A Las Vegas owner statement should let you trace every dollar of rent from your tenant to your bank account. This guide walks through the statement line by line, shows which repair charges deserve a second look, explains the repair approval clause in your management agreement, and sets out what Nevada law requires a property manager to do with your money and records.
Nevada treats your rent as trust money, not the manager's money. NRS 645.310 requires a Nevada real estate broker to deposit rents and other client money in a separate trust account at a bank or credit union in Nevada, to keep it apart from the broker's own funds, to record the date, source, and owner of every deposit and every withdrawal, and to balance each trust account at least monthly. The broker also files an annual trust account reconciliation with the Nevada Real Estate Division, and the records are open to the Division's audit.
The Nevada Administrative Code adds rules specific to property management. NAC 645.655 requires a broker who manages rentals to keep two property management trust accounts, one for rental operations and one for security deposits, and a separate ledger for each unit. All rent and deposits for a unit are credited to that property, all authorized repairs and expenses are paid from that property's ledger, and the accounts are reconciled monthly within 30 days of the bank statement.
Two more duties matter when you read a statement. NRS 645.6057 requires a property manager to account for all money and property received in which the client may have an interest as soon as practicable, and to disclose each source from which the manager will receive compensation under the agreement. NAC 645.650 and NAC 645.806 require property management and trust account records to be kept for at least 5 years.
These rules set how your money is held and recorded. How often you receive a statement, and what it looks like, is set by your management agreement. In practice, every repair on your statement should trace to an entry in your property's ledger, which is why you can ask for the record behind any line.
Statements vary by company. These are the building blocks to look for, and each one should be read against your management agreement.
Your tenant's security deposit is held in a separate trust account under NAC 645.655 and should not appear as income on your statement. If a deposit balance is shown, it should be reported on its own.
Repair lines need the closest read, because the work happens without you there. Check these entries against your agreement and the work order.
Under NRS 645.6056, a Nevada property management agreement must state the extent to which the broker may act as the owner's agent. Spending authority for repairs lives in that part of the agreement. Look for the repair approval clause: the dollar amount above which the manager has to ask you before authorizing a repair, and the description of emergencies that can go ahead without asking.
Read the clause for four details:
If a repair above the approval amount appears on your statement and you do not recall approving it, ask your manager in writing whether it was handled as an emergency under that clause.
Turnover charges are hard to judge, because normal aging and tenant damage can look alike. NRS 118A.200 requires a written rental agreement in Nevada to include a signed record of the inventory and condition of the premises under the tenant's exclusive custody and control. When the tenancy ends, NRS 118A.242 requires the landlord to give the tenant an itemized written accounting of the security deposit and return any remaining balance no later than 30 days after the tenancy ends.
Compare any turnover charge on your statement with the signed condition record and the itemized deposit accounting. Together they show which turnover work was charged to the deposit and which was charged to you. For budgeting the repairs themselves, see what maintenance really costs on a Las Vegas rental.
Home365 is a property management company with a Las Vegas office and a local team. Owners follow work orders and payments in the Home365 owner app, and the full fee schedule is disclosed in writing before signing.
Get a free Las Vegas rental quote
This article describes Nevada statutes and regulations in general terms and is not legal or accounting advice. Have a Nevada attorney or accountant review your own management agreement and statements. Sources: NRS 645.310, NRS 645.6056, NRS 645.6057, NRS 645.610, NRS 645.633, NRS 118A.200, and NRS 118A.242 (Nevada Revised Statutes), and NAC 645.650, NAC 645.655, and NAC 645.806 (Nevada Administrative Code).
Yes. NRS 645.310 requires a Nevada broker to deposit rents in a separate trust account at a Nevada bank or credit union and to balance it at least monthly. NAC 645.655 requires a broker who manages rentals to keep separate trust accounts for rental operations and for security deposits, with a ledger for each unit.
NAC 645.650 requires a broker to keep property management records for at least 5 years after the last activity involving the property. NAC 645.806 requires trust account accounting records related to property management to be kept for at least 5 years after the last activity in the account.
It is the clause that sets the dollar amount above which the manager must ask the owner before authorizing a repair, and any exception for emergencies. NRS 645.6056 requires a Nevada property management agreement to state the extent to which the broker may act as the owner's agent, which is where this authority is set.
NRS 645.6057 requires a property manager to disclose each source from which it will receive compensation under the agreement. NRS 645.633 lists accepting or charging any undisclosed commission, rebate, or direct profit on expenditures made for a client as grounds for discipline.