Nevada Revised Statutes 115.005 – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In Nevada Revised Statutes 115.005
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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, to be selected by both spouses, or either of them, or a single person claiming the homestead. See Nevada Revised Statutes 115.005
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- Personal property: All property that is not real property.
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, to be selected by both spouses, or either of them, or a single person claiming the homestead.