Title 10

NRS 116B.555 Tort and contract liability. 1. A unit’s owner is not liable, solely by reason of being a unit’s owner, for an injury or damage arising out of the condition or use of the common elements. Neither the association nor any unit’s owner except the declarant or hotel unit…

NRS 116B.560 Conveyance or encumbrance of common elements. 1. Portions of the common elements of a condominium hotel may be conveyed or subjected to a security interest by the association if persons entitled to cast at least a majority of the votes in the association or any large…

NRS 116B.565 Insurance: General requirements. 1. Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, and unless the declaration states otherwise, the association shall maintain, to the extent reasonably available and subject to…

NRS 116B.570 Insurance: Policies. Insurance policies carried pursuant to this chapter must provide to the extent reasonably available that: 1. Each unit’s owner is an insured person under the policy with respect to liability arising out of his or her interest in the common elemen…

NRS 116B.575 Insurance: Repair or replacement of damaged or destroyed portion of condominium hotel. 1. Unless the declaration states otherwise, with respect to repair or replacement of all or any portion of the condominium hotel after fire or other casualty, any portion of the co…

NRS 116B.577 Funds of association to be deposited or invested at certain financial institutions. 1. Except as otherwise provided in subsection 2, an association, a member of the executive board or a community manager shall deposit or invest all funds of the association at a finan…

NRS 116B.580 Preparation and presentation of financial statements. 1. The Commission shall adopt regulations prescribing the requirements for the preparation and presentation of financial statements of an association pursuant to this chapter. 2. The regulations adopted by the Com…

NRS 116B.585 Audit and review of financial statements. 1. Except as otherwise provided in subsection 2, the executive board shall: (a) If the annual budget of the association is less than $75,000, cause the financial statement of the association to be audited by an independent ce…

NRS 116B.590 Assessments for common expenses; funding of adequate reserves; collection of interest on past due assessments; calculation of assessments for particular types of common expenses; notice of meetings regarding assessments for capital improvements. 1. Until the associat…

NRS 116B.595 Assessments for shared expenses; funding of adequate reserves; collection of interest on past due assessments; payer of shared expenses not entitled to ownership or control; delivery of budget for projected shared expenses. 1. The hotel unit owner may charge all resi…

NRS 116B.600 Annual distribution to units’ owners of operating and reserve budgets or summaries of such budgets; ratification of budget. 1. Except as otherwise provided in subsection 2 and unless the declaration of a condominium hotel imposes more stringent standards, the executi…

NRS 116B.605 Study of reserves for common elements; duties of executive board regarding study; person who conducts study required to be registered; contents of study; submission of summary of study to Division. 1. The executive board shall: (a) At least once every 5 years, cause …

NRS 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: (a) At least once every 5 years, cause to be conducted a study o…

NRS 116B.615 Signatures required for withdrawals from reserve account of association; exceptions. 1. Money in the reserve account of an association required by NRS 116B.590 may not be withdrawn without the signatures of at least two members of the executive board or the signature…

NRS 116B.620 Fees imposed on associations to pay for costs of administering Office of Ombudsman and Commission; administrative penalties for failure to pay; interest on unpaid fees. 1. Except as otherwise provided in subsection 2, an association shall: (a) If the association is r…

NRS 116B.625 Registration of associations with Ombudsman. Each association shall, at the time it pays the fee required by NRS 116B.620, register with the Ombudsman on a form prescribed by the Ombudsman. (Added to NRS by 2007, 2239) Liens

NRS 116B.630 Liens against units for assessments. 1. The association or the hotel unit owner, as applicable, has a lien on a unit for any assessment or charge, including assessments for common expenses and charges for shared expenses or other charges of the hotel unit owner, auth…

NRS 116B.635 Foreclosure of liens: Mailing of notice of delinquent assessment; recording of notice of default and election to sell; period during which unit’s owner may pay lien to avoid foreclosure; limitations on type of lien that may be foreclosed. 1. Except as otherwise provi…

NRS 116B.640 Foreclosure of liens: Mailing of notice of default and election to sell to certain interested persons. The association or hotel unit owner, as applicable, shall also mail, within 10 days after the notice of default and election to sell is recorded, a copy of the noti…

NRS 116B.645 Foreclosure of liens: Providing notice of time and place of sale; service of notice of sale; contents of notice of sale; proof of service. 1. The association or hotel unit owner, as applicable, shall also, after the expiration of the 90 days and before selling the un…

NRS 116B.650 Foreclosure of liens: Procedure for conducting sale; purchase of unit by association or hotel unit owner; execution and delivery of deed; use of proceeds of sale. 1. The sale must be conducted in the county in which the condominium hotel or part of it is situated, an…

NRS 116B.655 Foreclosure of liens: Effect of recitals in deed; purchaser not responsible for proper application of purchase money; title vested in purchaser without equity or right of redemption. 1. The recitals in a deed of a foreclosed unit made pursuant to NRS 116B.650 of: (a)…

NRS 116B.660 Foreclosure of liens: Requests by interested persons for notice of default and election to sell; right of association or hotel unit owner to waive default and withdraw notice or proceeding to foreclose. 1. The provisions of NRS 107.090 apply to the foreclosure of lie…

