Sec. 1. As used in this chapter, "commercial real estate" means any real estate other than: (1) real estate containing one (1) to four (4) residential units; (2) real estate on which no buildings or structures are located and that is zoned for single family residential use; or (3) single family residential units such as: (A) condominiums; (B) townhouses; or (C) homes in a subdivision when sold, leased, or otherwise conveyed on a unit-by-unit basis, even if those units are part of a larger building or parcel or real estate containing more than four (4) residential units.
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