Yes. Nevada requires associations governed by NRS chapter 116 to have a reserve study at least once every 5 years, conducted by a reserve study specialist who meets the state's permit and registration rules and including an inspection of major components. The board must review the study each year, fund adequate reserves and send a summary of the study to the Nevada Real Estate Division.
Last verified October 12, 2026 by ReservePath research.
| Reserve study required | Yes |
|---|---|
| Applies to | HOAs and planned communities, Condominiums |
| How often | Every 5 years |
| Site inspection required | Yes |
The executive board of an association governed by NRS chapter 116 must have a study of the reserves conducted at least once every 5 years. The board must review the study results at least annually and adjust the funding plan as needed (NRS 116.31152). Some communities are outside this rule, including small planned communities and rural agricultural limited-purpose associations (NRS 116.1201, 116.1203). (see sources)
The study must include a summary of an inspection of the major components of the common elements and of any other part of the community the association must maintain, repair, replace or restore (NRS 116.31152(3)(a)). (see sources)
We found no statewide rule on this in the statutes listed under Sources.
The association must establish adequate reserves, funded on a reasonable basis, for repair, replacement and restoration of major components. Reserves may be used only for those purposes and not for daily maintenance. A funding plan designed in an actuarially sound manner may be used. The board may impose necessary and reasonable assessments to fund reserves without owner approval, based on the reserve study. The annual budget must include a reserve budget. Withdrawals from the reserve account need two signatures (NRS 116.3115, 116.31151, 116.31153). (see sources)
Each year, 30 to 60 days before the fiscal year starts, the board must send owners the operating budget and the reserve budget, or summaries. The reserve budget must show the replacement cost, remaining life and useful life of each major component, the reserves needed and the reserves on hand, whether special assessments are expected, and how reserves are estimated, including the qualifications of the person who prepared the study. A summary of each reserve study must be sent to the Nevada Real Estate Division within 45 days after the board adopts it. The resale package must include a summary of the reserves, and the full study must be made available to the owner or buyer on request (NRS 116.31151, 116.31152, 116.4109). (see sources)
The study must be conducted by a person who holds a permit issued under NRS chapter 116A (NRS 116.31152). Chapter 116A separately bars anyone from acting as a reserve study specialist without registering with the Nevada Real Estate Division (NRS 116A.420). A community with 20 or fewer units in a county with a population under 55,000 may use any person the board considers qualified. (see sources)
ReservePath supports full studies, updates with a site visit and updates without one, 30-year funding projections, and study renewal reminders based on the cycle you set for each study. It includes in-app compliance guidance for each state as a starting point. The preparer and the association's attorney remain responsible for confirming what the law requires.
The executive board of an association governed by NRS chapter 116 must have a study of the reserves conducted at least once every 5 years. The board must review the study results at least annually and adjust the funding plan as needed (NRS 116.31152). Some communities are outside this rule, including small planned communities and rural agricultural limited-purpose associations (NRS 116.1201, 116.1203).
Every 5 years under the statutes listed on this page. The study must include a summary of an inspection of the major components of the common elements and of any other part of the community the association must maintain, repair, replace or restore (NRS 116.31152(3)(a)).
The study must be conducted by a person who holds a permit issued under NRS chapter 116A (NRS 116.31152). Chapter 116A separately bars anyone from acting as a reserve study specialist without registering with the Nevada Real Estate Division (NRS 116A.420). A community with 20 or fewer units in a county with a population under 55,000 may use any person the board considers qualified.
The association must establish adequate reserves, funded on a reasonable basis, for repair, replacement and restoration of major components. Reserves may be used only for those purposes and not for daily maintenance. A funding plan designed in an actuarially sound manner may be used. The board may impose necessary and reasonable assessments to fund reserves without owner approval, based on the reserve study. The annual budget must include a reserve budget. Withdrawals from the reserve account need two signatures (NRS 116.3115, 116.31151, 116.31153).
Each year, 30 to 60 days before the fiscal year starts, the board must send owners the operating budget and the reserve budget, or summaries. The reserve budget must show the replacement cost, remaining life and useful life of each major component, the reserves needed and the reserves on hand, whether special assessments are expected, and how reserves are estimated, including the qualifications of the person who prepared the study. A summary of each reserve study must be sent to the Nevada Real Estate Division within 45 days after the board adopts it. The resale package must include a summary of the reserves, and the full study must be made available to the owner or buyer on request (NRS 116.31151, 116.31152, 116.4109).
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