Nevada Reserve Study Requirements (2026): NRS 116.31152 and the five-year cycle.

Nevada is one of the strictest reserve states in the country. If you sit on a Nevada HOA or condo board, the reserve study isn't optional, it isn't waivable, and the Real Estate Division can be told if you skip it. Here's exactly what the statute requires.

1. The statute: NRS 116.31152

Nevada's reserve law lives in the Common-Interest Ownership chapter at NRS § 116.31152. Unlike states that frame reserve studies as a recommendation or a disclosure-only obligation, Nevada imposes a hard, recurring duty on the executive board. It directs the board to study the association's reserves, to keep that study current, and to fund the reserves at a level adequate to repair, replace, and restore the major components the association is responsible for.

2. What the board must actually do

• Conduct a reserve study at least every five years. A full study on a five-year cycle is the backbone of the requirement.
• Review the study at least annually. Between full studies, the board must review the results each year and adjust as conditions change.
• Fund reserves adequately. The board must determine, annually, whether reserves are sufficient to repair, replace, and restore major components — and budget accordingly.
• Disclose to owners. Reserve information is part of what the association discloses to its members, so owners can see the funding position.

3. "Qualified person" — who prepares it

Nevada expects the reserve study to be prepared by someone qualified to do it, not assembled from a board member's back-of-envelope estimate. In practice that means an independent, credentialed preparer or a reserve professional working with software. The point is defensibility: a study that owners, the Real Estate Division, or a lender can rely on. A study performed without qualified review is the kind that gets challenged.

4. Owners cannot waive it

This is where Nevada is unusually firm. The reserve-study and disclosure obligations are mandatory and non-waivable. Owners cannot vote to skip the study to keep dues down — and a board that lets them is out of compliance. An association that ignores NRS 116.31152 can be reported to the Nevada Real Estate Division, the agency that oversees common-interest community governance in the state.

5. How Nevada compares

Nevada sits in the strictest tier alongside California (Davis-Stirling §§ 5550/5570) and Hawaii (HRS § 514B-148). All three mandate the study and bar owners from waiving it. That's a different world from states like Texas or New York, where no statute requires a study and the practice is driven by governing documents and lenders. If your board has properties in multiple states, don't assume the easiest state's rules travel — Nevada's don't bend.

6. Staying compliant in practice

1. Confirm your last full study date. If it's approaching five years old, commission the next one now.
2. Run the annual review every year — minute it, so there's a record the board reviewed reserve adequacy.
3. Fund toward the study's recommendation, and document the funding decision in the budget.
4. Keep the disclosure flowing to owners as part of the budget package.
5. Use a defensible methodology — NRSS-aligned, with the percent-funded metric and a 30-year projection.

7. Bottom line

Nevada requires a reserve study every five years, an annual review, adequate funding, and owner disclosure — and none of it can be voted away. NRS 116.31152 makes the board's duty explicit and gives owners a path to the Real Estate Division if it's ignored. The compliant move is simple: keep a current, qualified study, fund toward it, and document the annual review.