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Statute Of Limitations

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BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Does anyone know if Virginia has a law like this?

If not, VaCAP may need to look at this being an area to explore.

GOOD reason for anyone not a member of VaCAP to join!!!

ICAP Drafted a Statute of Limitations Bill For Illinois Real Estate Appraisers

"This legislation would establish a statutory limitation on the time in which civil actions against real estate appraisers can be filed following the date the appraisal was performed.
Statute of Limitations on claims against real estate appraisers protect “small business” appraisal companies from frivolous lawsuits & complaints."
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Does anyone know if Virginia has a law like this?

If not, VaCAP may need to look at this being an area to explore.

GOOD reason for anyone not a member of VaCAP to join!!!

ICAP Drafted a Statute of Limitations Bill For Illinois Real Estate Appraisers

"This legislation would establish a statutory limitation on the time in which civil actions against real estate appraisers can be filed following the date the appraisal was performed.
Statute of Limitations on claims against real estate appraisers protect “small business” appraisal companies from frivolous lawsuits & complaints."
Oregon recently passed similar legislation. The Oregon Chapter of the AI was heavily involved in its passing.
Prior to (in Oregon), appraisers had effectively unlimited liability (the bell tolled upon discovery).
The first attempted legislation was to get the liability for appraisers in-line with the Record Keeping Rule (5-years). However, the Realtors' liability duration was six years and they had an issue with appraisers getting off the hook quicker than they. A compromised was reached to have the appraisers' liability equal the Realtors (6 years). Surprisingly (to me), there was vocal opposition by some appraisers to this compromised; they saw it as a sell out (they had an all or nothing position).
However, the door is open to go back to the legislature now and petition them to limit the Realtors' liability to 5-years.
It was very successful.

I tried to get that ball rolling in California. I was told that the trial lawyers lobby was too strong and would oppose any legislation designed to put a time limit on liability. I haven't given up on the idea, however.

The Oregon legislation was one that benefited all appraisers. I'm sure if there is interest, VaCAP can contact the Oregon AI Chapter and they'd be happy to share their experience.
It would be nice if more states adopted this kind of measure; it would make it easier to get it passed in a trail-lawyer rich environment like California if there was momentum across the country.
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
). Surprisingly (to me), there was vocal opposition by some appraisers to this compromised; they saw it as a sell out (they had an all or nothing position).
Denis, it should never be a surprise when there is a group of people who take an all or nothing approach on an issue.....sadly, over the last 20 or 30 years this is just the reality as people have become more and more hardened and less willingness to compromise or to take the best deal that they can get.

Here is a great quote from Ronald Reagan, explaining why he took the best deal he could get on his proposed economic program:
There are some people who would have you so stand on principle that if you don’t get all that you’ve asked for from the legislature, why, you jump off the cliff with the flag flying.
I have always figured that a half a loaf is better than none, and I know that in the democratic process you’re not going to always get everything you want. So, I think what they’ve misread is times in which I have compromised — for example, our entire economic program.

I proposed three 10-percent-a-year cuts in the income tax, retroactive to January 1st, 1981. There was no way I could get that with the House of Representatives dominated by the other party. So, I settled for a 5-percent cut the first year, not retroactive but on October 30 — or on October 1st, the beginning of the fiscal year; then two following 10-percent cuts. Well, I think 25 percent, a little delayed in starting, was better than going down fighting and not getting anything at all.


Today, Reagan would be labeled as a sell-out or a socialist by the hardliners on the right. (BTW, the hardliners on the right are no worse than the hardliners on the left when it comes to a willingness to compromise)
 
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