Transition of the Board
The developer must give up control of the board at ___ % if the units are under 1000 after 10-1-15:
A. 50
B. 75
C. 25
D. 100
What is B, 75?
If the declarant has not paid his or her share of the reserves, how long does he have to pay the association (NRS 116.31038 3a):
A. 5 years
B. 10 years
C. 3 years
D. 2 years
What is C, 3 years?
The community manager responsibility if the association is planning on a capital improvement is to:
A. The community manager has no responsibility as this is a board decision.
B. The manager is required to get three bids when reasonably able to do so.
C. If the manager has an affiliation with a company that provides the service, they can give them preference since the manager knows they will do a good job.
D. One bid is all that is needed for a capital improvement.
What is B, the manager is required to get three bids when reasonably able to do so?
Someone that wants to receive a CAM certificate must complete ___ hours of pre-permit classes approved by the Division.
A. 30
B. 45
C. 60
D. 120
What is C, 60?
The developer can transition early if they wish (NRS 116.31032).
True
False
What is true?
The declarant has ___ days to hand over documents and other required elements to the association once giving up control.
A. 10
B. 30
C. 45
D. 60
What is B, 30?
The most correct statement regarding the management contract is:
A. A management contract should not detail how many inspections of the property will be completed every month every month as it might take up too much of the community manager's time.
B. It is a good idea to make sure that the board is required in the management contract to provide the manager with all past rules and regulations, maps, plans, and legal documents.
C. There are no provisions in NAC 116, NRS 116A, or NRS 116 that require any specific items be placed in the management contract as these are private contracts between two organizations.
D. A management contract does not need to be reviewed by the association's attorney prior to signing as it might substantially put additional liabilities on the board.
What is B, it is a good idea to make sure that the board is required in the management contract to provide the manager with all past rules and regulations, maps, plans, and legal documents?
Prior to renewal, a CAM must complete ___ hours of law.
A. 3
B. 6
C. 9
D. 12
What is A, 3?
NRS 116.31038 defines exactly what the developer is required to give the common interest community at transition. All of the following are required EXCEPT:
A. Plans and maps
B. Insurance policies
C. Developer company financial statements
D. Property of the association
What is C, developer company financial statements?
The amount a declarant of a converted building needs to pay to fund the reserves is (NRS 116.310395):
A. The amount necessary to replace the major components of the common elements needing replacement within 10 years after the date of the first close of escrow of a unit.
B. The amount necessary to replace the major components of the common elements needing replacement within 5 years after the date of the first close of escrow of a unit.
C. The amount necessary to replace the major components of the common elements needing replacement within 3 years after the date of the first close of escrow of a unit.
D. The amount necessary to replace the major components of the common elements needing replacement within 1 year after the date of the first close of escrow of a unit.
What is A, the amount necessary to replace the major components of the common elements needing replacement within 10 years after the date of the first close of escrow of a unit?
What is the maximum amount that can be charged in the foreclosure process in Nevada to a delinquent owner (NAC 116.470):
A. There are no limits
B. The association, through its agents can charge up to $19,500.
C. The association, through its agents can charge up to $1950.
D. The association, through its agents can charge up to $2550.
What is C, the association, through its agents can charge up to $1950.
The provisional community manager, community manager, and supervising community manager certificates renew every ___ year(s):
A. 2
B. 4
C. 6
D. None of the above
What is A, 2?
The developer must give up control after ___% of units sold and closed escrow if the units are over 1000 after 10-1-15:
A. 25
B. 50
C. 75
D. 90
What is D, 90?
A shared use agreement is one of the documents required to be handed over from the developer.
True
False
What is true?
Which of the following is NOT a qualification to serve on the Commission for Common Interest Communities:
A. A member must have actively been engaged in a business or profession related to common-interest communities for not less than 5 years preceding the date of the member's appointment.
B. A member must have been actively engaged in a business or profession related to common-interest communities for not less than 3 years preceding the date of the member's appointment.
C. Must not serve more than 2 consecutive terms.
D. Must be a resident of the state of Nevada.
What is A, a member must have actively been engaged in a business or profession related to common-interest communities for not less than 5 years preceding the date of the member's appointment?
A provisional community manager must complete ____ hours of full time experience signed off by a supervision community manager within 2 years.
A. 1200
B. 2400
C. 3120
D. 4280
What is C, 3120?
The declarant is required to step down off the board and give up majority vote (NRS 116.31032):
A. The law defers you to what the declarant has placed into the documents and that must be followed as the declarant has a considerable financial investment in the property and should be able to see his or her property without interference from the owners.
B. 60 days after 75% of the units that may be created are conveyed to unit owners other than a declarant, regardless of any period shown in the CCRs or 5 years after units have ceased to sell or 5 years after any right to add new units has lapsed.
C. 120 days after 80% of the units that may be created and sold to unit's owners other than the declarant, regardless of any period shown in the CCRs or 4 years after units have ceased to sell.
D. There is no correct answer.
What is B, 60 days after 75% of the units that may be created are conveyed to unit owners other than a declarant, regardless of any period shown in the CCRs or 5 years after units have ceased to sell or 5 years after any right to add new units has lapsed?
How long does the declarant of a converted building have to pay the reserve deficit that may exist on a unit he is selling (NRS 116.301395):
A. At the time of close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted building reserve deficit allocated to all units that may sell in 1 year.
B. There is no requirement for the developer to pay for any reserve deficit that may exist as he can opt out of it in the public offering statement.
C. At the time of close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted building reserve deficit due for those units included at that time.
D. At the time of close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted building reserve deficit allocated to that unit.
What is D, at the time of close of escrow of a unit in a converted building, the declarant shall deliver to the association the amount of the converted building reserve deficit allocated to that unit?
The community manager's certificate must be displayed:
A. in the management company lobby
B. conspicuously in the manager's office
C. conspicuously in the community association's clubhouse
D. in the broker's office
What is B, conspicuously in the manager's office?
A community manager must report a change of address to the Division within ____ days.
A. 7
B. 10
C. 14
D. 30
What is B, 10?