NAC116A.425. Standards of practice.

     1. A reserve study specialist who prepares a reserve study shall:

     (a) Comply with the applicable provisions of chapter 116, 116A or 116B of NRS or any regulations adopted pursuant thereto;

     (b) Comply with the relevant lawful provisions of the governing documents of each client;

     (c) Agree to perform only those reserve studies which the person can reasonably expect to perform with professional competence;

     (d) Exercise due care and exhibit adequate planning and supervision of conduct relating to the performance of a reserve study;

     (e) Disclose in writing to the client any actual, potential or perceived conflict of interest if the client has dealings with another person who:

          (1) Has a financial interest in the business relationship between the reserve study specialist and the client; or

          (2) Is an employee of or otherwise affiliated with the association;

     (f) Maintain an inventory of reserve study records of each client for at least 6 years;

     (g) Keep informed of new developments in the field of reserve studies through continuing education, including, without limitation, new developments in the law, methods of funding and other topics necessary for the proper preparation of reserve studies;

     (h) Ensure that the information used to prepare a reserve study is complete based upon information provided by the client and from data reasonably available from industry sources; and

     (i) Cooperate with the Division in any investigation conducted pursuant to the provisions of chapter 116, 116A or 116B of NRS or any regulations adopted pursuant thereto.

     2. A reserve study specialist who prepares a reserve study shall not:

     (a) Make inaccurate or misleading representations or statements to a prospective client; or

     (b) Misrepresent facts for his or her own benefit.

     (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R145-06, eff. 4-17-2008)