Real Estate Glossary J

Jalousie window - A window that consists of vertical rows of horizontal glass slats that operates together by a crank mechanism that connects all the slats.

Joint and several liability - A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses.

Joint liability - The responsibility of two or more people to fulfill the terms of a home loan or debt.

Joint venture - The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

Joist - A floor or ceiling support member supported by foundation walls, piers or beams. Subflooring is connected to floor joists.

Judgment - The decision of a court or law. If a court decides that a person must repay a debt, a lien may be placed against that person's property.

Judgment lien - A lien binding on all the real estate of a judgment debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.

Jumbo mortgage - Loans that exceed limits set by Fannie Mae and Freddie Mac.

Jurisdiction - The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

Just compensation - An amount of compensation to be received by a party for the taking of property under the power of eminent domain