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.

Nevada Revised Statutes

Chapter 116B - Condominium Hotel Act

NRS 116B.005 - Short title.

NRS 116B.010 - Definitions.

NRS 116B.015 - "Administrator" defined.

NRS 116B.020 - "Affiliate of a declarant" defined.

NRS 116B.025 - "Allocated interests" defined.

NRS 116B.030 - "Association" and "unit-owners’ association" defined.

NRS 116B.035 - "Commission" defined.

NRS 116B.040 - "Common elements" defined.

NRS 116B.045 - "Common expenses" defined.

NRS 116B.050 - "Community manager" defined.

NRS 116B.055 - "Complaint" defined.

NRS 116B.060 - "Condominium hotel" defined.

NRS 116B.065 - "Converted building" defined.

NRS 116B.070 - "Dealer" defined.

NRS 116B.075 - "Declarant" defined.

NRS 116B.080 - "Declaration" defined.

NRS 116B.085 - "Developmental rights" defined.

NRS 116B.090 - "Dispose" and "disposition" defined.

NRS 116B.095 - "Division" defined.

NRS 116B.100 - "Executive board" defined.

NRS 116B.105 - "Financial statement" defined.

NRS 116B.110 - "Governing documents" defined.

NRS 116B.115 - "Hearing panel" defined.

NRS 116B.120 - "Hotel unit" defined.

NRS 116B.125 - "Hotel unit owner" defined.

NRS 116B.130 - "Identifying number" defined.

NRS 116B.135 - "Leasehold condominium hotel" defined.

NRS 116B.140 - "Liability for common expenses" defined.

NRS 116B.145 - "Liability for shared expenses" defined.

NRS 116B.150 - "Limited common element" defined.

NRS 116B.155 - "Major component of the common elements" defined.

NRS 116B.160 - "Major component of the hotel unit" defined.

NRS 116B.165 - "Major component of the shared components" defined.

NRS 116B.170 - "Offering" defined.

NRS 116B.175 - "Ombudsman" defined.

NRS 116B.180 - "Party to the complaint" defined.

NRS 116B.185 - "Person" defined.

NRS 116B.190 - "Purchaser" defined.

NRS 116B.195 - "Real estate" defined.

NRS 116B.200 - "Residential unit" defined.

NRS 116B.205 - "Residential unit owner" defined.

NRS 116B.210 - "Security interest" defined.

NRS 116B.215 - "Shared components" defined.

NRS 116B.220 - "Shared expenses" defined.

NRS 116B.225 - "Special declarant’s rights" defined.

NRS 116B.230 - "Time share" defined.

NRS 116B.235 - "Unit" defined.

NRS 116B.240 - "Unit’s owner" defined.

NRS 116B.245 - Provisions of chapter may not be varied by agreement, waived or evaded; exceptions.

NRS 116B.250 - Applicability of local ordinances, regulations and building codes.

NRS 116B.255 - Eminent domain.

NRS 116B.260 - Supplemental general principles of law applicable.

NRS 116B.265 - Provisions of chapter prevail over conflicting provisions governing certain business entities generally.

NRS 116B.270 - Construction against implicit repeal.

NRS 116B.275 - Unconscionable agreement or term of contract.

NRS 116B.280 - Obligation of good faith.

NRS 116B.285 - Remedies to be liberally administered.

NRS 116B.287 - Relation to Electronic Signatures in Global and National Commerce Act.

NRS 116B.290 - Applicability.

NRS 116B.295 - Provisions of governing documents in violation of chapter deemed to conform with chapter by operation of law.

NRS 116B.300 - Notice of changes to governing documents.

NRS 116B.305 - Creation of condominium hotels.

NRS 116B.310 - Hotel unit boundaries.

NRS 116B.315 - Control of hotel units; use of shared components.

NRS 116B.320 - Construction and validity of declaration and bylaws.

NRS 116B.325 - Description of units.

NRS 116B.330 - Contents of declaration.

NRS 116B.335 - Leasehold condominium hotels.

NRS 116B.340 - Allocation of allocated interests.

NRS 116B.345 - Limited common elements.

NRS 116B.350 - Plats.

NRS 116B.355 - Exercise of developmental rights.

NRS 116B.360 - Alterations of units; access to units.

NRS 116B.365 - Monuments as boundaries.

NRS 116B.370 - Relocation of boundaries between adjoining units.

NRS 116B.375 - Subdivision of units.

NRS 116B.380 - Amendment of declaration.

