A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
waiver
To give up a right voluntarily. (See workout)
walk-through
A final inspection of a property just before closing. This assures the buyer that the property has been vacated, that no damage has occurred and that the seller has not taken or substituted any property contrary to the terms of the sales agreement. If damage has occurred, the buyer might ask that funds be withheld at the closing to pay for the repairs.
wallboard
Interior wall finishing material.
warehouseman’s lien
A warehouseman’s lien is a legal claim that a warehouse operator can place on goods stored in their facility to secure payment for storage fees or other related services rendered. This lien gives the warehouseman the right to retain possession of the goods until the outstanding charges are paid by the owner of the goods. If the charges are not paid within a specified period, the warehouseman may have the right to sell the goods to recover the owed amount, subject to the laws and regulations governing such actions in their jurisdiction.
warehousing
Warehousing is the assembly of mortgage loans into “pools.” Securities that represent shares in these pools are then sold to investors. Examples of warehousing “agencies” include Fannie Mae/Federal National Mortgage Association and Ginnie Mae/Government National Mortgage Association.
warranty
A promise that certain stated facts are true. A guaranty by the seller, covering the title as well as the physical condition of the property. A warranty is different from a representation in that a representation is a statement made in the course of negotiations leading up to the sale, but not incorporated into the contract. A warranty, on the other hand, is a statement in the contract asserting the truth of certain things about the property.
warranty deed
A deed in which the grantor fully warrants good clear title to the premises; also called a general warranty deed. The usual covenants of title are covenant of seisin (possession), covenant of quiet enjoyment, covenant against encumbrances, covenant of warranty forever and covenant of further assurance. A warranty deed warrants the title, not the quality of construction of the real property. A warranty deed is used in most real estate deed transfers and offers the greatest protection of any deed.
warranty of habitability
An implied assurance given by a Landlord that an apartment offered for rent is free from safety and health hazards.
warranty of habitability
A warranty that a dwelling is fit for human habitation. (See implied warranty)
waste
An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee. Such waste ordinarily impairs the value of the land or the interest of the person holding the title or the reversionary rights.
water rights
Water rights are the legal right to use water from a water course or body of water on a property. See appropriative water rights, correlative water rights, littoral rights, right of correlative user, right of prior appropriation, riparian rights
water table
The natural level at which water is located in a particular area, be it above or below the surface of the earth.
water well
An excavation where the intended use is for location, acquisition, development, or artificial recharge of ground water.
wealth
Wealth is anything valued by more than one person. Something that is perceived by others as having value. Anything potentially subject to exchange. Wealth is the measure of the value of assets owned by an entity. Wealth is found by taking the total market value of the physical and intangible assets of a person, community, company or country and then subtracting all debts. (See market value, value)
web browser
A web browser is a software application used to locate, retrieve and display content from the World Wide Web including web pages, photographs, video and other content.
As a client/server application, the browser runs on a client computer and contacts the web server over the Internet to request information. The web server sends the information back to the web browser that displays the results on the client computer.
The most popular browsers are Google Chrome, Firefox, Microsoft Edge, and Safari.
web-based portfolio
Portfolio on the web that includes such categories as career vision, career highlights, professional links, references, activities and interests, resume and work samples, contacts in academic situations. Electronic-portfolios are privately owned and the owner has complete control over who has access to what and when.
web-based professional portfolio
Portfolio on the Internet that records goals, growth, achievement, and professional attributes developed over time and in collaboration with others. Professional portfolios can be used to help an individual make career decisions, demonstrate that one has met program or certification requirements, present skills and accomplishments for employment, and review professional development for career advancement.
webinar
Online meeting and presentation tools used for conferencing on the Internet.
weekly activity report
A weekly written report given to an owner by a listing broker reviewing the sales activities conducted by the broker to sell the listed property.
weighted average technique
When reconciling appraisal approaches, the application of a weight to each approach for averaging. (See appraisal)
weighted rate
The “weighted rate” is a way for investors to calculate their expected earnings from a property by considering all the different factors that affect those earnings. This method includes thinking about the use of borrowed money (or leverage) to help buy the property. Borrowing money to help pay for the property affects the returns. The interest rate on borrowed money and how much of the purchase is funded by loans versus the investor’s own money are key factors in figuring out the total earnings. Each factor (earnings, costs, borrowed money) is given a certain importance or “weight” based on how much it impacts the overall earnings. For example, if a lot of the property is bought with borrowed money, the cost of that debt is highly important in calculating the overall earnings.
wetlands
Areas that are inundated or saturated by surface or ground water at a frequency and duration sufficient to support vegetation typically adapted for life in saturated soils. Also referred to as bogs, marshes, sloughs and swamps.
wholesale agreements
An agreement of a loan originator to work exclusively with a single lender.
