Definition of residential property. For the purposes of this section and ORS 18.904, 18.906, 18.908 and 18.912, “residential property” means any of the following property

(1) Real property on which no more than four units designed to be used as dwellings are located.

(2) A condominium unit that is designed to be used as a dwelling and that is not being held as inventory for sale or lease in the regular course of business.

(3) A manufactured dwelling as defined by ORS 446.003 that is not being held as inventory for sale or lease in the regular course of business.

(4) A floating home as defined in ORS 830.700 that is not being held as inventory for sale or lease in the regular course of business. [2005 c.542 §15]