My association and its developer have long maintained that they have not reached the declarant control threshold. Association annual reports filed with the Nevada Real Estate Division (NRED) tell a difference story.
According to Monique Williams, a former spokesperson for the Department of Business and Industry, the parent agency of NRED, NRED does not monitor developer control threshold percentages. The Division educates the public about the law and address complaints filed in a timely manner, as per NRS 116.625, but do not preemptively seek out associations nearing the threshold for transition. NRED expects elected unit owners, who do not represent the declarant, to monitor transition dates and requirements, aligning with their fiduciary duty to the community.
Given this, what recourse do owners have when a board fails to meet NRED's expectations? From my experience, NRED will not act unless owners unite, become involved, and speak out.
If you agree that action is needed and transparency is essential, let's work together to make our voices heard.
