Nevada Revised Statutes
Chapter 116 - Common-Interest Ownership (Uniform Act)
NRS 116.4102 - 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 116.4103 to 116.4106, inclusive.
2. A declarant may transfer responsibility for the preparation of all or a part of the public offering statement to a successor declarant pursuant to NRS 116.3104 and 116.31043, or to a dealer who intends to offer units in the common-interest community. In the event of any such transfer, the transferor shall provide the transferee with any information necessary to enable the transferee to fulfill the requirements of subsection 1.
3. Any declarant or dealer who offers a unit to a purchaser shall deliver a public offering statement in the manner prescribed in subsection 1 of NRS 116.4108. The declarant or his or her transferee under subsection 2 is liable under NRS 116.4108 and 116.4117 for any false or misleading statement set forth therein or for any omission of a material fact therefrom with respect to that portion of the public offering statement which he or she prepared. If a declarant or dealer did not prepare any part of a public offering statement that he or she delivers, he or she is not liable for any false or misleading statement set forth therein or for any omission of a material fact therefrom unless he or she had actual knowledge of the statement or omission or, in the exercise of reasonable care, should have known of the statement or omission.
4. If a unit is part of a common-interest community and is part of any other real estate in connection with the sale of which the delivery of a public offering statement is required under the laws of this State, a single public offering statement conforming to the requirements of NRS 116.4103 to 116.4106, inclusive, as those requirements relate to the real estate in which the unit is located, and to any other requirements imposed under the laws of this State, may be prepared and delivered in lieu of providing two or more public offering statements. If the requirements of this chapter conflict with those of another law of this State, the requirements of this chapter prevail.
(Added to NRS by 1991, 571; A 1993, 2374; 2001, 2493)

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Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 116 - Common-Interest Ownership (Uniform Act)

NRS 116.001 - Short title.

NRS 116.003 - Definitions.

NRS 116.005 - "Administrator" defined.

NRS 116.007 - "Affiliate of a declarant" defined.

NRS 116.009 - "Allocated interests" defined.

NRS 116.011 - "Association" and "unit-owners’ association" defined.

NRS 116.013 - "Certificate" defined.

NRS 116.015 - "Commission" defined.

NRS 116.017 - "Common elements" defined.

NRS 116.019 - "Common expenses" defined.

NRS 116.021 - "Common-interest community" defined.

NRS 116.023 - "Community manager" defined.

NRS 116.025 - "Complaint" defined.

NRS 116.027 - "Condominium" defined.

NRS 116.029 - "Converted building" defined.

NRS 116.031 - "Cooperative" defined.

NRS 116.033 - "Dealer" defined.

NRS 116.035 - "Declarant" defined.

NRS 116.037 - "Declaration" defined.

NRS 116.039 - "Developmental rights" defined.

NRS 116.041 - "Dispose" and "disposition" defined.

NRS 116.043 - "Division" defined.

NRS 116.045 - "Executive board" defined.

NRS 116.047 - "Financial statement" defined.

NRS 116.049 - "Governing documents" defined.

NRS 116.051 - "Hearing panel" defined.

NRS 116.053 - "Identifying number" defined.

NRS 116.055 - "Leasehold common-interest community" defined.

NRS 116.057 - "Liability for common expenses" defined.

NRS 116.059 - "Limited common element" defined.

NRS 116.0605 - "Major component of the common elements" defined.

NRS 116.061 - "Management of a common-interest community" defined.

NRS 116.063 - "Master association" defined.

NRS 116.064 - "Nonresidential condominium" defined.

NRS 116.065 - "Offering" defined.

NRS 116.067 - "Ombudsman" defined.

NRS 116.069 - "Party to the complaint" defined.

NRS 116.073 - "Person" defined.

NRS 116.075 - "Planned community" defined.

NRS 116.077 - "Proprietary lease" defined.

NRS 116.079 - "Purchaser" defined.

NRS 116.081 - "Real estate" defined.

NRS 116.083 - "Residential use" defined.

NRS 116.085 - "Respondent" defined.

NRS 116.087 - "Security interest" defined.

NRS 116.089 - "Special declarant’s rights" defined.

NRS 116.091 - "Time share" defined.

NRS 116.093 - "Unit" defined.

NRS 116.095 - "Unit’s owner" defined.

NRS 116.1104 - Provisions of chapter may not be varied by agreement, waived or evaded; exceptions.

