Nevada uses which security instrument?

Mortgages are not the primary security instrument in Nevada; while a mortgage is theoretically a valid contract in Nevada, the deed of trust is overwhelmingly preferred and is the instrument used in standard lending practice because it enables non-judicial foreclosure, which is faster and less costly for lenders.

Mortgages and deeds of trust are not used equally in Nevada; the deed of trust dominates Nevada real estate lending practice because of the procedural advantages it provides to lenders through non-judicial foreclosure, and the exam expects candidates to know that deeds of trust are the primary instrument.

Land contracts (also called contracts for deed or installment sales contracts) are a seller-financing mechanism in which the seller retains legal title until the buyer completes all payments, and while they are used in some Nevada transactions, they are not the standard security instrument used by institutional lenders and do not represent Nevada's primary security instrument.