Nevada Administrative Code
Chapter 116 - Common-Interest Ownership
MANAGEMENT OF COMMON-INTEREST COMMUNITIES
Unit-Owners' Associations
Section 116.427 - Reserve study: Commencement of period for conducting reserve study

1. For the purposes of paragraph (a) of subsection 1 of NRS 116.31152, the 5-year period for conducting a reserve study commences on the date on which the on-site inspection of the major components is performed and concludes upon the adoption of the reserve study by the executive board at a meeting conducted pursuant to NRS 116.31083. For the purposes of this section, the adoption of the reserve study must take place before the culmination of 5 years after the date that the executive board last adopted a full reserve study that includes the information described in NAC 116.425.

2. After a full reserve study is conducted, the next full reserve study must be commenced on, or as close as practicable to, the same month and date that the previous on-site inspection of the major components was performed.