What is the statute of limitations from the discovery date of fraud or misrepresentation of a license holder?

The statute of limitations for claims related to fraud or misrepresentation, particularly in the context of actions against a license holder, is four years from the date of discovery of the fraud or misrepresentation. This means that once a party becomes aware of the fraudulent activity, they have a four-year window to initiate legal proceedings. This time frame is grounded in principles that aim to promote timely resolution of disputes and prevent the indefinite potential for liability that might arise from such actions.

Understanding this statute is essential for both license holders and parties involved in real estate transactions, as it sets a limit on the duration in which a claim can be sought and helps encourage prompt reporting and resolution of issues related to misrepresentation or fraudulent actions. The other options represent different lengths of time that do not align with the legal parameters set for these specific claims in most jurisdictions.