Real Estate Glossary

Joint Tenancy - Type of ownership or vesting of real property (not recognized in Oregon) where co-owners hold an undivided and equal interest in a property passed through the same conveyance. Upon the death of a joint tenant, that tenant's interest passes automatically to the surviving joint tenant(s) rather than to the heirs of the deceased.

Judgment - Decision by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment.

Judgment Lien - Lien on the property of a debtor resulting from the decree of a court.

Judicial Foreclosure - Foreclosure proceeding that takes place in a court; contrast with non-judicial foreclosure, which is most common in Oregon. Foreclosing an interest in real property through the courts usually takes longer than non-judicial foreclosure, but gives a creditor more options in available remedies, especially when a creditor believes the value of a property will not be sufficient to pay the outstanding balance for which the property is collateral. See also, foreclosure and non-judicial foreclosure.

Joint Tenancy - Form of real estate co-ownership giving each owner equal interest and equal rights in the property, including the right of survivorship. Not recognized in Oregon. See also, tenancy by the entirety and tenancy in common.

Jumbo Loan - Real estate loan having an amount that exceeds maximum limits adopted by Fannie Mae or Freddie Mac, based on an annual survey of home prices. Also called a "non-conforming loan." Jumbo loans have higher interest rates and higher costs than conforming loans.

Junction Box - Metal or plastic box used in construction to enclose the places where electrical circuits, wires or cables are joined. Slang term is "J box."

Junior Lien - Lien that is subordinate, in terms of priority of repayment, to another lien.

Key Lot - Parcel of land in a subdivision that is strategically located in such a manner as to add extra value.

Keystone - Piece at the top of an arch, usually wedge shaped.

Kilowatt Hour - Unit of measuring electrical consumption in thousands of watts used per hour of time. Electric companies charge rates as a given number of cents per kilowatt-hour used.