Glossary of commonly used terms and phrases

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Jetty - A pier or other structure built out into a body of water. Pier and post is a fairly common foundation for properties partially on water.
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Joint and Several Note - Two or more parties who are responsible for the entire amount of the debt.
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Joint Appraisal - An appraisal done by more than one appraiser, but with one appraiser stating the conclusion of all.
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Joint Tenancy - A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.
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Judgment - A Court act creating or affirming an obligation, such as a debt. The court may place a lien against the debtor's real property as collateral for the judgment's creditor.
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Judgment Lien - An unpaid, court-ordered, monetary judgment against a current or previous property owner.
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Judgment Proof - Someone who a judgment creditor cannot collect due to no assets.
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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.
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Jumbo Mortgage - The current loan limit for a conforming loan is $333,700. Loans for amounts above $333,700 are considered non-conforming or jumbo mortgages.
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Just Compensation - When an owner receives the fair market value of a property that is taken by the government.
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