Yes. NRS 116.31152 requires the executive board of every Nevada common-interest community to obtain a study of the reserves needed to repair, replace, and restore major components of the common elements at least once every five years, to review the results at least annually, and to adjust the funding plan annually as needed. Nevada also requires adequate reserves funded on a reasonable basis under NRS 116.3115 — there is no owner vote to waive reserves — and a summary of each study must be filed with the state Real Estate Division.
Verified against the statute 2026-07-06
All common-interest communities governed by NRS Chapter 116 — planned communities/HOAs, condominiums, and cooperatives alike (Nevada does not limit the mandate to condos). Communities with 20 or fewer units located in counties with populations under 55,000 may use a person the board deems qualified instead of a state-permitted reserve specialist, but the study itself is still required.
Full reserve study at least once every 5 years, with the board reviewing the study's sufficiency and adjusting the funding plan at least annually (NRS 116.31152).
NRS 116.3115 requires the association to establish adequate reserves, funded on a reasonable basis, for the repair, replacement, and restoration of major common-element components; reserve money may not be used for daily maintenance. Nevada provides no owner-vote mechanism to waive or zero out reserve funding, and the board must adjust its funding plan annually based on the study.
The association must distribute the annual operating and reserve budgets (or summaries) to all unit owners (NRS 116.31151), and the executive board must submit a summary of each reserve study to the Nevada Real Estate Division within 45 days after adopting its results (NRS 116.31152). Resale packages provided to buyers under NRS 116.4109 include the association's budget and reserve information.
Requires a reserve study at least once every 5 years, annual review of its sufficiency, and annual funding-plan adjustments; the study must be conducted by a person credentialed under NRS Chapter 116A (except communities of 20 or fewer units in counties with a population under 55,000), and a summary must be submitted to the Real Estate Division within 45 days after the board adopts its results.
Requires the association to establish adequate reserves, funded on a reasonable basis, for repair, replacement, and restoration of major components of the common elements; reserve funds may not be used for daily maintenance.
Requires annual distribution to unit owners of the operating and reserve budgets (or summaries) and ratification procedures, giving owners yearly visibility into reserve funding.
Confirmed NRS 116.31152 and 116.3115 exist on the official leg.state.nv.us Chapter 116 page (section titles confirm the study duty, preparer qualifications, contents, and Division-submission requirement; the single-page chapter is too long for automated full-text retrieval), and verified the current full text via a faithful statutory reproduction: five-year study cycle, at-least-annual review and funding-plan adjustment, the Chapter 116A credential requirement with the exception for communities of 20 or fewer units in counties with population less than 55,000, the 45-day Division submission deadline, and NRS 116.3115's adequate-reserves, reasonable-basis, and no-daily-maintenance rules with no owner waiver mechanism. Corrected two errors in the prior draft: the county-population threshold is 55,000 (not 50,000), and the unsupported claim that the 5-year period runs from the on-site inspection date was removed. Informational only — not legal advice. Confirm with the primary source and a community-association attorney licensed in Nevada. Report an issue.
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