This bill amends existing laws related to real estate appraisal activities in Washington State, specifically addressing the statute of limitations for claims against real estate appraisers and appraisal companies. It introduces a new section to chapter 18.140 RCW, establishing that any claims arising from an appraisal report must be filed within two years of discovering the issue or within five years from the date the appraiser signs the report, with exceptions for fraud claims. Additionally, it clarifies that appraisal reports are prepared exclusively for the benefit of the client and specified intended users, limiting liability for appraisers to those parties.

The bill also adds new sections to chapters 4.16 and 18.310 RCW, ensuring that the established statute of limitations applies uniformly to claims against state-certified or licensed appraisers and appraisal management companies. Furthermore, it reenacts and amends RCW 18.140.010 to update definitions related to appraisal activities, including the definition of "appraisal management company." The bill includes a provision stating that if any part of the act is found invalid, the remaining provisions will still be effective.