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

1. 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. 2. “Homestead” means the property consisting of:

   1. (a) A quantity of land, together with the dwelling house thereon and its appurtenances;
   2. (b) A mobile home whether or not the underlying land is owned by the claimant; or

   3. (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.

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