory against a real estate appraiser licensed or certified under ch. 458 for an act or omission in the performance of real estate appraisal services shall be commenced within 5 years after the date the real estate appraiser submits the appraisal report to the client for whom the services are performed or be barred.
(3) If a person sustains damages covered under sub. (2) and the statute of limitations applicable to those damages bars commencement of the cause of action before the end of the period specified in sub. (2), then that statute of limitations applies.
(4) This section does not apply to a real estate appraiser who commits fraud or concealment in the performance of real estate appraisal services.