WAITING PERIOD – 1) Also known as ELIMINATION PERIOD – A period of time between the period of DISABILITY and the start of DISABILITY INCOME INSURANCE BENEFITS, during which no BENEFITS are payable; 2) the length of time an employee must wait from his/her date of employment or application for coverage to the date his/her INSURANCE is effective.
WAIVER – 1) The voluntary ABANDONMENT, renunciation or SURRENDER of some CLAIM, right, or privilege; 2) an agreement attached to a POLICY which exempts from COVERAGE certain DISABILITIES or injuries that otherwise would be covered by the POLICY.
WAIVER OF PREMIUM – A provision in some POLICIES to relieve the INSURED of PREMIUM payments falling due during a period of continuous TOTAL DISABILITY that has lasted for a specified length of time, such as three or six months.
WALK-THROUGH INSPECTION – INSPECTION of PREMISES by a buyer or TENANT prior to CLOSING or taking possession.
WAREHOUSING (LOAN) – The packaging of a number of MORTGAGE LOANS for sale in the SECONDARY MORTGAGE MARKET by financial INSTITUTION or MORTGAGE banker who has originated the LOANS.
WARRANTY – A promise contained in a CONTRACT.
WARRANTY DEED – Usually containing COVENANTS assuring freedom from ENCUMBRANCES, good TITLE and QUIET ENJOYMENT, one that contains a COVENANT that the GRANTOR will protect the GRANTEE against any and all CLAIMS.
WARRANTY OF HABITABILITY – An implied assurance given by a LANDLORD that an apartment offered for RENT is free from safety and health HAZARDS.
WASTE – Often found in a MORTGAGE or LEASE CONTRACT, or in a LIFE ESTATE, this refers to PROPERTY abuse, destruction, or DAMAGE beyond NORMAL WEAR AND TEAR. The possessor causes unreasonable injury to the holders of other interests in the LAND, garden, house or other PROPERTY. The injured party may attempt to terminate the CONTRACT or SUE for damages.
WASTING ASSET – Something of VALUE that deteriorates over time.
WATER TABLE – The depth or height or which one must drill to reach naturally occurring GROUND WATER.
WEAR AND TEAR – PHYSICAL DETERIORATION of PROPERTY as the result of use, weathering and age.
WESTERN ROW HOUSE – Also known as WESTERN TOWN HOUSE – Nineteenth-century style house usually built to cover and entire street or block. It shares common sidewalls with the house on either side.
WESTERN TOWN HOUSE – Also known as WESTERN ROW HOUSE – Nineteenth-century style house usually built to cover and entire street or block. It shares common sidewalls with the house on either side.
WETLANDS – LAND, such as a marsh or swamp, normally saturated with water.
WHOLE LIFE INSURANCE – LIFE INSURANCE payable to a BENEFICIARY at the death of the INSURED whenever that occurs. PREMIUMS may be payable for a specified number of years, LIMITED PAYMENT LIFE or for life, STRAIGHT LIFE INSURANCE. It includes STRAIGHT LIFE on which PREMIUMS are payable until death.
WILL – Also known as LAST WILL AND TESTAMENT or TESTAMENT – The legal statement of a person’s wishes concerning the disposal of his or her PROPERTY after death.
WILLIAMSBURG GEORGIAN – Also known as EARLY GEORGIAN – An English style house built in Williamsburg a representative of the early Georgian houses built in America throughout the early 1700’s. They had simple exterior lines and generally fewer of the decorative devices characteristic of the later Georgian houses. Most were two- or three-story rectangular houses with two large chimneys rising high above the roof at each end.
WINDOW – An opening in the wall of a building to let in light and air. Most are made of transparent material and have the ability to be opened and closed.
WITHOUT RECOURSE – Words used in the ENDORSEMENT of a NOTE or check indicating that the endorser is not LIABLE for the validity of that NOTE or check.
WITNESS – One who observes the signing of a document by another.
WOMEN’S COUNCIL OF REALTORS (WCR) – An organization affiliated with the NATIONAL ASSOCIATION OF REALTORS, devoted to preparing women in REAL ESTATE for their emerging roles in society, to encouraging members to productive careers in REAL ESTATE and to developing leadership potential. Publishes The Real Estate Scene (monthly) and The WCR Communiqué (quarterly).
WOOD-DESTROYING INSECT – A term used to certain home INSPECTION forms. As a condition for purchase, the PROPERTY must be free of these insects.
WORDS OF CONVEYANCE – Also known as GRANTING CLAUSE – The clause found in DEEDS through which the GRANTOR CONVEYS any interests in the REAL PROPERTY.
WORKERS COMPENSATION – A system established under state law that provides payments, without regard to FAULT, to employees injured in the course and scope of their employment.
WORKERS’ COMPENSATION INSURANCE – INSURANCE against LIABILITY imposed on certain employers to pay BENEFITS and furnish care to employees injured and to pay BENEFITS to dependents of employees killed in the course of or arising out of their employment.
WORKING CAPITAL – The difference between current ASSETS and current LIABILITIES.
WORKOUT – A mutual effort by a PROPERTY owner and LENDER to avoid FORECLOSURE or BANKRUPTCY following a DEFAULT; generally involves substantial reduction in the DEBT SERVICE burden during an economic DEPRESSION.
WORK TRIANGLE – The total distance of the sides of the “triangle” connecting the refrigerator, range, and sink in a home kitchen. Experts say that this distance should be between fifteen and twenty-one feet for maximum efficiency.
WRAPAROUND MORTGAGE – 1) Used as a seller-financing device in the sale of REAL PROPERTY when the seller agrees to finance part of the purchase price for the buyer; 2) when used as a form of REFINANCING, a REAL PROPERTY owner who has the home financed and borrows additional money can then combine the original LOAN and the new LOAN into one LOAN.
WRITE-DOWN – To diminish in amount on the RECORDS, generally to reflect a MARKET VALUE LOSS.
WRITTEN PREMIUMS – The entire amount of PREMIUMS due in a year for all POLICES issued by an INSURANCE COMPANY.
YARD – A unit of measurement three feet or thirty-six inches long.
YIELD – A measurement of the RATE of earnings from an INVESTMENT.
YIELD TO MATURITY (YTM) – The internal RATE OF RETURN on an INVESTMENT which considers all inflows and outflows of INVESTMENT returns and their timing.
ZERO LOT LINE – A form of CLUSTER housing DEVELOPMENT in which individual DWELLING UNITS are placed on separately PLATTED LOTS.
ZONE – Subject to certain STIPULATIONS, an AREA set aside by a POLITICAL UNIT for a specific use.
ZONING – A legal mechanism for local governments to regulate the use of privately owned REAL PROPERTY by specific application of POLICE POWER to prevent conflicting LAND uses and promote orderly DEVELOPMENT. All privately owned LAND within the JURISDICTION is placed within designated ZONES that limit the type and intensity of DEVELOPMENT permitted.
ZONING MAP – A map of the local JURISDICTION that indicates current ZONING designations.
ZONING ORDINANCE – The rules established by a POLITICAL UNIT to control the use and DEVELOPMENT of the LAND within its JURISDICTION. Under the government right of POLICE POWER, ZONING is the right of a POLITICAL UNIT to set minimum requirements on REAL PROPERTY usage for health, safety and PROPERTY compatibility reasons. ZONING is usually categorized as RESIDENTIAL, INDUSTRIAL, COMMERCIAL, agricultural, SPECIAL PURPOSE or general purpose.
