REAL ESTATE DICTIONARY
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jack plane
A
woodworker's tool designed for shaving off small amounts of wood. The workhorse
of the plane family, a jack plane is a good length for truing up boards, fitting
doors, and similar tasks. |
jalousie window
A
window that consists of vertical rows of horizontal glass slats that operate
together by a crank mechanism that connects all the slats. |
jamb
A surface that
lines an opening for a door. |
joint liability
The
responsibility of two or more people to fulfill the terms of a home loan or
debt. |
joint tenancy
Ownership by two or more people that gives equal shares of a piece
of property. Rights pass to the surviving owner or owners. |
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joist
Part of the
framing that provides the structure for a floor. In most homes, floor joists are
made of 2-by-8s or larger lumber set on edge and spaced 16 inches apart, from
center to center. |
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. |
judicial foreclosure
A procedure to handle foreclosure proceedings as civil
matters. |
jumbo loan
Loans that
exceed the conforming limits for mortgage loans. In 2003 the conforming limit
was set at $322,700 for first-time mortgages on single-family homes in the
continental United States, and at $484,050 for those loans in Alaska and Hawaii.
Fannie Mae and Freddie Mac update the conforming limits on an annual
basis. |
junior mortgage
A
loan that is subordinate to the primary loan.
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