reglab/housing_qa huggingface dataset:
NV Rev Stat § 119A.430 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.430 - Requirements for closing of sale of time share.

The sale of a time share to a purchaser may not be closed unless the developer has provided satisfactory evidence to the Administrator that:  1. The project is free and clear of any blanket encumbrance;  2. Each person who holds an interest in the blanket encumbrance has executed an agreement, approved by the Administrator, to subordinate his or her rights to the rights of the purchaser;  3. Title to the project has been conveyed to a trustee;  4. All holders of a lien recorded against the project have recorded an instrument providing for the release and reconveyance of each time share from the lien upon the payment of a specified sum or the performance of a specified act;  5. The developer has obtained and recorded one or more binding nondisturbance agreements acceptable to the Administrator, that:  (a) Are executed by the developer, all holders of a lien recorded against the project and any other person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale; and  (b) Provide that any person whose interest in the project could defeat the rights or interests of any purchaser under the time-share instrument or contract of sale takes title to the project subject to the rights of the purchasers; or  6. Alternative arrangements have been made which are adequate to protect the rights of the purchasers of the time shares and approved by the Administrator.  (Added to NRS by 1983, 982; A 1985, 1141; 2001, 2506; 2013, 3523)
NV Rev Stat § 119A.450 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.450 - Provision in contract relieving purchaser of obligation upon foreclosure of lien against project; prohibition against sale or pledge of notes or contracts of sale by defaulting developer.

  1. A contract for the sale of a time share or any other evidence of an obligation to purchase a time share must provide in 12-point bold type that the purchaser is relieved of all obligations under the contract if his or her interests are defeated because of the foreclosure of liens against the project. The provisions of this subsection do not apply to any project which meets any one of the requirements of subsections 1 to 5, inclusive, of NRS 119A.430.  2. If a developer or owner is in default on a blanket encumbrance, he or she may not sell or pledge any of the notes or contracts of sale given in payment of the time shares purchased from the developer or owner.  (Added to NRS by 1983, 983; A 1985, 1142; 1991, 98; 2001, 2507)
NV Rev Stat § 119A.460 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.460 - Requirements for trusts.

If a trust is created pursuant to subsection 3 of NRS 119A.430, the:  1. Trustee must be approved by the Administrator.  2. Trust must be irrevocable, unless otherwise provided by the Administrator.  3. Trustee must not be permitted to encumber the property unless permission to do so has been given by the Administrator.  4. Association or each owner must be made a third-party beneficiary.  5. Trustee must be required to give at least 30 days’ notice in writing of his or her intention to resign to the association, if it has been formed, and to the Administrator, and the Administrator must approve a substitute trustee before the resignation of the trustee may be accepted.  (Added to NRS by 1983, 983; A 2001, 2507; 2013, 3523)
NV Rev Stat § 119A.470 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.470 - Conveyance of project to trustee before close of escrow for first sale.

  1. If title to a project is conveyed to a trustee pursuant to subsection 3 of NRS 119A.430, before escrow closes for the sale of the first time share, the developer must provide the Administrator with satisfactory evidence that:  (a) Title to the project has been conveyed to the trustee.  (b) All proceeds received by the developer from the sales of time shares are being delivered to the trustee and deposited in a fund which has been established to provide for the payment of any taxes, costs of insurance or the discharge of any lien recorded against the project.  2. The trustee shall pay the charges against the trust in the following order:  (a) Trustee’s fees and costs.  (b) Payment of taxes.  (c) Payments due any holder of a lien recorded against the project.  (d) Any other payments authorized by the document creating the trust.  3. The Administrator may inspect the records relating to the trust at any reasonable time.  (Added to NRS by 1983, 983; A 1985, 1142; 2001, 2507; 2013, 3523)
NV Rev Stat § 119A.475 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.475 - Action by purchaser or Administrator for misrepresentation or other violation.