NRS 116.11045 - Provisions of chapter do not invalidate or modify tariffs, rules and standards of public utility; consistency of governing documents.

NRS 116.1105 - Categorization of property in certain common-interest communities.

NRS 116.1106 - Applicability of local ordinances, regulations and building codes.

NRS 116.1107 - Eminent domain.

NRS 116.1108 - Supplemental general principles of law applicable.

NRS 116.11085 - Provisions of chapter prevail over conflicting provisions governing certain business entities generally.

NRS 116.1109 - Construction against implicit repeal; uniformity of application and construction.

NRS 116.1112 - Unconscionable agreement or term of contract.

NRS 116.1113 - Obligation of good faith.

NRS 116.1114 - Remedies to be liberally administered.

NRS 116.1118 - Relation to Electronic Signatures in Global and National Commerce Act.

NRS 116.1201 - Applicability; regulations. [Effective through December 31, 2021.] Applicability; regulations. [Effective January 1, 2022.]

NRS 116.1203 - Exception for small planned communities.

NRS 116.1206 - Provisions of governing documents in violation of chapter deemed to conform with chapter by operation of law; procedure for certain amendments to governing documents.

NRS 116.12065 - Notice of changes to governing documents.

NRS 116.12075 - Applicability to nonresidential condominiums. [Effective through December 31, 2021.] Applicability to nonresidential condominiums. [Effective January 1, 2022.]

NRS 116.12077 - Applicability to planned communities with nonresidential units. [Effective through December 31, 2021.] Applicability to planned communities with nonresidential units. [Effective January 1, 2022.]

NRS 116.1209 - Other exempt real estate arrangements; other exempt covenants.

NRS 116.2101 - Creation of common-interest communities.

NRS 116.2102 - Unit boundaries.

NRS 116.2103 - Construction and validity of declaration and bylaws.

NRS 116.2104 - Description of units.

NRS 116.2105 - Contents of declaration.

NRS 116.2106 - Leasehold common-interest communities.

NRS 116.2107 - Allocation of allocated interests.

NRS 116.2108 - Limited common elements.

NRS 116.2109 - Plats.

NRS 116.211 - Exercise of developmental rights.

NRS 116.2111 - Alterations of units; access to units.

NRS 116.2112 - Relocation of boundaries between adjoining units.

NRS 116.2113 - Subdivision of units.

NRS 116.2114 - Monuments as boundaries.

NRS 116.2115 - Use for purposes of sales.

NRS 116.2116 - Easement rights; validity of existing restrictions.

NRS 116.2117 - Amendment of declaration.

NRS 116.21175 - Procedure for seeking confirmation from district court of certain amendments to declaration.

NRS 116.2118 - Termination of common-interest community.

NRS 116.21183 - Rights of creditors following termination.

NRS 116.21185 - Respective interests of units’ owners following termination.

NRS 116.21188 - Effect of foreclosure or enforcement of lien or encumbrance.

NRS 116.2119 - Rights of secured lenders.

NRS 116.212 - Master associations.

NRS 116.21205 - Reallocation of costs of administering common elements of certain master associations.

NRS 116.2121 - Merger or consolidation of common-interest communities.

NRS 116.2122 - Addition of unspecified real estate.

NRS 116.2124 - Termination following catastrophe.

NRS 116.3101 - Organization of unit-owners’ association.

NRS 116.3102 - Powers of unit-owners’ association; limitations. [Effective through December 31, 2021.] Powers of unit-owners’ association; limitations. [Effective January 1, 2022.]

NRS 116.3103 - Power of executive board to act on behalf of association; members and officers are fiduciaries; duty of care; application of business-judgment rule and conflict of interest rules; limitations on power.

NRS 116.310305 - Power of executive board to impose construction penalties for failure of unit’s owner to adhere to certain schedules relating to design, construction, occupancy or use of unit or improvement.

NRS 116.31031 - Power of executive board to impose fines and other sanctions for violations of governing documents; regulations; limitations; procedural requirements; continuing violations; collection of past due fines; statement of balance owed.

NRS 116.310312 - Power of executive board to enter grounds of unit to conduct certain maintenance or remove or abate public nuisance or to enter grounds or interior of unit to abate water or sewage leak or take other action; holder of security intere...

NRS 116.310313 - Collection of past due obligation; charge of reasonable fee to collect.

