State profile
Nevada
Nevada has one of the most supervised reserve regimes in the country. Every common-interest community must have a reserve study conducted at least every five years by a reserve study specialist registered with the Real Estate Division, review it annually, adjust the funding plan annually, and file a summary with the Division within 45 days of adopting the results. The board must fund adequate reserves and may impose the necessary assessments without owner approval — and the CIC Commission can fine violations, order audits at the association's expense, and seek a receiver for gross mismanagement.
Update every
5 yrs
Site visit
Every 5 yrs
Applies to
All common-interest communities (NRS 116)
What your board must do
01At least once every 5 years, cause a study of the reserves required to repair, replace, and restore the major components the association must maintain (NRS 116.31152(1)(a)). It must be conducted by a reserve study specialist registered with the Real Estate Division under NRS 116A.420 — except communities of 20 or fewer units in counties under 55,000 people, which may use anyone the board deems qualified (NRS 116.31152(2)).
02Include the statutory contents — an inspection summary, the major components with less than 30 years of remaining useful life, their remaining-life and repair/replacement cost estimates, and an estimate of the annual assessment and funding plan needed to fund the reserves (NRS 116.31152(3)).
03Review the study's results at least annually and make any funding plan adjustments needed to provide adequate funding (NRS 116.31152(1)(b)-(c)).
04Submit a summary of the study to the Real Estate Division within 45 days of the board adopting its results (NRS 116.31152(4)) — NRED Form 609, filed with the Office of the Ombudsman.
05Establish adequate reserves funded on a reasonable, actuarially sound basis; the board may impose the necessary reserve assessments without owner approval, based on the study. Reserve money may be used only for reserve purposes and withdrawals need two board or officer signatures (NRS 116.3115(2)(b), NRS 116.31153).
06Send owners the annual reserve budget 30 to 60 days before the fiscal year begins, including each component's replacement cost and lives, current versus required reserves, anticipated special assessments, and the study preparer's qualifications (NRS 116.31151(1)(b)). Noncompliance risks Commission fines up to $1,000 per violation, a compelled audit, or receivership (NRS 116.785, 116.790).
Quick answers
- Does Nevada require a reserve study?
- Reserve study required. Yes. Nevada has one of the most supervised reserve regimes in the country. Every common-interest community must have a reserve study conducted at least every five years by a reserve study specialist registered with the Real Estate Division, review it annually, adjust the funding plan annually, and file a summary with the Division within 45 days of adopting the results. The board must fund adequate reserves and may impose the necessary assessments without owner approval — and the CIC Commission can fine violations, order audits at the association's expense, and seek a receiver for gross mismanagement.
- How often must a Nevada reserve study be updated?
- Update interval: 5 yrs. Site visit: Every 5 yrs.
- What must a Nevada association disclose about reserves?
- Reserve budget to owners + summary filed with state. Applies to: All common-interest communities (NRS 116).
Statutes
Last statutory change 2011 · Page reviewed Sep 2026 · Not legal advice