Real Estate Insurance Terms - J

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JACK RAFTER - A short rafter, used in a hip roof or valley roof or to simulate a rafter which extends beyond the exterior walls.

JACOB'S LADDER - A hanging ladder, made with wooden steps and sides of rope.

JALOUSIES - Fixed or adjustable horizontal slats, used in doors, windows, shutters, etc., to keep out sun and rain, while letting in light and air.

JAMB - The vertical lining of an opening, such as a doorway, fireplace, window, etc.

JANITOR - One who is hired to take care of a building. Generally associated with cleaning, locking up after closing and minor repair.

JERRY-BUILT - A structure built of inferior and inexpensive materials. Poorly built.

JETTY - (1) A pier or other structure (usually of stones), built out into a body of water to hinder the currents and so project a harbor. (2) A part of a building which projects out beyond the exterior walls, such as an overhanging second story, a balcony, etc.

JOINT ADVENTURE - A combining by two or more persons of their property, skills, efforts, etc., for a specific business purpose. Single purpose partnerships are now most commonly used and are based on the same idea of the single purpose business venture.

JOINT AND SEVERAL - A liability which allows the creditor to sue any one of the debtors (sever one form the others) or sue all together (jointly).

JOINT APPRAISAL - An appraisal by more than one appraiser, but one which states common conclusions of all.

JOINT NOTE - A promise to pay, executed by two or more persons, each having equal liability.

JOINT PROTECTION POLICY - A policy of title insurance which insures both the owner and the lender under the same policy.

JOINT TENANCY - An undivided interest in property, taken by two or more joint tenants. The interest must be equal, accruing under the same conveyance and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

JOISTS - Small beams, usually not more than five inches thick, which are in parallel and support floors and ceilings. The joists are supported by larger beams, bearing walls, girders, etc. A joist is rectangular in cross-section, the narrow face being the joist, the wide face the plank.

JUDGMENT-The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

JUDGMENT PROOF - One against whom a judgment creditor cannot collect (no assets). If one can show he was defrauded by a "judgment proof" real estate licensee, he may recover from the state fund in states having such a fund.

JUDICIAL FORECLOSURE - Foreclosure through court action rather than by a power of sale. Judicial foreclosure is sometimes necessary to remove certain tax liens.

JUDICIAL SALE - A sale made under court order, by one court appointed, rather than a voluntary sale by the owner or one appointed by the owner.

JUMBO VA LOAN - A loan for an amount greater than the allowable 100% financed amount. It is determined by subtracting the maximum allowable 100% financed amount from the purchase price and financing 75% of the difference. Example: maximum allowable VA Loan: $110,000. Sale price: $130,000. Difference is $20,000; 75% of the difference is $15,000. Total jumbo loan: $110,000 plus $15,000 = $125,000. Required down payment: $5,000.

JUNCTION BOX - A metal box used to enclose the meeting (junction) of electrical circuits, wires and cables.

JUNIOR LIEN - A lien which is subordinate to a prior lien.

JUNIOR MORTGAGE - Any mortgage of lesser priority than a first mortgage.

JURISDICTION - The extent of the authority of a court or other government branch or agency.

JUST COMPENSATION - In condemnation the amount paid to the property owner. The theory is that in order to be "just", the property owner should be no richer or poorer than before the taking.