Nev. Admin. Code § 116A.420 - Registration: Qualifications; refusal or revocation by Division

1. A person is qualified by training and experience to register as a reserve study specialist if the person has:

(a) A good reputation for honesty, trustworthiness and integrity;

(b) The ability to evaluate the items on the component inventory with regard to normal and accelerated deterioration, deferred maintenance, remaining years of useful life and the current cost to maintain, repair, replace or restore;

(c) The ability to perform necessary financial analysis, cost estimates and 30-year projections, as applicable;

(d) The ability to review improvement plans and specifications, maintenance histories, recorded plats and governing documents of the association in order to compile a complete component inventory and to consult with the executive board to ascertain and confirm that the component inventory is complete;

(e) The ability to gather and analyze relevant financial data, including, without limitation, monthly assessment fees per unit, the current reserve accounts, the anticipated tax rates on earnings, the anticipated interest rate on reserves, and the anticipated inflation and maximum increases in assessment fees;

(f) Successfully completed at least 6 hours of education in courses approved by the Commission relating to chapters 116, 116A and 116B of NRS, 3 hours of which must consist of instruction relating to financial matters; and

(g) The background and knowledge pertinent to all areas to be addressed by the reserve study.

2. If the Division finds that a person who has submitted a registration to the Division is not qualified by training and experience to register as a reserve study specialist, the Division shall:

(a) If the Division has not yet registered the person, refuse to register the person as a reserve study specialist.

(b) If the Division has registered the person, revoke the registration.

Notes

Nev. Admin. Code § 116A.420

(Added to NAC by Comm'n for Common-Interest Communities & Condo. Hotels by R145-06, eff. 4-17-2008; A by R164-09, 5-5-2011); Added to NAC by Comm'n for Common-Interest Communities & Condo. Hotels by R145-06, eff. 4-17-2008; A by R164-09, 5-5-2011; A by R050-13, eff. 8/10/2015; A by R050-13, eff. 8/10/2015; A by R129-21A, eff. 12/29/2022

NRS 116A.200, 116A.430