reglab/housing_qa huggingface dataset:
NV Rev Stat § 116B.585 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 certified public accountant at least once every 4 fiscal years.  (b) If the annual budget of the association is $75,000 or more but less than $150,000, cause the financial statement of the association to be:  (1) Audited by an independent certified public accountant at least once every 4 fiscal years; and  (2) Reviewed by an independent certified public accountant every fiscal year for which an audit is not conducted.  (c) If the annual budget of the association is $150,000 or more, cause the financial statement of the association to be audited by an independent certified public accountant every fiscal year.  2. For any fiscal year for which an audit of the financial statement of the association will not be conducted pursuant to subsection 1, the executive board shall cause the financial statement for that fiscal year to be audited by an independent certified public accountant if, within 180 days before the end of the fiscal year, 15 percent of the total number of voting members of the association submit a written request for such an audit.  3. The Commission shall adopt regulations prescribing the requirements for the auditing or reviewing of financial statements of an association pursuant to this section. Such regulations must include, without limitation:  (a) The qualifications necessary for a person to audit or review financial statements of an association; and  (b) The standards and format to be followed in auditing or reviewing financial statements of an association.  (Added to NRS by 2007, 2234)
NV Rev Stat § 116B.605 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 to be conducted a study of the reserves required to repair, replace and restore the major components of the common elements;  (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 association’s funding plan which the executive board deems 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 common elements that the association is obligated to repair, replace or restore;  (b) An identification of the major components of the common elements that the association is obligated to repair, replace or restore which have a remaining useful life of less than 30 years;  (c) An estimate of the remaining useful life of each major component of the common elements identified pursuant to paragraph (b);  (d) An estimate of the cost of repair, replacement or restoration of each major component of the common elements identified pursuant to paragraph (b) during and at the end of its useful life; and  (e) An estimate of the total annual assessment that may be necessary to cover the cost of repair, replacement or restoration of the major components of the common elements identified pursuant to paragraph (b), after subtracting the reserves of the association 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.  4. A summary of the study of the reserves required by subsection 1 must be submitted to the Division not later than 45 days after the date that the executive board adopts the results of the study.  (Added to NRS by 2007, 2237)
NV Rev Stat § 116B.610 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 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.  (Added to NRS by 2007, 2238)
NV Rev Stat § 116B.615 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|NRS 116B.615 - Signatures required for withdrawals from reserve account of association.

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 signatures of at least one member of the executive board and one officer of the association who is not a member of the executive board.  (Added to NRS by 2007, 2239)
NV Rev Stat § 116B.620 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 required to pay the fee imposed by NRS 78.150, 82.193, 86.263, 87.541, 87A.560 or 88.591, pay to the Administrator a fee established by regulation of the Administrator for every unit in the association used for residential use.  (b) If the association is organized as a trust or partnership, or as any other authorized business entity, pay to the Administrator a fee established by regulation of the Administrator for each unit in the association.  2. The fees required to be paid pursuant to this section must be:  (a) Paid at such times as are established by the Division.  (b) Deposited with the State Treasurer for credit to the Account for Common-Interest Communities and Condominium Hotels created by NRS 116.630.  (c) Established on the basis of the actual costs of administering the Office of the Ombudsman and the Commission and not on a basis which includes any subsidy beyond those actual costs. In no event may the fees required to be paid pursuant to this section exceed $3 per unit.  3. The Division shall impose an administrative penalty against an association that violates the provisions of this section by failing to pay the fees owed by the association within the times established by the Division. The administrative penalty that is imposed for each violation must equal 10 percent of the amount of the fees owed by the association or $500, whichever amount is less. The amount of the unpaid fees owed by the association bears interest at the rate set forth in NRS 99.040 from the date the fees are due until the date the fees are paid in full.  4. Upon the payment of the fees and any administrative penalties and interest required by this section, the Administrator shall provide to the association evidence that it paid the fees and the administrative penalties and interest in compliance with this section.  (Added to NRS by 2007, 2239)
