Real Estate & Investing Dictionary
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J Factor
Factor used by appraisers and investors to determine the changes needed in operating income to obtain a desired rate of return. This factor is determined after consideration of the location, rental, similar properties and cost of maintenance.

J Hook
Electrical wire in which a hook like bend in its end helps to shape and fit it around an electrical terminal.

Jeopardy
To have one's property or liberty subjected to a possibly adverse decree of a court or agency.

Job Site
Construction location.

Jogging
Another term for inching, which is the movement of a crane hook, bridge or trolley when they are moved in short, jerky increments, such as stop and start.

Joint
Used to indicate a common property ownership interest in real estate. Indicates a shared liability in terms of a contractual relationship

Joint and Several Liability
Situation wherein each borrower, on the same note, is held fully liable for the entire amount of the debt, not just a portion. The creditor may demand full repayment from any individual.

Joint Clearance
Gap between surfaces to be joined by welding, where the gap will help ensure that the weld filler penetrates to the needed depth in the base metal.

Joint Liability
Two or more people sharing the responsibility of fulfilling the terms of a debt.

Joint Note
More than one maker on a note where if one or more of the makers default on the note, all of the makers are sued jointly, rather than just one or all, to make restitution.

Joint Ownership
Ownership of real estate with two or more individuals having equal ownership with, upon the death of one owner, the property is transferred to the survivor.

Joint Tenancy
Equal ownership, by two or more people, each of whom has an undivided interest, with the right of survivorship.

Joint Tenancy
Ownership of property by two or more persons, each of whom has an undivided interest with the right of survivorship.

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 Venture
An arrangement where two or more individuals or corporations join together on a single project as partners.

Joint Venture
An agreement between two or more parties to invest in a specific single business or property. Although not a continuing relationship, it is treated as a partnership for income tax purposes.

Jointly and Severally
A legal term indicating that a contract has been entered into by two parties and the two parties are not only liable together but individually as well.

Jr. Lienholder
A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.

Jr. Mortgage
A mortgage second or subsequent in lien to a previous mortgage.

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. Alternative spelling is "judgement."

Judgment
The final decision of a court.

Judgment
Decision, by a court, that a party must repay a debt and a lien may be placed against property owned by that party.

Judgment Creditor
The party to whom the court awarded a financial judgment against a debtor.

Judgment Debtor
The party against whom the court has placed a financial judgment.

Judicial Foreclosure
Property of a defaulted borrower is sold under court order and the amount received is ratified by the Court.

Judicial Foreclosure
A foreclosure action that is executed by the court.

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 Lienholder
A holder of a right to force the sale of property that is inferior and subordinate to another lienholder's right to do the same. A junior lienholder who forces the sale of the real estate must either pay off the senior lien or make arrangements to make payments on it to prevent it from being foreclosed. The foreclosure of a first lien destroys the right of a junior lienholder to foreclose, but the foreclosure of a junior lien does not affect the right of a senior lien to foreclose.

Junior Mortgage
A mortgage second or subsequent in lien to a previous mortgage
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