Questions from Nevada boards
Short answers, grouped by topic. Fee figures are typical ranges, a guide, not a quote.
The rule
Is a reserve study required in Nevada?
Yes, for associations under NRS chapter 116. NRS 116.31152 requires the board to have a study conducted at least once every five years and to review its results every year.
Who counts the five years, the board or NRED?
The board. Keep the completion date of each study in the association records and diary the next one at least six months before it falls due.
Does a new community need a study before the first sale?
The developer's reserve budget and public offering statement come under other parts of chapter 116. Ask the association's attorney how they apply to your project, and order the first full study soon after turnover.
People and permits
How do I check a reserve study specialist permit?
Search the person's name on the NRED license lookup. The Division also publishes active licensee lists.
Can our engineer do the study?
Only if the person conducting it also holds the Nevada permit. An engineer can add value on structures, and some providers work alongside one.
Can we keep the same provider forever?
Nothing in the statute stops it. Some boards change provider every second cycle to get a fresh look at the component list.
Money
What does a Nevada reserve study cost?
Full studies with a site visit typically run from $1,500 for small communities to $20,000 or more for large ones. Details on the reserve study price page. A guide, not a quote.
Does the study decide our reserve contribution?
No. It estimates what the components need. The board sets the contribution in the budget and explains it to owners.
What if the study shows a big shortfall?
The board can phase higher contributions, re-time projects, or consider a special assessment under the governing documents. Get the attorney involved before a special assessment.
The study itself
What should we hand the provider?
The last study, the current budget and reserve balance, invoices for reserve projects since the last study, plans or plats, and the governing documents.
Should board members join the site visit?
One should. Point out known problems, recent repairs and anything the association maintains outside the obvious common areas.
How soon after the visit do we get a draft?
Usually a few weeks. Ask for the timetable in the proposal so the draft lands before the budget meeting.
Get a quote for a Nevada study
Three short parts, about a minute in all. We reply within one business day with the name of a permitted provider who covers your area.
Nevada Reserve Study is a free introduction service, not a reserve study provider. We tell you who the provider is first, and your details go to them only once you agree.
Thank you. Three things happen next.
- We check NRED's lookup and come back to you, normally inside one business day, naming one permitted provider that works near the community.
- Say yes and your request goes to them. Say no and it stops with us.
- The provider sends a written proposal. You never pay us, and we send no newsletters.