NRS 116B.385 - Termination of condominium hotel.

NRS 116B.390 - Rights of creditors following termination.

NRS 116B.395 - Respective interests of units’ owners following termination.

NRS 116B.400 - Effect of foreclosure or enforcement of lien or encumbrance.

NRS 116B.405 - Rights of secured lenders.

NRS 116B.410 - Merger or consolidation of condominium hotels; reallocation of liability for shared expenses.

NRS 116B.415 - Organization of unit-owners’ association.

NRS 116B.420 - Powers of unit-owners’ association.

NRS 116B.425 - 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 116B.430 - Power of executive board to impose fines and other sanctions for violations of governing documents; procedural requirements; continuing violations; collection of past due fines.

NRS 116B.435 - Accounting for fines in books and records of association; prohibition against applying payment for assessment, fee or other charge toward payment of fine; exceptions.

NRS 116B.440 - Period of declarant’s control of association; representation of units’ owners on executive board.

NRS 116B.445 - Election of members of executive board and officers of association; term of office of member of executive board; staggered terms; eligibility to serve on executive board; required disclosures; procedure for conducting elections; certif...

NRS 116B.450 - Removal of member of executive board.

NRS 116B.455 - Delivery to association of property held or controlled by declarant; exceptions.

NRS 116B.460 - Delivery to association of additional common elements constructed by declarant or successor declarant.

NRS 116B.465 - Delivery to association of converted shared component reserve deficit.

NRS 116B.470 - Delivery to association of converted common element reserve deficit.

NRS 116B.475 - Transfer of special declarant’s right.

NRS 116B.480 - Liabilities and obligations of person who succeeds to special declarant’s rights.

NRS 116B.485 - Successor not subject to certain claims against or other obligations of transferor of special declarant’s right.

NRS 116B.490 - Bylaws.

NRS 116B.495 - Rules of association.

NRS 116B.500 - Rules of hotel unit owner.

NRS 116B.505 - Limitation on power of hotel unit owner to impose sanctions for violations of rules; exception; procedural requirements.

NRS 116B.510 - Complaint alleging violation by hotel unit owner; acknowledgment; response.

NRS 116B.513 - Notice to units’ owners.

NRS 116B.515 - Upkeep of condominium hotel.

NRS 116B.520 - Meetings of units’ owners; frequency of meetings; calling special meetings or removal elections; requirements concerning notice and agendas; requirements concerning minutes of meetings; right of units’ owners to make audio recordings o...

NRS 116B.525 - Meetings of executive board; frequency of meetings; requirements concerning notice and agendas; periodic review of certain financial and legal matters at meetings; requirements concerning minutes of meetings; right of units’ owners to...

NRS 116B.530 - 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 cer...

NRS 116B.535 - Right of units’ owners to have certain complaints placed on agenda of meeting of executive board.

NRS 116B.540 - 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 116B.545 - Quorum; use of Robert’s Rules of Order Newly Revised.

NRS 116B.550 - Voting by units’ owners; use of proxies; voting by lessees of leased units; association prohibited from voting as owner of unit; voting without meeting.

NRS 116B.555 - Tort and contract liability.

NRS 116B.560 - Conveyance or encumbrance of common elements.

NRS 116B.565 - Insurance: General requirements.

NRS 116B.570 - Insurance: Policies.

NRS 116B.575 - Insurance: Repair or replacement of damaged or destroyed portion of condominium hotel.

NRS 116B.577 - Funds of association to be deposited or invested at certain financial institutions.

NRS 116B.580 - Preparation and presentation of financial statements.

NRS 116B.585 - Audit and review of financial statements.

NRS 116B.590 - 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 116B.595 - Assessments for shared expenses; funding of adequate reserves; collection of interest on past due assessments; payer of shared expenses not entitled to ownership or control; delivery of budget for projected shared expenses.

NRS 116B.600 - Annual distribution to units’ owners of operating and reserve budgets or summaries of such budgets; ratification of budget.

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.

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.

NRS 116B.615 - Signatures required for withdrawals from reserve account of association.

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.

NRS 116B.625 - Registration of associations with Ombudsman.

NRS 116B.630 - Liens against units for assessments.

NRS 116B.635 - Foreclosure of liens: Mailing 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 may be foreclos...

NRS 116B.640 - Foreclosure of liens: Mailing of notice of default and election to sell to certain interested persons.

NRS 116B.645 - 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 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.

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.

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.

NRS 116B.665 - Liens against association.