  1. Where any part of the statement of record, when that part became effective, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein, the Administrator or any person acquiring a time share from the developer or his or her agent during the period the public offering statement remained uncorrected (unless it is proved that at the time of the acquisition the Administrator or purchaser knew of the untruth or omission) may sue the developer in any court of competent jurisdiction.  2. Any developer or agent who sells a time share:  (a) In violation of this chapter; or  (b) By means of a public offering statement which contained an untrue statement of a material fact required to be stated therein,  may be sued by the Administrator or purchaser of the time share.  3. If a suit authorized under subsection 1 or 2 is brought by the purchaser, the purchaser is entitled to recover such damages as represent the difference between the amount paid for the time share and the reasonable cost of any permanent improvements thereto, and the lesser of:  (a) The value thereof as of the time the suit was brought;  (b) The price at which the time share has been disposed of in a bona fide market transaction before suit; or  (c) The price at which the time share has been disposed of after suit in a bona fide market transaction but before judgment,  or to rescission of the contract of sale and the refund of any consideration paid by the purchaser.  4. If a suit authorized under subsection 1 or 2 is brought by the Administrator, the Administrator may seek a declaration of the court that any person entitled to sue the developer or his or her agent under this section is entitled to the right of rescission and the refund of any consideration paid by him or her.  5. Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment.  6. Reasonable attorney’s fees may be awarded to the prevailing party in any action brought under this section. Any action to rescind a contract of sale under this section must be brought within 1 year after the date of purchase or within 1 year after the date of the discovery of the misrepresentation giving rise to the action for rescission.  7. The provisions of this section are in addition to and not a substitute for any other right of a person to bring an action in any court for any act involved in the offering or sale of time shares or the right of the state to punish any person for any violation of any law.  (Added to NRS by 1987, 1078; A 2013, 3524)
NV Rev Stat § 119A.4771 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.4771 - Registration and licensing of person listing, advertising, transferring, assisting in transferring, soliciting or promoting sale of more than 12 previously sold time shares in 12-month period on behalf of owner other than developer; exception.

  1. A person who, on behalf of an owner other than a developer and for compensation, undertakes to list, advertise, transfer, assist in transferring or promote for resale, or solicit prospective purchasers of, more than 12 time shares in any 12-month period that were previously sold must:  (a) Be licensed as a real estate broker pursuant to the provisions of chapter 645 of NRS;  (b) Register as a time-share resale broker with the Division by completing a form for registration provided by the Division; and  (c) Pay any applicable fees.  2. A time-share resale broker shall renew his or her registration with the Division annually on a form provided by the Division and pay any applicable fees.  3. Unless the method of resales of time shares is made to evade the provisions of this chapter, a person is not required to register pursuant to this section or to be licensed under chapter 645 of NRS as a time-share resale broker if the person:  (a) Is a purchaser who acquires time shares for his or her own use and occupancy and who later offers to resell 12 or fewer of those time shares in any one calendar year;  (b) Is a project broker who resells or offers to resell a time share in a project as an agent for a developer who holds a permit for the project; or  (c) Is an owner, operator or publisher of a newspaper, periodical or Internet website, unless the owner, operator or publisher, alone or in combination with its affiliate, parent, subsidiary or agent, derives more than 10 percent of its gross revenue from providing advance fee listings. For the purposes of this paragraph, the calculation of gross revenue derived from providing advance fee listings includes the revenue of any affiliate, parent, agent and subsidiary of the owner, operator or publisher of the newspaper, periodical or Internet website. As used in this paragraph, "advance fee listings" has the meaning ascribed to it in NRS 645.004.  (Added to NRS by 1999, 2687; A 2001, 2507; 2013, 3525)
NV Rev Stat § 119A.4775 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.4775 - Cancellation of contract of sale; disclosure of certain information before resale; purchaser to be provided copies of time-share instruments upon signing contract; regulations.

  1. If the purchaser of a previously sold time share purchases the time share through a time-share resale broker, the contract of sale must provide, in not less than 12-point boldface type, that the purchaser may cancel, by written notice, the contract of sale until midnight of the fifth calendar day after the date of execution of the contract.  2. Regardless of whether a time-share resale broker charges or collects an advance fee, before a purchaser signs any contract to purchase a time share that is offered for resale through a time-share resale broker, the time-share resale broker, other than a developer, shall disclose in the contract to purchase the time share:  (a) The period during which the purchaser may use the time share;  (b) A legal description of the interest in the time share;  (c) The earliest date that the prospective purchaser may use the time share;  (d) The name, address and telephone number of the agent managing the time-share plan and the project;  (e) The place where the documents of formation of the association and documents governing the time-share plan and the project may be obtained;  (f) The amount of the annual assessment of the association of the time share for the current fiscal year, if any;  (g) Whether all assessments against the time share are paid in full, and the consequences of failure to pay any assessment;  (h) Whether participation in any program for the exchange of occupancy rights among owners or with the owners of time shares in other time-share plans is mandatory;  (i) Any other information required to be disclosed pursuant to the regulations adopted by the Administrator pursuant to subsection 4; and  (j) The right to cancel the contract in subsection 1.  3. The purchaser must be provided, in either paper or electronic form, at the time the contract to purchase the previously sold time share is signed, copies of the time-share instruments governing the time-share plan.  4. The Administrator shall adopt regulations prescribing the form and contents of the disclosures described in this section.  (Added to NRS by 1999, 2687; A 2001, 2508; 2013, 3525)
NV Rev Stat § 119A.4777 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.4777 - Requirements for agreement for resale of time share; time-share resale broker to provide copy of agreement to owner.

