Real Estate Dictionary Terms - J
Jalousie
A screen or shutter consisting of overlapping horizontal slats that
is used on the exterior to keep out sun and rain while admitting
light and air.
Jamb
The side post or lining of a doorway, window, or other opening.
Joint
The space between the adjacent surfaces of two components joined
and held together by nails, glue, or cement, for example.
Joint Note
A note signed by two or more persons who have equal liability for
payment.
Joint Tenancy
A form of ownership or taking title to property which means each
party owns the whole property and that ownership is not separate.
In the event of the death of one party, the survivor owns the property
in its entirety. Joint ownership by two or more persons with right
of survivorship. Four unities must be present: time, title, interest,
and possession. Property held by two or more people with right of
survivorship.
Joint Venture
In legal effect it is a partnership for a limited, specific business
project. The joining of two or more people to conduct a specific
business enterprise. A joint venture is similar to a partnership
in that it must be created by agreement between the parties to share
in the losses and profits of the venture. It is unlike a partnership
in that the venture is for one specific project only, rather than
for a continuing business relationship.
Joists
One of a series of parallel beams to which the boards of floor and
ceiling laths or plaster boards are nailed and supported in turn
by larger beams, girders, or bearing walls.
Judgment
A decision made by a court of law. In judgments that require the
repayment of a debt, the court may place a lien against the debtor's
real property as collateral for the judgment's creditor. A court
of competent jurisdiction's final determination of a matter presented
to it. The final decision by a court in a lawsuit, motion, or other
matter.
Judgment Affirmed
A decision by an appellate court reaffirming, approving, and agreeing
with an inferior court's decision.
Judgment Debtor
A person who has an unsatisfied money judgment levied against him
or her.
Judgment Lien
A money judgment that, because it has been recorded, has become a
lien against the judgment debtor's real property.
Judgment Reversed
A decision by an appellate court disagreeing with an inferior court's
decision and modifying tha decision to conform with its findings.
Judicial Foreclosure
A type of foreclosure proceeding used in some states that is handled
as a civil lawsuit and conducted entirely under the auspices of a
court. Other states use non-judicial foreclosure.
Jumbo Loan
A loan that exceeds Fannie Mae’s and Freddie Mac’s loan
limits, currently at $227,150. Also called a nonconforming loan.
Freddie Mac and Fannie Mae loans are referred to as conforming loans.
Junior Lien
A lien lower in priority or rank than another or other liens.
Junior Mortgage
A mortgage second in lien to a previous mortgage.
Jurisdiction
The authority of a court to hear and decide a particular type of
case. The power of a court to hear and decide a case or issue.
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