Nevada Administrative Code
Chapter 119A - TIME SHARES
MANAGEMENT OF TIME-SHARE PROJECT
Section 119A.470 - Qualifications of person to conduct reserve study; consultants
Universal Citation: NV Admin Code 119A.470
Current through February 27, 2024
1. A person is qualified by training and experience to conduct a reserve study if the person proves to the satisfaction of the board that he or she has:
(a) A good
reputation for honesty, trustworthiness and integrity;
(b) The ability to evaluate components of the
common area with regard to normal and accelerated deterioration, remaining
useful life, by year, and current cost to repair, replace or restore;
(c) The ability to perform financial
analysis, cost estimates and 30-year projections, as applicable;
(d) The ability to review documents of the
association and to consult with the board to ascertain and confirm the
component inventory from such a review;
(e) The ability to gather and analyze
financial data, including, without limitation, monthly assessment fees, current
balance of reserves, interest rate anticipated on reserves, anticipated
inflation and maximum fee increases allowable; and
(f) The background and knowledge pertinent to
all areas to be addressed by the reserve study and to all components of the
common area to be addressed by the reserve study.
2. A person who is selected to perform a reserve study for the board may use consultants and other persons with expertise in the areas and components of the reserve study to assist in preparing the reserve study.
3. As used in this section:
(a) "Component
inventory" means a list of components of the common area identified in a
reserve study that may require repair, replacement or restoration.
(b) "Reserve study" means a study required
pursuant to
NRS
119A.542 that projects the expenses of an
association for the repair, replacement and restoration of the major components
of the common area and that establishes the reserves required to cover such
expenses.
Added to NAC by Real Estate Div. by R135-01, eff. 12-13-2001
NRS 119A.190, 119A.542
Disclaimer: These regulations may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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