Definitions.

NRS

115.005

Definitions.

As used in this chapter, unless the context otherwise requires:

1. “Equity” means the amount that is determined by subtracting from the fair market value of the property the value of any liens excepted from the homestead exemption pursuant to subsection 3 of NRS 115.010 or NRS 115.090 .

2. “Homestead” means the property consisting of:

(a) A quantity of land, together with the dwelling house thereon and its appurtenances;

(b) A mobile home whether or not the underlying land is owned by the claimant; or

(c) A unit, whether real or personal property, existing pursuant to chapter 116 or 117 of NRS, with any appurtenant limited common elements and its interest in the common elements of the common-interest community,

Ê to be selected by both spouses, or either of them, or a single person claiming the homestead.

(Added to NRS by 1989, 646 ; A 1991, 579 ; 2003, 879 ; 2017, 781 )