NV Rev Stat § 116B.625 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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)
NV Rev Stat § 116B.640 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 notice by first-class mail to:  1. Each person who has requested notice pursuant to NRS 107.090 or 116B.660;  2. Any holder of a recorded security interest encumbering the residential unit owner’s interest who has notified the association or hotel unit owner, as applicable, 30 days before the recordation of the notice of default, of the existence of the security interest; and  3. A purchaser of the residential unit, if the residential unit owner has notified the association or hotel unit owner, as applicable, 30 days before the recordation of the notice, that the residential unit is the subject of a contract of sale and the association has been requested to furnish the certificate required by NRS 116B.760.  (Added to NRS by 2007, 2241)
NV Rev Stat § 116B.650 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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, and may be conducted by the association or hotel unit owner, as applicable, its agent or attorney, or a title insurance company or escrow agent licensed to do business in this State, except that the sale may be made at the office of the association or hotel unit owner, as applicable, if the notice of the sale so provided. The association or hotel unit owner, as applicable, may, from time to time, postpone the sale by such advertisement and notice as it considers reasonable or, without further advertisement or notice, by proclamation made to the persons assembled at the time and place previously set and advertised for the sale.  2. On the day of sale originally advertised or to which the sale is postponed, at the time and place specified in the notice or postponement, the person conducting the sale may sell the residential unit at public auction to the highest cash bidder. Unless otherwise provided in the declaration or by agreement, the association or hotel unit owner may purchase the residential unit and hold, lease, mortgage or convey it. The association or hotel unit owner, as applicable, may purchase by a credit bid up to the amount of the unpaid assessments and any permitted costs, fees and expenses incident to the enforcement of its lien.  3. After the sale, the person conducting the sale shall:  (a) Make, execute and, after payment is made, deliver to the purchaser, or his or her successor or assign, a deed without warranty which conveys to the grantee all title of the residential unit owner to the unit;  (b) Deliver a copy of the deed to the Ombudsman within 30 days after the deed is delivered to the purchaser, or his or her successor or assign; and  (c) Apply the proceeds of the sale for the following purposes in the following order:  (1) The reasonable expenses of sale;  (2) The reasonable expenses of securing possession before sale, holding, maintaining, and preparing the residential unit for sale, including payment of taxes and other governmental charges, premiums on hazard and liability insurance, and, to the extent provided for by the declaration, reasonable attorney’s fees and other legal expenses incurred by the association or the hotel unit owner, as applicable;  (3) Satisfaction of the association’s or hotel unit owner’s lien, as applicable;  (4) Satisfaction in the order of priority of any subordinate claim of record; and  (5) Remittance of any excess to the unit’s owner.  (Added to NRS by 2007, 2242)
NV Rev Stat § 116B.655 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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) Default, the mailing of the notice of delinquent assessment or charge, and the recording of the notice of default and election to sell;  (b) The elapsing of the 90 days; and  (c) The giving of notice of sale,  are conclusive proof of the matters recited.  2. Such a deed containing those recitals is conclusive against the residential unit’s former owner, his or her heirs and assigns, and all other persons. The receipt for the purchase money contained in such a deed is sufficient to discharge the purchaser from obligation to see to the proper application of the purchase money.  3. The sale of a residential unit pursuant to the foreclosure procedures of this chapter vests in the purchaser the title of the unit’s owner without equity or right of redemption.  (Added to NRS by 2007, 2243)
NV Rev Stat § 116B.660 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 lien of an association or hotel unit owner, as applicable, as if a deed of trust were being foreclosed. The request must identify the lien by stating the names of the unit’s owner and the condominium hotel.  2. An association or hotel unit owner, as applicable, may, after recording a notice of default and election to sell, waive the default and withdraw the notice or any proceeding to foreclose. The association or hotel unit owner, as applicable, is thereupon restored to its former position and has the same rights as though the notice had not been recorded.  (Added to NRS by 2007, 2243)
