WAIVER The voluntary or intentional giving up of a claim or privilege. Most modern real estate sales contracts contain a clause which states that no waiver or modification of the contents of the contract can occur without the written consent of all parties to the contract.

WALK-THROUGH INSPECTION The physical inspection of property that takes place immediately prior to closing for the purpose of ensuring the new owner that the property is in the same physical condition as when the sales contract was signed.

WALKUP A building at least two stories in height containing no elevator. Such buildings, quite common in large metropolitan areas, are used for both commercial and residential use.

WAREHOUSE A building used to receive and store goods and merchandise. In terms of classifying such property, warehouses are normally located in an area zoned for either commercial or industrial property.

WAREHOUSING The process by which a mortgage banker or mortgage broker assembles mortgages that he or she has made and prepares the mortgages to be sold in the secondary mortgage market. By selling these mortgages the originator now has additional capital that can be used to make more mortgages which in turn may be sold in the secondary mortgage market.

WARRANTY A promise or assurance that a set of facts or a statement is true and correct. The warranty can be either oral or written, and in the case of real estate both types of warranties exist. Written warranties are often given by suppliers of equipment, such as appliances or materials, while implied warranties of fitness and merchantability are given by contractors and sellers of homes.

WARRANTY DEED A type of deed used to convey real property in which the grantor makes formal assurance as to the quality of title to the property. Warranty deeds, both general and special, are commonly used to convey real estate.

WASTE The destructive use of property by someone in possession who holds less than full and clear title such as a tenant or mortgagor.

WASTELAND Land which is considered to be economically unfit for production, such as swampland or desert land.

WASTING ASSET A natural resource such as timber, oil, or gas which has a limited useful life and thus is subject to amortization (depletion) during the life of the asset.

WATER COURSE A natural stream of running water being fed by a natural source such as a stream or river.

WATER RIGHTS A legal right to use the water from a natural stream or canal for such purposes as irrigation, power, or private consumption.

WATER TABLE The distance from ground level to natural groundwater, be it above or below the earth's surface.

WEAR AND TEAR The lessening in value of an asset such as real estate due to ordinary and normal use.

WENDT, PAUL A real estate appraiser who throughout the 1960S and 1970s offered numerous ideas on real estate appraising. Wendt drew attention to a number of weaknesses in traditional capitalization theory and attempted to bring into clear focus the relationship between current practice and appraisal theory. He is the author of Real Estate Appraisal.

WETLANDS Low-lying land adjacent to water which may be periodically covered by water or the remains of flooding. Such land is normally restricted as to development that can take place and in many instances is owned by the federal government or a state government to insure the ecological protection of such land and its animal inhabitants.

WILL A legal declaration in which a person disposes of property to take effect upon his or her death. In order to make a valid formal will a person must be of statutory age, generally eighteen or twenty-one in most states, although some states set the age as low as fourteen. In addition, the person must be of 'sound mind' at the time of the execution of the will. A formal will must be in writing, which may be typed, printed, or handwritten. Real estate must be described with sufficient certainty, but it is not required that a complete legal description be included. In addition, a formal will must be signed.

WOMEN'S COUNCIL OF REALTORS (WCR) An affiliate of the National Association of Realtors whose members have expressed an interest in furthering the role of women in real estate brokerage activities. WCR offers opportunities for the development of leadership skills through its local and state chapters and the WCR Leadership Training Graduate (LTG) program. The mailing address is 430 North Michigan Avenue, Chicago, Illinois 60611; (312) 440-8W3.

WORK LETTER A letter given by a landlord to a tenant detailing the amount and type of work the landlord and the tenant will each do in preparing the property for occupancy by the tenant.

WORKOUT (LOAN) A loan which is technically in default but under which the lender (mortgagee) is attempting to assist the borrower (mortgagor) in restructuring the terms of the loan or the time of repayment rather than proceeding with foreclosure.

WRAPAROUND MORTGAGE A method of acquiring additional financing on real estate by placing the additional funds in a secondary or junior position to the existing debt. As its name implies, a wraparound mortgage 'wraps around' an existing first mortgage. This method of obtaining additional capital is often used with commercial property where there is substantial equity in the property and where the existing first mortgage has an attractive low interest rate. By obtaining a wraparound, the borrower receives dollars based on the difference between current market value of the property and the outstanding balance on the first mortgage. The borrower amortizes the wraparound mortgage which now includes the balance of the first mortgage and the wraparound lender forwards the necessary periodic debt service to the holder of the first mortgage. Thus, the borrower reduces the equity and at the same time obtains an interest rate lower than would be possible through a normal second mortgage. The lender receives the leverage resulting from an interest rate on the wraparound greater than the interest paid to the holder of the first mortgage.

WRIT OF EXECUTION A court order instructing an officer of the court to carry out the decision of the court, such as the selling of foreclosed property or the removal of a tenant at sufferance.