Terms Used In Nevada Revised Statutes > Chapter 91 - Commodities

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Appraisal: A determination of property value.
• Articles: means either the articles of incorporation of a professional corporation or the articles of organization of a professional limited-liability company. See Nevada Revised Statutes 89.020
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Beneficiary: means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest. See Nevada Revised Statutes 107.015
• Carey Act: means the provisions of Nevada Revised Statutes 324.010
• Cooperative: has the meaning ascribed to it in Nevada Revised Statutes 107.015
• Division: means the Division of State Lands of the State Department of Conservation and Natural Resources. See Nevada Revised Statutes 324.010
• Employee: means a person licensed or otherwise legally authorized to render professional service within this State who renders such service through a professional entity or a professional association, but does not include clerks, bookkeepers, technicians or other persons who are not usually considered by custom and practice of the profession to be rendering professional services to the public. See Nevada Revised Statutes 89.020
• 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.
• Licensed: means legally authorized by the appropriate regulating board of this State to engage in a regulated profession in this State. See Nevada Revised Statutes 89.020
• Owner-occupied housing: means housing that is occupied by an owner as the owner"s primary residence. See Nevada Revised Statutes 107.015
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Professional association: means a common-law association of two or more persons licensed or otherwise legally authorized to render professional service within this State when created by written articles of association which contain in substance the following provisions characteristic of corporate entities:

  (a) The death, insanity, bankruptcy, retirement, resignation, expulsion or withdrawal of any member of the association does not cause its dissolution. See Nevada Revised Statutes 89.020

• Professional entity: means either a professional corporation or a professional limited-liability company. See Nevada Revised Statutes 89.020
• Professional service: means any type of personal service which may legally be performed only pursuant to a license, certificate of registration or other legal authorization. See Nevada Revised Statutes 89.020
• Proprietary lease: has the meaning ascribed to it in Nevada Revised Statutes 107.015
• Single-family residence: means a structure that is comprised of not more than four units. See Nevada Revised Statutes 107.015
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• 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
• Title insurer: has the meaning ascribed to it in Nevada Revised Statutes 107.015
• Trustee: means the trustee of record. See Nevada Revised Statutes 107.015
• Unit: has the meaning ascribed to it in Nevada Revised Statutes 107.015