J FACTOR
A factor used in income property analysis to derive
the change in net operating income that is required
to realize a certain equity yield rate.
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JOINT AND SEVERAL LIABILITY A situation
in which a creditor may sue one or more of the parties
separately, or all of them together.
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JOINT TENANCY A concurrent ownership
by two or more persons with the fight of survivorship.
This form of ownership is recognized by all but a
small handful of states. Upon the death of a joint
tenant, the interest does not pass to the joint tenant's
heirs or devisees, but to the other joint tenant(s).
Effectively, when a joint tenant dies, his or her
interest is automatically extinguished. As a result
of this, no interest exists which may be passed on
after death by will. Likewise, no dower or curtesy
can attach. Further, all un-foreclosed liens of one
of the joint tenants placed on the land are extinguished.
The same result occurs to any easements or leases
which were granted by one of the joint tenants without
the conveyance by the other joint tenants. Because
no interest passes after death, there is no need for
probate; the surviving tenant(s) retain the property.
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JOINTURE A freehold estate created
for the life of a wife and to take effect upon the
death of her husband. Under common law, such a provision
as jointure was made prior to marriage and was made
in lieu of dower.
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JOINT VENTURE An agreement by two
or more individuals or entities to engage in a single
project or undertaking. Joint ventures arc used in
real estate development as a means of raising capital
and spreading risk. For all practical purposes a joint
venture is similar to a general partnership. However,
once the purpose of the joint venture has been accomplished,
the entity ceases to exist.
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JUDGMENT The final legal determination
of rights between disputants, such as a mortgagor
and a mortgagee, by a court of competent jurisdiction.
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JUDGMENT CREDITOR The party who
gains under a judgment.
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JUDGMENT DEBTOR The person burdened
by a judgment.
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JUDGMENT LIEN The charge upon the
property of a debtor resulting from the decree of
a court entered in the judgment docket. Once a certified
abstract of the court judgment is recorded, it becomes
a lien upon all of the judgment debtor's real and
personal property within the jurisdiction. The lien
may be suspended by posting a bond until the time
for final appeal has expired or an appeal has been
turned down by the appellate court. This abstract
is recorded in a judgment docket kept by the county
clerk or other public official which is arranged alphabetically
according to the names of judgment debtors. The abstract
places a cloud on the title of all real property owned
by the judgment debtor for the statutory time of the
judgment lien or until the lien is satisfied. When
a judgment is a lien on all the property of the judgment
debtor, it is called a judgment in personam as contrasted
to a judgment in rem, which applies only to a specific
property. 'Me statutory time period is set by state
law, in most states ten years.
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JUDICIAL FORECLOSURE A means of
selling property through a court procedure to satisfy
a lien.
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JUNIOR LIEN An encumbrance second
in priority to a previously recorded lien or to a
lien to which the encumbrance has been subordinated.
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JUNIOR MORTGAGE A mortgage which
has a lower priority or lien position than a first
mortgage. A third or even a fourth mortgage is also
classified as a junior mortgage. What establishes
a mortgage as being a junior mortgage is that it was
recorded after the first mortgage was recorded and
thus its lien position is inferior to the first mortgage.
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JURISDICTION The extent of authority
of a court to render legal decision over person or
subject matter.
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JUST COMPENSATION Fair and reasonable
compensation to both owner and the public when property
is taken for public use through condemnation. Protection
is provided to property owners under the U.S. Constitution
for the taking of land. The Fifth Amendment provides
that 'just compensation' must be made.
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