Section 15-1-85 - Limitations applicable to actions founded on licensed real estate activities(1) An action based on actions or omissions to act by a person who is or was licensed as a broker or salesperson under the Real Estate Brokers License Law of 1954, Title 73, Chapter 35, Mississippi Code of 1972, must be commenced against the licensed or formerly licensed person, or a firm with which said person is affiliated, within five (5) years after the date of the consummation of the transaction out of which the action arose or, if not consummated, the date on which the agency relationship out of which the action arose ceased to exist, or within the time prescribed in Section 15-1-49, whichever is earlier, or the date a broker price opinion was relied upon by an intended user.(2) This section is inapplicable to any action arising from actions or omissions to act by a person who is or was licensed as a broker or salesperson, or a firm with which said person is or was affiliated, where that person or firm fraudulently inflated the value of the property or colluded with others to fraudulently inflate the value of the property.Added by Laws, 2020, ch. 377, SB 2430,§ 2, eff. 7/1/2020.