NRS 116.310315 - Accounting for fines imposed by association.

NRS 116.31032 - Period of declarant’s control of association; representation of units’ owners on executive board.

NRS 116.31034 - Election of members of executive board and officers of association; term of office of member of executive board; staggered terms; eligibility to be candidate for or member of executive board or officer of association; required disclos...

NRS 116.31035 - Publications containing mention of candidate or ballot question: Requirements; limitations.

NRS 116.31036 - Removal of member of executive board.

NRS 116.31037 - Indemnification and defense of member of executive board.

NRS 116.31038 - Delivery to association of property held or controlled by declarant.

NRS 116.31039 - Delivery to association of additional common elements constructed by declarant or successor declarant.

NRS 116.310395 - Delivery to association of converted building reserve deficit.

NRS 116.3104 - Transfer of special declarant’s right.

NRS 116.31043 - Liabilities and obligations of person who succeeds to special declarant’s rights.

NRS 116.31046 - Successor not subject to certain claims against or other obligations of transferor of special declarant’s right.

NRS 116.3105 - Termination of contracts and leases of declarant.

NRS 116.3106 - Bylaws.

NRS 116.31065 - Rules.

NRS 116.31068 - Notice to units’ owners.

NRS 116.31069 - Establishment and maintenance of Internet website or electronic portal. [Effective through December 31, 2022.] Establishment and maintenance of Internet website or electronic portal; payment of assessments electronically. [Effective J...

NRS 116.3107 - Upkeep of common-interest community.

NRS 116.31073 - Maintenance, repair, restoration and replacement of security walls.

NRS 116.31075 - Meetings of rural agricultural residential common-interest communities: Compliance with Open Meeting Law.

NRS 116.3108 - Meetings of units’ owners of association; opening and counting of ballots for election of members of executive board required; frequency of meetings; calling special meetings; requirements concerning notice and agendas; requirements co...

NRS 116.31083 - Meetings of executive board; frequency of meetings; notice of meetings; periodic review of certain financial and legal matters at meetings; requirements concerning minutes of meetings; right of units’ owners to make audio recordings o...

NRS 116.31084 - Voting by member of executive board; disclosures; abstention from voting on certain matters.

NRS 116.31085 - Right of units’ owners to speak at certain meetings; limitations on right; limitations on power of executive board to meet in executive session; procedure governing hearings on alleged violations; requirements concerning minutes of ce...

NRS 116.31086 - Solicitation of bids for association project; bids to be opened and read aloud at meeting of executive board.

NRS 116.31087 - Right of units’ owners to have certain complaints placed on agenda of meeting of executive board.

NRS 116.31088 - Meetings regarding civil actions; requirements for commencing or ratifying certain civil actions; right of units’ owners to request dismissal of certain civil actions; disclosure of terms and conditions of settlements.

NRS 116.3109 - Quorum.

NRS 116.311 - Voting by units’ owners; use of absentee ballots and proxies; voting by lessees of leased units; association prohibited from voting as owner of unit; voting without a meeting.

NRS 116.31105 - Voting by delegates or representatives; limitations; procedure for electing delegates or representatives.

NRS 116.31107 - Voting by units’ owners: Prohibited acts; penalty.

NRS 116.3111 - Tort and contract liability.

NRS 116.3112 - Conveyance or encumbrance of common elements.

NRS 116.3113 - Insurance: General requirements.

NRS 116.31133 - Insurance: Policies; use of proceeds; certificates or memoranda of insurance.

NRS 116.31135 - Insurance: Repair or replacement of damaged or destroyed portion of community.

NRS 116.31138 - Insurance: Variance or waiver of provisions in community restricted to nonresidential use.

NRS 116.311395 - Funds of association to be deposited or invested at certain financial institutions.

NRS 116.3114 - Surplus funds.

NRS 116.31142 - Preparation and presentation of financial statements.

NRS 116.31144 - Audit and review of financial statements.

NRS 116.3115 - 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 imp...

NRS 116.31151 - Annual distribution to units’ owners of operating and reserve budgets or summaries of such budgets and policy for collection of fees, fines, assessments or costs; ratification of budget.

NRS 116.31152 - Study of reserves; duties of executive board regarding study; qualifications of person who conducts study; contents of study; submission of summary of study to Division; use of money credited against residential construction tax for u...

NRS 116.31153 - Signatures required for withdrawals of certain association funds; exceptions.