will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
will-buy buyers
Will-buy buyers are bargain-hunters looking for motivated “must-sell” sellers. (See must-sell sellers)
will-sell sellers
Unmotivated sellers who put their property on the market at an above-market price. Sellers who do not need to sell but will if the price is right.
window well
The dugout area just outside of a basement window that can be used to escape in the event of a fire.
withholding certificate
A withholding certificate is a certificate issued by the I.R.S. It certifies that the dollar amount that must be withheld from the disposition of a U.S. real property interest has been adjusted. The buyer, buyer’s agent, or the seller may request a withholding certificate. The IRS will generally act on these requests within 90 days after receipt of a complete application including the Taxpayer Identification Numbers (TIN’s) of all the parties to the transaction. A seller that applies for a withholding certificate must notify the buyer in writing that the certificate has been applied for on the day of or the day prior to the transfer. For further information, see: Withholding Certificate
without prejudice
A case dismissed ‘without prejudice’ is removed from the court’s docket in such a way that the plaintiff may refile the same suit on the same claim.
witnessed will
A witnessed will is a written document, normally prepared by an attorney, witnessed by a third party, and signed by the testator.
work
Activity in which one exerts strength or faculties to create measurable change; sustained physical or mental effort to overcome obstacles and achieve an objective or result; the transference of energy that is produced by the motion of the point of application of a force and is measured by multiplying the force and the displacement of its point of application in the line of action.
work order bid
A work order bid is a proposal submitted by a contractor or maintenance vendor outlining the terms, costs, and timeline for completing a specific job or project. The bid is reviewed by the property manager or project manager, who compares it against other bids and decides which contractor is best suited for the job based on factors like price, experience, and proposed approach.
workers’ compensation
Workers’ compensation is a state-sponsored system that pays monetary benefits to workers who become injured or disabled in the course of their employment.
workers’ compensation act
Laws that require an employer to obtain insurance coverage to protect his or her employees who are injured in the course of their employment.
workfolio
Web-based portfolio
working level (WL)
A unit of measurement for documenting exposure to radon decay products. One working level is equal to approximately 200 picoCuries per liter.
workout
In terms of a mortgage or other loan, a workout is a negotiated arrangement between the borrower and the lender to restructure the terms of the loan to avoid default and foreclosure. A workout can take many forms, depending on the specific circumstances of the borrower and the lender’s willingness to negotiate. Common types of workouts include loan modification, forbearance, repayment plan, deed in lieu of foreclosure, and short sale.
workplace affiliation
“a workplace in which each person is respected, in which partnerships are built and in which local and global communities are strengthened”
WQARF site
WQARF stands for Water Quality Assurance Revolving Fund. It’s a program established by the Arizona Department of Environmental Quality (ADEQ) to address and clean up contaminated sites in Arizona. WQARF sites are locations within Arizona that have been identified as contaminated with hazardous substances or pollutants that pose a risk to human health or the environment. These sites may include abandoned industrial facilities, landfills, or other areas where hazardous substances have been released into the environment.
wraparound
A wraparound, also known as a wraparound mortgage or wraparound loan, is a type of real estate financing arrangement where the seller retains an existing mortgage on the property while providing a new mortgage to the buyer. The new mortgage, which “wraps around” the existing mortgage, allows the buyer to make payments to the seller instead of a traditional lender.
wraparound mortgage
A method of financing in which the new mortgage is placed in a secondary or subordinate position; the new mortgage includes both the unpaid principal balance of the first mortgage and whatever additional sums are advanced by the lender. Sometimes called an all-inclusive loan, an overriding loan or an overlapping loan. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or disturbing the existence of the first mortgage. The entire loan combines two or more debts and is treated as a single obligation, and the wrap, or secondary, mortgagee pays the obligations of the first mortgage from the total payments received. While the wraparound lender makes the debt service payments on the first mortgage, the lender does not assume liability for this first lien. A default on the wraparound mortgage would usually result in a default on the underlying mortgage.
wraparound trust deed
A trust deed written for the amount of the existing encumbrances plus the seller’s equity.
writ
A form of written command in the name of a court or other legal authority to act, or abstain from acting, in some way.
writ of attachment
A document ordered by the court to have a sheriff enter a leased property to give possession back to the owner.
writ of execution
A court order authorizing and directing an officer of the court (sheriff, police officer) to levy and sell property of a defendant to satisfy a judgment.
writ of execution
A court order authorizing and directing an officer of the court (sheriff, police officer) to forcibly remove a trespasser (or defaulted tenant) from property.
writ of possession
A writ of possession is a legal document that authorizes the lawful eviction of a person or persons from a property. It is typically issued by a court after a landlord or property owner has obtained a judgment for possession in an eviction case. The writ instructs law enforcement officers to physically remove the occupants and their belongings from the property if they do not vacate voluntarily by a specified date.