Waferboard
A type of structural flakeboard that is a reasonably new material used for sheathing and paneling. The wafer-like wood flakes are adhered together with phenol resin and compacted under pressure into sheets.

Wainscoting
Tongue and groove boards or wood paneling, which is installed between a baseboard and a chair rail.

Waiver
1. Voluntary relinquishment of rights or claims.
2. The legal document that proves the relinquishment of rights or claims.

Waiver of Lien
Voluntarily relinquishing the right of a lien, usually temporarily. This waiver may be explicitly stated or implied.

Wale or Waler
Reinforced horizontal timbers used to brace concrete forms. These timbers measure at least 2' x 3' and are installed on the outside of the forms between the studs and are tied through the forms using wall ties.

Walk-out Basement
Type of basement that allows a door to open into the yard because the basement is at ground level.

Walkaway Risk
Risk that occurs when a buyer or seller decides not to go through with the transaction. If property is not sold at the offered price, that price may not be realized at a later date. Same situation exists for buyer.

Walkup
Building of two or more floors with no way to be accessed except through stairs. This type of building is usually in cities.

Walk-through
Final inspection of the home by buyer to check if the conditions in the contract have been satisfied.

Wall
Vertical divider of framing, sheathing and plaster or wallboard, which is used to partition a building into rooms by surrounding an area.

Wall Box
Electrical box that is used to mount a switch or outlet on a wall or ceiling.

Wall Box Setback
The distance from the outside of a wall to the front edge of an electrical box to determine the allowable set back. Exceeding the setback will expose parts of the box.

Wall Cabinet
An elevated cabinet mounted on a wall and attached to the structural members of the wall by fasteners.

Wall Coping
Masonry wall perform cap with a sloped top for water runoff.

Wall Fan
Fan, mounted in a wall, which is used in kitchens and bathrooms to pull air through the wall opening to vent it to the outside.

Wall Footing
Wall foundation that has a widened section at the base to bear against the soil and distribute structural loads to the soil.

Wall Furnace
A small furnace that is placed between the studs in a wall.

Wall Heater
Heater that heats the surrounding area from where it is attached on the wall.

Wall-hung Closet Tank
Two-piece water closet with the tank portion attached to the wall by a bracket and connected to the bowl by a pipe elbow. Combination water closets, with the tank mounted on the bowl have replaced this type of water closet.

Wall-hung Lavatory
Sink which is fastened to the wall, rather than being mounted on a vanity or pedestal.

Wall Molding
The angle iron shaped piece of metal that attaches to the wall, the edge tiles of a suspended ceiling.

Wall Panel
Exterior type of non-supporting wall, usually commercial.

Wall Plate
1. Cover protecting the electrical outlet or switch on the wall or box.
2. Top horizontal structural member of a masonry wall.

Wall Size
Thin, pasty or gluey substance used as a glaze or filler on porous material, such as plaster, paper, cloth, etc.

Wall Tie
Wires, in various shapes, which are used to tie masonry that is one unit in thickness or veneer, to the framework of the structure.

Wall Tile
Tile used as wall decoration, most commonly in the kitchen or bathroom.

Wallboard
Compacted gypsum with a paper exterior and cut into sheets and attached to the wall studs. More commonly referred to as sheetrock but also called plasterboard or dry wall. Most common size, eight by four sheets.

Walnut
Hardwood used for furniture that is a medium/dark brown.

Warehouse Fee
The lender's cost of holding a borrowers loan temporarily before it s sold on the secondary market and is usually a closing cost fee.

Warehouse Property
Commercial structure used to hold products and goods for a fee and typically located in an industrial area.

Warehousing
1. Loans made by banks to other lenders for their underwritten stocks or bonds. These stocks and bonds are issued to both household and institutional investors for their portfolios.
2. Storing of assets with the expectation of sale at a later date.
3. The sale, by a mortgage banker, of a bundle of mortgages in the secondary market so that funds may be raised or risk reduced.

Warp
A distortion; a twist or bend in wood or any object made of wood, which is caused by contraction when drying.

Warranted Price
Considered fair amount for a real estate transaction, which can be justified by the conditions involved in the exchange.

Warranty
Legally binding agreement to do something.

Warranty Deed
Deed that assures that the title to a property is free of any legal claims or encumbrances and includes covenants of seizin, express warranties of title, right to quiet enjoyment, freedom from encumbrances.

Warranty of Habitability
Implied assurance, from the landlord to the tenant, that an apartment is safe and free from any hazard.

Warranty Insurance
Insurance on a property covering repair and/or replacement costs in the event of damage or loss. Warranties vary considerably as to what is covered and the duration of the policy.