NRS 116B.665 Liens against association. 1. Except as otherwise provided in subsection 2, a judgment for money against the association, if a copy of the docket or an abstract or copy of the judgment is recorded, is not a lien on the common elements, but is a lien in favor of the j…

NRS 116B.670 Maintenance and availability of books, records and other papers of association: General requirements; provision of copies to units’ owners and Ombudsman; exceptions; general records concerning certain violations; enforcement by Ombudsman; limitations on amount that m…

NRS 116B.675 Maintenance and availability of certain financial records of association; provision of copies to units’ owners and Ombudsman. 1. The executive board of an association shall maintain and make available for review at the business office of the association or some other…

NRS 116B.680 Maintenance and availability of financial records of association; right of units’ owners to inspect, examine, photocopy and audit records of association. 1. The association shall keep financial records sufficiently detailed to enable the association to comply with al…

NRS 116B.685 Maintenance, availability and review of certain financial books and records of hotel unit. The hotel unit owner shall maintain financial books and records showing its actual receipts and expenditures with respect to the repair, replacement, improvement, maintenance, …

NRS 116B.690 Retaliatory action prohibited. A hotel unit owner, an executive board, a member of an executive board or an officer, employee or agent of an association shall not take, or direct or encourage another person to take, any retaliatory action against a unit’s owner becau…

NRS 116B.695 Prohibition against certain personnel soliciting or accepting compensation, gratuity or remuneration under certain circumstances. 1. Except as otherwise provided in subsection 2, a member of an executive board, an officer of an association or a community manager shal…

NRS 116B.700 Prohibition against certain personnel contracting with association or accepting commission, personal profit or compensation from association; exceptions. 1. Except as otherwise provided in this section, a member of an executive board, an officer of an association or …

NRS 116B.705 Association as trustee. With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to i…

NRS 116B.710 Right of units’ owners to display flag of the United States in certain areas; conditions and limitations on exercise of right. 1. Except as otherwise provided in subsection 2, the executive board of an association shall not and the governing documents of that associa…

NRS 116B.715 Right of units’ owners to exhibit political signs in certain areas; conditions and limitations on exercise of right. 1. The executive board shall not and the governing documents must not prohibit a unit’s owner or an occupant of a unit from exhibiting a political sig…

NRS 116B.720 Association prohibited from requiring unit’s owner to obtain approval to rent or lease unit; exceptions. 1. Except as otherwise provided in the declaration, an association may not require a unit’s owner to secure or obtain any approval from the association in order t…

NRS 116B.725 Applicability; exceptions. 1. Except as otherwise provided in subsection 2, NRS 116B.725 to 116B.795, inclusive, apply to all condominium hotels. 2. Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a: (a) Gr…

NRS 116B.730 Liability for preparation and delivery of public offering statement. 1. Except as otherwise provided in subsection 2, a declarant, before offering any interest in a unit to the public, shall prepare a public offering statement conforming to the requirements of NRS 11…

NRS 116B.735 Public offering statement: General provisions. 1. Except as otherwise provided in this chapter, a public offering statement must set forth or fully and accurately disclose each of the following: (a) The name and principal address of the declarant, the hotel unit owne…

NRS 116B.740 Public offering statement: Condominium hotels subject to developmental rights. If the declaration provides that a condominium hotel is subject to any developmental rights, the public offering statement must disclose, in addition to the information required by NRS 116…

NRS 116B.745 Public offering statement: Condominium hotel containing converted building. The public offering statement of a condominium hotel involving a converted building must contain, in addition to the information required pursuant to NRS 116B.740: 1. A statement by the decla…

NRS 116B.750 Public offering statement: Condominium hotel registered with Securities and Exchange Commission or State of Nevada. If an interest in a condominium hotel is currently registered with the Securities and Exchange Commission of the United States or with the State of Nev…

NRS 116B.755 Purchaser’s right to cancel. 1. A person required to deliver a public offering statement pursuant to subsection 3 of NRS 116B.730 shall provide a purchaser with a copy of the current public offering statement not later than the date on which an offer to purchase beco…

NRS 116B.760 Resales of units. 1. Except in the case of a sale in which delivery of a public offering statement is required, a unit’s owner or his or her authorized agent shall furnish to a purchaser a resale package containing all of the following: (a) A copy of this chapter, th…

NRS 116B.765 Required form of information statement. The information statement required by NRS 116B.735 and 116B.760 must be in substantially the following form: BEFORE YOU PURCHASE PROPERTY IN A CONDOMINIUM HOTEL DID YOU KNOW... 1. YOU GENERALLY HAVE 5 DAYS TO CANCEL THE PURCHAS…

NRS 116B.770 Escrow of deposits; furnishing of bond in lieu of deposit. 1. Except as otherwise provided in subsections 2 and 3, a deposit made in connection with the purchase or reservation of a unit from a person required to deliver a public offering statement pursuant to subsec…

NRS 116B.775 Release of liens. 1. In the case of a sale of a unit where delivery of a public offering statement is required pursuant to subsection 3 of NRS 116B.730, a seller: (a) Before conveying a unit, shall record or furnish to the purchaser releases of all liens, except lien…