Real Estate Terms Glossary: J-K

A | B | C | D | E | F | G | H | I | J-K | L | M | N | O | P | Q | R | S | T | U-Z

Joint Venture
The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.

Journal
A record of a broker's trust account showing all receipts and disbursements on a day-to-day basis. This record is required by Michigan license law.

Judgment Lien
A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.

Judicial Foreclosure
A method of foreclosing upon real estate property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

Just Compensation
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

K

Key Lot
A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property.

Kickback
Return of money in exchange for a referral.

-back to top-

Each Office is Independently Owned and Operated
© 2004 Century 21 Real Estate Corporation. ® and SM; trademark and service mark of
Century 21 Real Estate Corporation. Equal Housing Opportunity.
© CENTURY 21 Future Builders, Inc. All Rights Reserved.