  1. An agreement for the resale of a time share entered into by an owner of that time share and a time-share resale broker who lists or offers to resell that time share must:  (a) Be in writing;  (b) Contain a provision in not less than 12-point boldface type that the owner may cancel, by written notice, the agreement with the time-share resale broker until midnight of the fifth calendar day after the date of execution of the agreement; and  (c) Contain a written disclosure that sets forth:  (1) Whether any person other than the purchaser may use the time share during the period before the time share is resold;  (2) Whether any person other than the purchaser may rent the use of the time share during the period before the time share is resold;  (3) The name of any person who will receive any rents or profits generated from the use of the time share during the period before the time share is resold;  (4) A detailed description of any relationship between the person who resells the time share and any other person who receives any benefit from the use of the time share; and  (5) The right to cancel the agreement provided pursuant to paragraph (b).  2. The time-share resale broker who resells a time share shall provide a fully executed copy of the written agreement described in subsection 1 to the owner on the date that the owner signs the agreement.  3. The time-share resale broker who resells a time share shall make the disclosures required pursuant to paragraph (c) of subsection 1 before accepting anything of value from the owner.  (Added to NRS by 1999, 2686; A 2013, 3526)
NV Rev Stat § 119A.480 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.480 - Requirements if developer holds leasehold interest.

  1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that:  (a) The lessee must give notice of termination of the lease for any default by the lessor to the association.  (b) The lessor, upon any default of the lessee including bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as the lease with the developer.  2. The Administrator may require the developer to execute a bond or other type of security for the payment of the rental obligation.  (Added to NRS by 1983, 991; A 1985, 1143; 2013, 3527)
NV Rev Stat § 119A.485 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.485 - Developer to provide to board copy of approved public offering statement and amendments thereto.

The developer shall provide the board with a copy of the approved public offering statement and any amendments thereto, to be maintained by the association as part of the records of the time-share plan.  (Added to NRS by 2013, 1581)
NV Rev Stat § 119A.495 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.495 - Withdrawal of units from time-share plan; conditions of withdrawal; exceptions.

  1. Except as otherwise provided in subsection 2, if a time-share instrument authorizes the developer to withdraw units from the time-share plan, any unit that is subject to withdrawal may not be withdrawn if a time share attributable to that unit is owned by a purchaser.  2. Any legally created units or parcels within a project may be withdrawn from the time-share plan by the developer if:  (a) All remaining owners having an interest in the unit or parcel, if there are any such remaining owners, give written consent to the withdrawal;  (b) The developer amends the time-share instrument which established the time-share plan to reduce the number of units or parcels included in the time-share plan by the number of units or parcels withdrawn pursuant to this subsection;  (c) Any existing cost-sharing agreement between the developer and the association covering shared common areas or amenities is amended to reflect the reduction in the number of units or parcels included in the time-share plan as the result of the withdrawal of units or parcels pursuant to this subsection; and  (d) A new cost-sharing agreement which covers any common areas or amenities that are shared by the remaining units or parcels within the time-share plan and the units or parcels withdrawn pursuant to this subsection and which allocates the shared costs proportionately between the developer and the association according to the number and size of the units withdrawn pursuant to this subsection is entered into between the developer and the association.  (Added to NRS by 2001, 2495; A 2009, 1602)
NV Rev Stat § 119A.497 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.497 - Relocation of boundaries between adjoining units.

  1. Except as otherwise provided in subsection 2 and subject to the provisions of the time-share instrument and other provisions of law, a developer may, with the prior approval of the Division, relocate the boundaries between adjoining units by amending the provisions of the time-share instrument and any recorded map or plat relating thereto.  2. A developer may relocate the boundaries between adjoining units without the prior approval of the Division if:  (a) The relocation is necessary to comply with the law; or  (b) No time share attributable to either of the adjoining units is owned by a purchaser.  (Added to NRS by 2001, 2495)
NV Rev Stat § 119A.500 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.500 - Partition of unit.

No action for partition of a unit may be maintained except as provided in the time-share instrument. If a time share is owned by two or more persons, an action may be brought for the judicial sale of the time share. A provision for the waiver or subordination of the right of partition or any other right characteristic of a tenancy in common is valid.  (Added to NRS by 1983, 995; A 2001, 2509)
NV Rev Stat § 119A.510 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.510 - Replacement or compensation if unit unavailable.

