This bill amends existing laws related to real estate appraisal activities in Washington State, specifically RCW 18.140 and RCW 4.16. It introduces new sections that clarify the liability of real estate appraisers and appraisal companies. Under the new provisions, an appraisal report is considered prepared exclusively for the benefit of the client and specified intended users, limiting the liability of appraisers to those parties only. Additionally, it establishes a statute of limitations for claims arising from appraisal reports, requiring that such claims be filed within two years of discovery or five years from the date the appraiser signs the report, with exceptions for fraud claims and disciplinary actions by the Department of Licensing.

The bill also reenacts and amends definitions within RCW 18.140.010, including clarifying terms such as "appraisal management company" and "appraisal report." It ensures that the definitions align with existing regulations and provides a framework for understanding the roles and responsibilities of various parties involved in real estate appraisal. Furthermore, the bill includes a provision stating that if any part of the act is found invalid, the remaining provisions will still be enforceable.