Nevada Revised Statutes 116B.610 – Study of reserves for shared components and hotel unit; duties of hotel unit owner regarding study; person who conducts study required to be registered; contents of study
1. The hotel unit owner shall:
Terms Used In Nevada Revised Statutes 116B.610
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
(a) At least once every 5 years, cause to be conducted a study of the reserves required to repair, replace and restore the major components of the shared components and the major components of the hotel unit;
(b) At least annually, review the results of that study to determine whether those reserves are sufficient; and
(c) At least annually, make any adjustments to the charges deemed necessary to provide adequate funding for the required reserves.
2. The study of the reserves required by subsection 1 must be conducted by a person who is registered with the Division pursuant to chapter 116A of NRS.
3. The study of the reserves must include, without limitation:
(a) A summary of an inspection of the major components of the shared components and the major components of the hotel unit;
(b) An identification of the major components of the shared components and the major components of the hotel unit that have a remaining useful life of less than 30 years;
(c) An estimate of the remaining useful life of each major component of the shared components and each major component of the hotel unit identified pursuant to paragraph (b);
(d) An estimate of the cost of repair, replacement or restoration of each major component of the shared components and each major component of the hotel unit identified pursuant to paragraph (b) during and at the end of its useful life; and
(e) An estimate of the total annual charge that may be necessary to cover the cost of repairing, replacement or restoration of the major components of the shared components and the major components of the hotel unit identified pursuant to paragraph (b), after subtracting the reserves for shared components and the hotel unit as of the date of the study, and an estimate of the funding plan that may be necessary to provide adequate funding for the required reserves.