NRS 116.31155 - Fees imposed on associations or master associations to pay for costs of administering Office of Ombudsman and Commission; administrative penalties for failure to pay; interest on unpaid fees; limitations on amount of fees and penaltie...

NRS 116.31158 - Registration of associations with Ombudsman; contents of form for registration.

NRS 116.3116 - Liens against units for assessments. [Effective through December 31, 2021.] Liens against units for assessments. [Effective January 1, 2022.]

NRS 116.31162 - Foreclosure of liens: Mailing or delivery 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 ma...

NRS 116.311625 - Foreclosure of liens: Limitations, requirements and procedures applicable to servicemembers and their dependents; penalty; liability; tolling.

NRS 116.311627 - Foreclosure of liens: Limitations, requirements and procedures applicable to federal workers, tribal workers and state workers and household members and landlords of such workers in connection with shutdown; penalty; liability.

NRS 116.31163 - Foreclosure of liens: Mailing of notice of default and election to sell to certain interested persons.

NRS 116.311635 - Foreclosure of liens: Providing notice of time and place of sale; service of notice of sale; contents of notice of sale; proof of service.

NRS 116.31164 - Foreclosure of liens: Procedure for conducting sale; satisfaction of lien before sale; persons prohibited from purchasing unit; execution and delivery of deed; use of proceeds of sale.

NRS 116.31166 - Foreclosure of liens: Title vested in purchaser subject to right of redemption; sale does not extinguish first security interest if superior amount of lien is satisfied; certificate of sale; exercise of right of redemption; deed witho...

NRS 116.31168 - Foreclosure of liens: Requests by interested persons for notice of default and election to sell or notice of sale.

NRS 116.3117 - Liens against association.

NRS 116.31175 - Maintenance and availability of books, records and other papers of association: General requirements; exceptions; general records concerning certain violations; enforcement by Ombudsman; limitations on amount that may be charged to co...

NRS 116.3118 - Maintenance and availability of certain financial records necessary to provide information required for resale of units; right of units’ owners to inspect, examine, photocopy and audit records of association.

NRS 116.31183 - Retaliatory action prohibited; separate action by unit’s owner.

NRS 116.31184 - Threats, harassment and other conduct prohibited; penalty.

NRS 116.31185 - Prohibition against certain personnel soliciting or accepting compensation, gratuity or remuneration under certain circumstances.

NRS 116.31187 - Prohibition against certain personnel contracting with association or accepting commission, personal profit or compensation from association; exceptions.

NRS 116.31189 - Bribery of community manager or member of executive board; penalties; exceptions.

NRS 116.3119 - Association as trustee.

NRS 116.318 - Right of units’ owners to keep pet.

NRS 116.320 - Right of units’ owners to display flag of the United States or of the State of Nevada in certain areas; conditions and limitations on exercise of right.

NRS 116.325 - Right of units’ owners to exhibit political signs in certain areas; conditions and limitations on exercise of right.

NRS 116.330 - Right of units’ owners to install or maintain drought tolerant landscaping; conditions and limitations on exercise of right; installation of drought tolerant landscaping within common elements.

NRS 116.332 - Right of units’ owners to store containers for collection of solid waste or recyclable materials; adoption of rules by association.

NRS 116.335 - Association prohibited from requiring unit’s owner to obtain approval to rent or lease unit; exceptions.

NRS 116.340 - Transient commercial use of units within certain planned communities.

NRS 116.345 - Association of planned community prohibited from taking certain actions regarding property, buildings and structures within planned community; validity of existing restrictions.

NRS 116.347 - Prohibition against restricting hours construction work may begin; exceptions.

NRS 116.350 - Limitations regarding regulation of certain roads, streets, alleys or other thoroughfares; permissible regulation of parking or storage of certain vehicles.

NRS 116.4101 - Applicability; exceptions. [Effective through December 31, 2021.] Applicability; exceptions. [Effective January 1, 2022.]

NRS 116.4102 - Liability for preparation and delivery of public offering statement.

NRS 116.4103 - Public offering statement: General provisions.

NRS 116.41035 - Public offering statement: Limitations for certain small offerings.

NRS 116.4104 - Public offering statement: Common-interest communities subject to developmental rights.

NRS 116.4105 - Public offering statement: Time shares.

NRS 116.4106 - Public offering statement: Common-interest community containing converted building.