NRS 116B.670 - Maintenance and availability of books, records and other papers of association: General requirements; provision of copies to units’ owners and Ombudsman; exceptions; general records concerning certain violations; enforcement by Ombudsm...

NRS 116B.675 - Maintenance and availability of certain financial records of association; provision of copies to units’ owners and Ombudsman.

NRS 116B.680 - Maintenance and availability of financial records of association; right of units’ owners to inspect, examine, photocopy and audit records of association.

NRS 116B.685 - Maintenance, availability and review of certain financial books and records of hotel unit.

NRS 116B.690 - Retaliatory action prohibited.

NRS 116B.695 - Prohibition against certain personnel soliciting or accepting compensation, gratuity or remuneration under certain circumstances.

NRS 116B.700 - Prohibition against certain personnel contracting with association or accepting commission, personal profit or compensation from association; exceptions.

NRS 116B.705 - Association as trustee.

NRS 116B.710 - Right of units’ owners to display flag of the United States in certain areas; conditions and limitations on exercise of right.

NRS 116B.715 - Right of units’ owners to exhibit political signs in certain areas; conditions and limitations on exercise of right.

NRS 116B.720 - Association prohibited from requiring unit’s owner to obtain approval to rent or lease unit; exceptions.

NRS 116B.725 - Applicability; exceptions.

NRS 116B.730 - Liability for preparation and delivery of public offering statement.

NRS 116B.735 - Public offering statement: General provisions.

NRS 116B.740 - Public offering statement: Condominium hotels subject to developmental rights.

NRS 116B.745 - Public offering statement: Condominium hotel containing converted building.

NRS 116B.750 - Public offering statement: Condominium hotel registered with Securities and Exchange Commission or State of Nevada.

NRS 116B.755 - Purchaser’s right to cancel.

NRS 116B.760 - Resales of units.

NRS 116B.765 - Required form of information statement.

NRS 116B.770 - Escrow of deposits; furnishing of bond in lieu of deposit.

NRS 116B.775 - Release of liens.

NRS 116B.780 - Exclusion or modification of warranties of quality.

NRS 116B.785 - Power of Commission to adopt regulations concerning additional disclosures.

NRS 116B.790 - 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 116B.795 - Substantial completion of units.

NRS 116B.800 - Jurisdiction.

NRS 116B.805 - Administration of chapter; regulations of Commission and Real Estate Administrator; delegation of authority; publications.

NRS 116B.810 - Employment of personnel by Real Estate Division; designation of deputy attorney general by Attorney General; legal opinions and assistance by deputy attorney general.

NRS 116B.815 - Ombudsman for Owners in Common-Interest Communities and Condominium Hotels: Powers and duties.

NRS 116B.820 - Immunity.

NRS 116B.825 - Service of notice and other information upon Commission.

NRS 116B.830 - Authority for Real Estate Division to conduct business electronically; regulations; fees; use of unsworn declaration; exclusions.

NRS 116B.835 - Issuance and enforcement of subpoenas.

NRS 116B.840 - Witnesses: Payment of fees and mileage.

NRS 116B.845 - Conducting hearings and other proceedings; collection of information; development and promotion of educational guidelines; accreditation of programs of education and research.

NRS 116B.850 - Establishment of standards for subsidizing proceedings for mediation, arbitration and program and for subsidizing educational programs; acceptance of gifts, grants and donations; agreements and cooperation with other entities.

NRS 116B.855 - Appointment of hearing panels; delegation of powers and duties; appeals to Commission.

NRS 116B.860 - Use of audio or video teleconference for hearings.

NRS 116B.865 - "Violation" defined.

NRS 116B.870 - Jurisdiction of Real Estate Division, Ombudsman, Commission and hearing panels.

NRS 116B.875 - Rights, remedies and penalties are cumulative and not exclusive; limitations on power of Commission and hearing panels regarding internal activities of association.

NRS 116B.880 - Confidentiality of records: Certain records relating to complaint or investigation deemed confidential; certain records relating to disciplinary action deemed public records.

NRS 116B.885 - 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 116B.890 - 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 116B.895 - Procedure for hearing complaints: Time for holding hearing; continuances; notices; evidence; answers; defaults.

NRS 116B.900 - Representation by attorney.

NRS 116B.905 - Decisions on complaints.

NRS 116B.910 - 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 116B.915 - Remedial and disciplinary action: Audit of association; appointment of receiver.

NRS 116B.920 - Injunctions.