"Commercial real estate" means any real estate located in this State. The term does not include:
1. Improved real estate that consists of not more than four residential units;
2. Unimproved real estate for which not more than four residential units may be developed or constructed pursuant to any zoning regulations or any development plan applicable to the real estate; or
3. A single-family residential unit, including a condominium, townhouse or home within a subdivision, if the unit is sold, leased or otherwise conveyed unit by unit, regardless of whether the unit is part of a larger building or parcel that consists of more than four units.
(Added to NRS by 1999, 1174)