Glossary of Terms

Joint Tenancy

Joint tenancy is ownership of real estate by two or more individuals with the right of survivorship. A right of survivorship means that

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Joint Venture

A joint venture is an arrangement between two or more entity pool resources to accomplish a particular task in a business setting. Entities in the joint venture enjoy profits and are responsible for losses, but the entity is separate from other personal or business interests.

Joint ventures are commonly formed when two businesses want to partner to enter an unfamiliar market. In real estate, a REIT specializing in multifamily development may for a joint venture with an office developer for the purpose of obtaining exposure to the office real estate market.

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Jumbo Loan

A jumbo loan is a type of mortgage that exceeds the loan limitations set by Fannie Mae and Freddie Mac. Thus, unlike a conventional loan, these type of mortgages can’t be purchased or securitized by these two entities.

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Tax Cuts and Jobs Act

A congressional revenue act originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA).  Public law no. 115-97 ("the Act") amended the Internal Revenue Code of 1986 based on tax reform advocated by congressional Republicans and the Trump administration.

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