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 the owner’s principal residence; 2. There is not more than one residential structure; and 3. Not more than four families reside. (Added to NRS by 1993, 155; A 1995, 510)