Exceptions to applicability of NRS 40.507 and 40.508. NRS 40.507 and 40.508 do not apply if the real collateral is a unit put to residential use in a common-interest community or is real property upon which:
1. The owner maintains his principal residence;
2. There is not more than one residential structure; and
3. Not more than four families reside.
Last modified: February 27, 2006