Real Estate Glossary

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W

warranty deed

also known as a general warranty deed, contains the maximum protection for grantees. The following covenants and warranties; seisin, quiet enjoyment, further assurance, against encumbrances, and warranty forever, are contained in the warranty deed either expressly in some states or by implication.

A warranty deed is used in the standard real estate transaction.

Keyword(s):

water rights

common law rights held by owners of land adjacent to rivers, lakes, or oceans, and includes restrictions on those rights and land ownerships.

water table

upper surface of the aquifer or underground water system. The existence of a high water table on the site may create long term foundation and dampness problems that could have an impact on the site’s value.

web site management tools

tools that licensees can purchase to help with their marketing efforts.

wetland

is land area(s) covered with water or saturated with water at least part of the year and identified as such by state governments or the federal government.

These marsh or swamp-like areas are believed to provide refuge for wildlife (feeding migratory birds and other animals); help prevent flooding; and help to filter pollutants out of our ground water system. Governments have acted to protect these areas (and the life forms they sustain) from development.

Keyword(s):

workers' compensation act

A state law requiring all employers to provide insurance coverage for their employees. Therefore, if a salesperson is injured on the job, he or she will be covered for specified medical expenses and lost wages.

wraparound loan

borrower might have an existing loan but needs additional financing. A second loan is made which is larger than the first and the new payments will be made to cover both loans. The first loan might contain a prepayment penalty forcing the borrower to pay a large penalty if paid off early.