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Oregon Limits Appraisal Liability

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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
The Appraisal Institute was at the lead of this change:

http://www.appraisalinstitute.org/a...atute-of-limitations-on-appraiser-liability-/

and it started at the Chapter Level. It benefits all appraisers (residential and commercial). Hopefully, this can be used as a template in other states.

The new law sets the statute of limitations at 6-years.
Believe it or not, there were protests from appraisers who opposed the law because it didn't limit the term to 5-years (similar to the current USPAP record keeping rule).

I want to repeat the above: Oregon went from (in theory) an infinite liability exposure to 6-years, and there were appraisers protesting that change because it wasn't 5-years.


I spoke with the Oregon AI Chapter President last month who was a leader in getting the legislation adopted. What the next step will be is to see if this has any impact on E&O Insurance in the Great State of Oregon.

Good work, Owen Bartels, MAI, of Oregon, for successfully advocating a reform that will benefit all appraisers!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Texas has a 5-year limit, good to see other states limiting liability
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
The Appraisal Institute was at the lead of this change:

http://www.appraisalinstitute.org/a...atute-of-limitations-on-appraiser-liability-/

and it started at the Chapter Level. It benefits all appraisers (residential and commercial). Hopefully, this can be used as a template in other states.

The new law sets the statute of limitations at 6-years.
Believe it or not, there were protests from appraisers who opposed the law because it didn't limit the term to 5-years (similar to the current USPAP record keeping rule).

I want to repeat the above: Oregon went from (in theory) an infinite liability exposure to 6-years, and there were appraisers protesting that change because it wasn't 5-years.


I spoke with the Oregon AI Chapter President last month who was a leader in getting the legislation adopted. What the next step will be is to see if this has any impact on E&O Insurance in the Great State of Oregon.

Good work, Owen Bartels, MAI, of Oregon, for successfully advocating a reform that will benefit all appraisers!
Some fools are too stupid to take the best deal that they can get because it is not the best deal possible. They don't understand that half a loaf is better than none.
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Some fools are too stupid to take the best deal that they can get because it is not the best deal possible. They don't understand that half a loaf is better than none.
Yeah, it is a bit of a head-scratcher.

;)
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
want to repeat the above: Oregon went from (in theory) an infinite liability exposure to 6-years, and there were appraisers protesting that change because it wasn't 5-years.
Arkansas is three years. If it had been six, I would have faced a trial for a report they claimed to "rely on" inspected, developed, and reported days after they took title to the place. The report actually contained a copy of the deed.
 

gregb

Elite Member
Joined
Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
Terrel, sounds like if the case had gone to trial, you would have been vindicated, with your lawyer getting a fat wallet. :)
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Might as well just make it a life sentence. Funny how i think my appraisal is good for one day only.
 

Evincere

Elite Member
Joined
Dec 30, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Some fools are too stupid to take the best deal that they can get because it is not the best deal possible. They don't understand that half a loaf is better than none.
The question is why couldn't they get a better deal. Bad , incompetent representation/lawyers? Could not some of the other states with lesser years serve as precedent?
 
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