Joint Venture – An investment entity formed under contract by two or more parties to pursue a specific business opportunity, such as purchase or develop and manage real property and/or other assets, and share in the profits or losses of the venture. JV’s are codified in state corporation’s codes.
Jumbo Mortgage – A mortgage loan on a home where the loan value exceeds the standard limits for conforming loans set by Fannie Mae and Freddie Mac, the government-sponsored institutions that buy loans from banks. As a result, the interest rates on these loans are higher because lenders don’t have the assurance that Fannie or Freddie will guarantee the purchase of the loans. If the loan value exceeds the conforming limit, there’s no assurance that Fannie and Freddie will guarantee the purchase of the loan. Brokers and lenders must be willing to take on greater risk to fund jumbo mortgages.
Just Compensation – Compensation which is fair to both the owner of private property and the public when the property is “condemned” for public use through eminent domain. Taken into consideration is the cost of reproducing the property, its fair market value and any resulting damage to the owner’s remaining property.