Terms Used In Nevada Revised Statutes > Chapter 116B > Creation, Alteration and Termination of Condominium Hotels

• Administrator: means the State Library, Archives and Public Records Administrator. See Nevada Revised Statutes 378.005
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized representative: means a person designated by the governing body to be responsible for the development, award and proper administration of all purchases and contracts for a local government or a department, division, agency, board or unit of a local government made pursuant to this chapter. See Nevada Revised Statutes 332.025
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• county: includes Carson City. See Nevada Revised Statutes 0.033
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Administration. See Nevada Revised Statutes 378.005
• Director: means the Director of the Department. See Nevada Revised Statutes 378.005
• Division: means the Division of State Library, Archives and Public Records of the Department. See Nevada Revised Statutes 378.005
• Donor: The person who makes a gift.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evaluator: means an authorized representative, officer, employee, representative, agent, consultant or member of a governing body who has participated in:

  (a) The evaluation of responses;

  (b) Negotiations concerning purchasing by a local government; or

  (c) The review or approval of the award, modification or extension of a contract. See Nevada Revised Statutes 332.025

• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board, council, commission or other body in which the general legislative and fiscal powers of the local government are vested. See Nevada Revised Statutes 332.025
• Grantor: The person who establishes a trust and places property into it.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• local government: means :

  (a) Every political subdivision or other entity which has the right to levy or receive money from ad valorem taxes or other taxes or from any mandatory assessments, including counties, cities, towns, school districts and other districts organized pursuant to chapters 244, 318, 318A, 379, 450, 474, 539, 541, 543 and 555 of NRS. See Nevada Revised Statutes 332.015

• On-line solicitation: means a process by which a responding offeror submits a response to a solicitation on a secure website on the Internet or its successor, if any, which is established and maintained for that purpose. See Nevada Revised Statutes 332.025
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Proprietary information: means :

  (a) Any trade secret or confidential business information that is contained in a response submitted to a governing body or its authorized representative on a particular contract; or

  (b) Any other trade secret or confidential business information submitted to a governing body or its authorized representative by a responding offeror and designated as proprietary by the governing body or its authorized representative. See Nevada Revised Statutes 332.025

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Responding offeror: means a person who responds to a solicitation made by a governing body or its authorized representative. See Nevada Revised Statutes 332.025
• Solicitation: means a written statement which sets forth the requirements and specifications of a contract to be awarded by:

  (a) An invitation to bid;

  (b) A request for proposals;

  (c) A request for a statement of qualifications;

  (d) A request for a quotation; or

  (e) Any other accepted method of purchasing that complies with the provisions of this chapter. See Nevada Revised Statutes 332.025

• Statute: A law passed by a legislature.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Trustee: A person or institution holding and administering property in trust.