Study of reserves for common elements; duties of executive board regarding study; person who conducts study required to be registered; contents of study; submission of summary of study to Division

1. The executive board shall: (a) At least once every 5 years, cause to be conducted a study of the reserves required to repair, replace and restore the major components of the common elements; (b) At least annually, review the results of that study to determine whether those reserves are sufficient; and (c) At least annually, make any adjustments to the association’s funding plan which the executive board deems necessary to provide adequate funding for the required reserves. 2. The study of the reserves required by subsection 1 must be conducted by a person who is registered with the Division pursuant to chapter 116A of NRS. 3. The study of the reserves must include, without limitation: (a) A summary of an inspection of the major components of the common elements that the association is obligated to repair, replace or restore; (b) An identification of the major components of the common elements that the association is obligated to repair, replace or restore which have a remaining useful life of less than 30 years; (c) An estimate of the remaining useful life of each major component of the common elements identified pursuant to paragraph (b); (d) An estimate of the cost of repair, replacement or restoration of each major component of the common elements identified pursuant to paragraph (b) during and at the end of its useful life; and (e) An estimate of the total annual assessment that may be necessary to cover the cost of repair, replacement or restoration of the major components of the common elements identified pursuant to paragraph (b), after subtracting the reserves of the association as of the date of the study, and an estimate of the funding plan that may be necessary to provide adequate funding for the required reserves. 4. A summary of the study of the reserves required by subsection 1 must be submitted to the Division not later than 45 days after the date that the executive board adopts the results of the study.