If a unit is unavailable for a period to which the owner is entitled by schedule or by confirmed reservation, the owner is entitled to be provided by the association:  1. A comparable unit; or  2. Monetary compensation for the loss of such use.  (Added to NRS by 1983, 990; A 1985, 1143; 1991, 98; 2001, 2509)
NV Rev Stat § 119A.515 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.515 - Publication of information concerning owners: Maintenance of records; consent required; exceptions.

  1. A manager or, if there is no manager, the board shall maintain in the records of an association a complete list of the names and mailing addresses of all owners. The list must be updated not less frequently than quarterly.  2. If a time-share plan is part of a common-interest community governed by chapter 116 of NRS, the names and addresses of delegates or representatives who are elected pursuant to NRS 116.31105 or, if there are none, the name and address of the association must appear on the list of owners of an association organized under NRS 116.3101 in lieu of the names, addresses and other personal information of the individual owners.  3. Notwithstanding any provision of the declaration or bylaws of a time-share plan to the contrary, a manager or a board may not, except as otherwise authorized or required by law, publish or furnish any information about any owner to any other owner or any other person without the prior written consent of the owner whose information is requested.  4. Before obtaining the written consent of an owner pursuant to subsection 3, a manager or a board shall provide the owner with:  (a) The option to limit the information about the owner that may be published or furnished to any other owner or any other person:  (1) To exclusively the owner’s name and mailing address; and  (2) For use only in legitimate matters of business of the association.  (b) The following written disclosure: BY GIVING YOUR CONSENT TO PUBLISH OR FURNISH INFORMATION ABOUT YOU FOR PURPOSES OTHER THAN LEGITIMATE MATTERS OF BUSINESS OF THE ASSOCIATION, THE INFORMATION COULD BE USED FOR COMMERCIAL OR OTHER PURPOSES.  5. The provisions of this section:  (a) Do not restrict the use by a manager or a board of information about an owner in the performance of their respective duties under the declaration of a time share plan or as otherwise required by law.  (b) Supersede any provisions of chapter 82 of NRS to the contrary.  (Added to NRS by 2011, 3533)
NV Rev Stat § 119A.520 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.520 - Members of association for time-share plan; incorporation of association; proxies.

  1. Each owner is a member of the association for the time-share plan. The association may be incorporated.  2. The state of incorporation may be:  (a) This state;  (b) The state in which the project is located; or  (c) Any state where the developer has obtained a permit to sell time shares under statutes which govern the sale of time shares.  3. The association may adopt and amend bylaws, rules and regulations.  4. Except as otherwise provided in NRS 82.321, any proxy which is executed by an owner to an association is valid for an indefinite period if the owner may revoke his or her proxy, by written notice to the association, to vote at a particular meeting.  (Added to NRS by 1983, 989; A 1985, 1143; 1993, 2378; 2001, 2509)
NV Rev Stat § 119A.522 (2021)
2021 Nevada Revised Statutes|Chapter 119A - Time Shares|NRS 119A.522 - Period of developer’s control of association; representation of owners on board.

  1. Except as otherwise provided in this section, a time-share instrument may provide for a period of the developer’s control of an association during which the developer, or a person designated by the developer, may appoint and remove the officers of the association and the members of the board. Regardless of the period provided in the time-share instrument, the period of the developer’s control of the association terminates no later than:  (a) One hundred and twenty days after conveyance of 80 percent of the time shares that may be created by the time-share instrument to owners other than the developer;  (b) Five years after the developer has ceased to offer time shares for sale in the ordinary course of business; or  (c) Five years after any right to add new time shares was last exercised,  whichever occurs earlier.  2. A developer may voluntarily surrender the right to appoint and remove officers and members of the board before the end of the period provided for in subsection 1 by executing and recording with the time-share instrument a written instrument declaring the surrender. If such an instrument is recorded, the developer may require that, for the duration of the period of the developer’s control, specified actions of the association or board, as described in the recorded instrument, be approved by the developer before they become effective.  3. Not later than 60 days after conveyance of 25 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, at least one member and not less than 25 percent of the members of the board must be elected by owners other than the developer. Not later than 60 days after conveyance of 50 percent of the time shares that may be created pursuant to the time-share instrument to owners other than the developer, not less than 33 1/3 percent of the members of the board must be elected by owners other than the developer.  (Added to NRS by 2001, 2496)