NV Rev Stat § 116B.665 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 judgment lienholder against all of the other real property of the association and all of the units in the condominium hotel at the time the judgment was entered. No other property of a unit’s owner or the declarant is subject to the claims of creditors of the association.  2. If the association has granted a security interest in the common elements to a creditor of the association pursuant to NRS 116B.560, the holder of that security interest shall exercise its right against the common elements before its judgment lien on any unit may be enforced.  3. Whether perfected before or after the creation of the condominium hotel, if a lien, other than a deed of trust or mortgage, including a judgment lien or lien attributable to work performed or materials supplied before creation of the condominium hotel, becomes effective against two or more units, the owner of an affected unit may pay to the lienholder the amount of the lien attributable to his or her unit, and the lienholder, upon receipt of payment, promptly shall deliver a release of the lien covering that unit. The amount of the payment must be proportionate to the ratio which that owner’s liability for common expenses bears to the liabilities for common expenses of all owners whose units are subject to the lien. After payment, the association may not assess or have a lien against that owner’s unit for any portion of the common expenses incurred in connection with that lien.  4. A judgment against the association must be indexed in the name of the condominium hotel and the association and, when so indexed, is notice of the lien against the units.  (Added to NRS by 2007, 2244; A 2015, 1242)
NV Rev Stat § 116B.675 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 suitable location within the county where the condominium hotel is situated or, if it is situated in more than one county, within one of those counties:  (a) The financial statement of the association;  (b) The budgets of the association required to be prepared pursuant to NRS 116B.590; and  (c) The study of the reserves of the association required to be conducted pursuant to NRS 116B.605.  2. The executive board shall provide a copy of any of the records required to be maintained pursuant to subsection 1 to a unit’s owner or the Ombudsman within 14 days after receiving a written request therefor. The executive board may charge a fee to cover the actual costs of preparing a copy, but not to exceed 25 cents per page.  (Added to NRS by 2007, 2245)
NV Rev Stat § 116B.680 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 all of the requirements of this chapter.  2. All financial and other records of the association must be:  (a) Maintained and made available for review at the business office of the association or some other suitable location within the county where the condominium hotel is situated or, if it is situated in more than one county, within one of those counties; and   (b) Made reasonably available for any unit’s owner and his or her authorized agents to inspect, examine, photocopy and audit.  (Added to NRS by 2007, 2245)
NV Rev Stat § 116B.685 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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, management, operation, tax obligations and insurance of the shared components, the major components of the shared components and the major components of the hotel unit, including the budget for the current year, any proposed budget for future years and the study of reserves required by NRS 116B.610. These records must be audited or reviewed by a certified public accountant. The hotel unit owner shall make these records available for inspection by any residential unit owner by prior appointment during reasonable business hours. These records must be retained for 3 years after the conclusion of each fiscal year.  (Added to NRS by 2007, 2245)
NV Rev Stat § 116B.690 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 because the unit’s owner has:  1. Complained in good faith about any alleged violation of any provision of this chapter or the governing documents of the association; or  2. Requested in good faith to review the books, records or other papers of the association.  (Added to NRS by 2007, 2246)
NV Rev Stat § 116B.700 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 a community manager shall not:  (a) Enter into a contract or renew a contract with the association to provide goods or services to the association; or  (b) Otherwise accept any commission, personal profit or compensation of any kind from the association for providing goods or services to the association.  2. The provisions of this section do not prohibit a declarant, an affiliate of a declarant or an officer, employee or agent of a declarant or an affiliate of a declarant from:  (a) Receiving any commission, personal profit or compensation from the association, the declarant or an affiliate of the declarant for any goods or services furnished to the association;  (b) Entering into contracts with the association, the declarant or affiliate of the declarant; or  (c) Serving as a member of the executive board or as an officer of the association.  (Added to NRS by 2007, 2247)
NV Rev Stat § 116B.705 (2021)
2021 Nevada Revised Statutes|Chapter 116B - Condominium Hotel Act|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 inquire whether the association has power to act as trustee or is properly exercising trust powers. A third person, without actual knowledge that the association is exceeding or improperly exercising its powers, is fully protected in dealing with the association as if it possessed and properly exercised the powers it purports to exercise. A third person is not bound to assure the proper application of trust assets paid or delivered to the association in its capacity as trustee.  (Added to NRS by 2007, 2247)