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Wainscoting – The wooden lining of an interior wall and also the lower part of a wall when it is finished different than the upper wall.

Waive – To voluntarily and intentionally relinquish, abandon or forego a known right, claim or privilege to enforce or require something.

Waiver – An intentional voluntary act to give up a known right which implies a decision by that party to relinquish something of value or to forego some advantage or right.

Walk-up – An apartment of more than one story that does not have an elevator which means that the tenants must walk up the stairs to get to their apartments.

Warehousing – The process of assembling a number of similar mortgage loans into one package prior to offering them to investors.

Warrant – A guarantee or promise that a certain fact or state of facts in relation to the subject matter of a transaction is or shall be as it is represented to be.

Warranted value – A term often incorrectly used in place of warranted price.

Warranty deed – A deed commonly used in many states to convey fee title to real property which contains warranties of title and quiet possession and by which the grantor agrees to defend the property forever against the lawful claims of third persons. Many other states use the grant deed due to the modern practice of securing title insurance policies which have reduced the importance of express and implied warranty in deeds.

Warranty of authority – A representation by an agent to third persons that the agent has and is acting within the scope of authority conferred by his or her principal.

Waste – The destruction or material alteration of or injury to premises by a tenant.

Water rights – The collective rights to a water supply or a guarantee of access to nearby body of water.

Water softener – A mechanical device for converting hard water to soft water by passing it through a chemical solution.

Water table – The distance from the surface of the ground to a depth at which natural groundwater is found.

Waterpower rights – A developed or undeveloped property containing the rights to the use of water as a source of power.

WCR – See Women’s Council of Realtors.

Wear and tear – The depreciation that an asset has as a result of ordinary usage.

Wild document – A document either created by a stranger to the title such as a forger or made outside the chain of title such as a conveyance granted by someone who previously failed to record and thereby left a link missing in the chain of title.

Will – A written legal declaration of a person expressing his or her desire as to the disposition of his or her property after death.

Will-cut cruise – The estimated volume of lumber that can be sawed from the timber in a given area which is obtained by deducting from the stand cruise an allowance for breakage and other waste.

Without recourse – An endorsement that specially eliminates any responsibility of the borrower for the payment of a debt instrument to the lender or any subsequent note holders if it gets transferred by endorsement.

Women’s Council of Realtors, WCR – A NAR group that provides educational programs and publications for women REALTORS® whose primary interest is in residential brokerage.

Words of conveyance – The statement that follows the statement of consideration in a deed to show the intent on the part of the grantor to transfer the property.

Workers’ Compensation – The laws that require an employer to carry insurance coverage to protect his or her employees if they are injured in the course of their employment.

Working capital – 1. The readily convertible capital required by a business to allow its regular functioning and operations to be free from financial embarrassment. 2. An excess, in accounting, of current assets less the current liabilities as of a date.

Working drawing – A sketch of a part or a whole structure, drawn to scale and in such detail as to dimensions and instructions which are needed to guide the work on a construction job.

Wrap-around loan – A financing device used when it is not feasible or desirable to pay off the first mortgage whereby a lender assumes the payments on a borrower’s existing loan and takes a new junior mortgage from the borrower that has a face value in an amount equal to the amount outstanding on the old mortgages plus the additional amount of money borrowed.

Writ of attachment – A written order issued in the course of a lawsuit directing the sheriff or other law officer to attach the property of the defendant so it can be used to satisfy the demands of the plaintiff if necessary.

Writ of execution – A written order issued to carry out the judgment or decree of a court.

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