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In Nevada, common-interest community (CIC) resales require:

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Question & Answer

Review the question and all answer choices

A

No special documents

Nevada law specifically requires special documents for CIC resales. The absence of these documents would violate state regulations and potentially expose the seller and their agent to liability for nondisclosure.

B

Resale package from the HOA

Correct Answer
C

Only financial statements

Financial statements alone are insufficient. Nevada requires the complete resale package which includes governing documents, rules, regulations, and other HOA materials in addition to financial information.

D

State approval

State approval is not required for CIC resales in Nevada. The requirement is for disclosure of information from the HOA, not approval from a state agency.

Why is this correct?

Nevada NRS 116 requires a complete resale package from the HOA for CIC resales, which includes governing documents, financial statements, and other essential information. This comprehensive disclosure protects buyers and ensures transparency in the transaction.

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