- (a) General rule.— Except as provided under subsection (b), an action to recover damages against a real estate appraiser arising out of the appraiser's real estate appraisal activity shall be brought within five years after the date the appraisal was conducted.
(b) Exception.— An action to recover damages against a real estate appraiser under subsection (a) may be filed more than five years after the date the appraisal was conducted if:
- (1) there is evidence of fraud or intentional misrepresentation on the part of the real estate appraiser; or
- (2) the appraisal was performed for a consumer as part of the purchase or sale of single-family residential real property not involving a lender.
(Dec. 22, 2021, P.L.452, No.93, eff. 60 days)
2021 Amendment. Act 93 added section 5539. Section 2 of Act 93 provided that the five-year period of repose under section 5539 shall not apply to a cause of action which has accrued on or before the effective date of section 2.