Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.730 - 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 116B.735, 116B.740 and 116B.745.
2. A declarant may transfer responsibility for the preparation of all or a part of the public offering statement to a successor declarant, the hotel unit owner or to a dealer who intends to offer units in the condominium hotel. 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 NRS 116B.755. The declarant or his or her transferee is liable 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 the declarant 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 condominium hotel 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 this chapter, 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 2007, 2249)

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Structure Nevada Revised Statutes

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.