NRS 116.4107 - Public offering statement: Common-interest community registered with Securities and Exchange Commission or State of Nevada.

NRS 116.4108 - Purchaser’s right to cancel.

NRS 116.4109 - Resales of units.

NRS 116.41095 - Required form of information statement.

NRS 116.411 - Escrow of deposits; furnishing of bond in lieu of deposit.

NRS 116.4111 - Release of liens.

NRS 116.4112 - Converted buildings.

NRS 116.4113 - Express warranties of quality.

NRS 116.4114 - Implied warranties of quality.

NRS 116.4115 - Exclusion or modification of warranties of quality.

NRS 116.4116 - Statute of limitations for warranties.

NRS 116.4117 - Effect of violations on rights of action; civil action for damages for failure or refusal to comply with provisions of chapter or governing documents; members of executive board not personally liable to victims of crimes; circumstances...

NRS 116.4118 - Labeling of promotional material.

NRS 116.4119 - Declarant’s obligation to complete and restore.

NRS 116.412 - Substantial completion of units.

NRS 116.600 - Commission for Common-Interest Communities and Condominium Hotels: Creation; appointment and qualifications of members; terms of office; compensation.

NRS 116.605 - Commission for Common-Interest Communities and Condominium Hotels: Courses of instruction for members.

NRS 116.610 - Commission for Common-Interest Communities and Condominium Hotels: Election of officers; meetings; quorum.

NRS 116.615 - Administration of chapter; regulations of Commission and Real Estate Administrator; delegation of authority; publications.

NRS 116.620 - Employment of personnel by Real Estate Division; designation of deputy attorney general by Attorney General; legal opinions and assistance by deputy attorney general.

NRS 116.623 - Petitions for declaratory orders or advisory opinions: Regulations; scope; contents of petition; filing; period for response.

NRS 116.625 - Ombudsman for Owners in Common-Interest Communities and Condominium Hotels: Creation of office; appointment; qualifications; powers and duties.

NRS 116.630 - Account for Common-Interest Communities and Condominium Hotels: Creation; administration; sources; uses.

NRS 116.635 - Immunity.

NRS 116.640 - Service of notice and other information upon Commission.

NRS 116.643 - Authority for Commission or Real Estate Administrator to adopt regulations requiring additional disclosures for sale of unit.

NRS 116.645 - Authority for Real Estate Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions.

NRS 116.660 - Issuance and enforcement of subpoenas.

NRS 116.662 - Witnesses: Payment of fees and mileage.

NRS 116.665 - Conducting hearings and other proceedings; collection of information; development and promotion of educational guidelines; accreditation of programs of education and research.

NRS 116.670 - Establishment of standards for subsidizing arbitration, mediation and educational programs; acceptance of gifts, grants and donations; agreements and cooperation with other entities.

NRS 116.675 - Appointment of hearing panels; delegation of powers and duties; appeals to Commission.

NRS 116.680 - Use of audio or video teleconference for hearings.

NRS 116.745 - "Violation" defined.

NRS 116.750 - Jurisdiction of Real Estate Division, Ombudsman, Commission and hearing panels.

NRS 116.755 - Rights, remedies and penalties are cumulative and not exclusive; limitations on power of Commission and hearing panels regarding internal activities of association.

NRS 116.757 - Confidentiality of records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records.

NRS 116.760 - Right of person aggrieved by alleged violation to file affidavit with Real Estate Division; procedure for filing affidavit; administrative fine for filing false or fraudulent affidavit.

NRS 116.765 - Referral of affidavit to Ombudsman for assistance in resolving alleged violation; report by Ombudsman; investigation by Real Estate Division; determination of whether to file complaint with Commission.

NRS 116.770 - Procedure for hearing complaints: Time for holding hearing; continuances; notices; evidence; answers; defaults.

NRS 116.775 - Representation by attorney.

NRS 116.780 - Decisions on complaints.

NRS 116.785 - Remedial and disciplinary action: Orders to cease and desist and to correct violations; administrative fines; removal from office or position; payment of costs; exemptions from liability.

NRS 116.790 - Remedial and disciplinary action: Audit of association; requiring association to hire community manager who holds certificate; appointment of receiver.

NRS 116.793 - Complaint for violation of fee provisions; procedure; fine for violation. [Effective January 1, 2022.]

NRS 116.795 - Injunctions.