NAC116A.430. Required disclosures.

Before entering into a contract to perform a reserve study, a reserve study specialist shall disclose in writing to the prospective client any material and relevant information that the reserve study specialist knows or should know relates to the performance of the contract for the reserve study, including, without limitation, any matters which may affect his or her ability to comply with the provisions of chapter 116, 116A or 116B of NRS or any regulations adopted pursuant thereto. Such disclosure must include, without limitation:

     1. Whether the reserve study specialist expects to receive any direct or indirect compensation or profits from any person who will perform services for the client and, if so, the identity of the person;

     2. His or her affiliation with or financial interest in any person who furnishes any goods or services to the association for which the reserve study specialist will prepare the reserve study; and

     3. His or her personal relationship with any unit’s owner, member of the executive board or officer of the association for which the reserve study specialist will prepare the reserve study.

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