(a) In this section:
(1) "Appraisal" has the meaning assigned by Section 1103.003, Occupations Code.
(2) "Appraisal review" has the meaning assigned by Section 1104.003, Occupations Code.
(3) "Real estate appraisal firm" means an entity engaging a real estate appraiser as an owner, member, shareholder, partner, employee, or independent contractor to perform an appraisal or appraisal review.
(4) "Real estate appraiser" means an individual licensed or certified under Chapter 1103, Occupations Code.
(b) Except for an action for fraud or breach of contract, a person must bring suit for damages or other relief arising from an appraisal or appraisal review conducted by a real estate appraiser or appraisal firm not later than the earlier of:
(1) two years after the day the person knew or should have known the facts on which the action is based; or
(2) five years after the day the appraisal or appraisal review was completed.