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WAGES - general term encompassing all pay given a hired person for his or her services, whether paid as a salary, commission, fee, etc.

WAINSCOT - Also See: Wainscoting.

WAINSCOTING - covering of an interior wall with wood (usually panels), tiles, etc., from the floor to a point about half way to the ceiling: the remaining portion is painted, wallpapered, or covered with another material different from the lower portion.

WAIVE - To knowingly abandon, relinquish, or surrender a right, benefit, or claim.

WAIVER - relinquishment of a right. In construction, most commonly the waiver by subcontractor of their mechanic's lien rights in order for the owner to obtain draws under a construction loan.

WALK-THROUGH INSPECTION - inspection of property by a buyer very close to the time for closing to determine that the condition of the property has not changed since the purchase contract was executed or that promised changes have been made.

WALKUP - building without an elevator of more than one story.

WALL - vertical structure erected to divide, enclose, support, or secure an enclosure, such as a room or building.See also: Party Wall.

WALL FURNACE - small furnace, usually electric, fitting between the studs of a wall, and heating without ducts by using a small fan for circulation. More commonly called a "heater" than a "furnace".

WALL PANEL - exterior wall which bears no load; the load is carried by girders or beams of the framing skeleton. Used primarily in high- rise office buildings.

WALL PLATES - (1) horizontal members at the top and bottom of a wall, to which the studs are attached. (2) In a mine, a heavy, framed timber used for support.

WALL TILE - Tile placed on a wall as a finish material, usually in bathrooms and kitchens of homes, but sometimes throughout, as in mobile homes and trailer homes.

WALL-BEARING - Also See: Bearing Wall.

WALL-BEARING CONSTRUCTION - Weight of roofs and floors supported entirely by the exterior walls, with no load-bearing partitions. Posts and pillars are used at points where the span is too wide for exterior wall support.

WALLBOARD - sheet, usually 4' X 8', of gypsum or similar material, which is attached to the studs (frame) of a wall and forms a surface which can be finished (painted, wallpapered, etc.).

WAREHOUSE - structure used for the storage of goods, either for short or long periods of time.

WAREHOUSEMAN - One who, for compensation, stores the goods of others.

WAREHOUSING - depositing of loans by a lender such as a mortgage company, in a bank, for sale at a later date. The mortgage company then borrows against these loans. This is done when the mortgage company wishes to assemble a block of loans for sale, or when the company believes that the discount rate is dropping and the loans may be sold for a higher price in the future.

WAREHOUSING SPREAD - interest rate difference between the loan from the warehouse lender and the mortgages used as collateral security for the loan.

WARM AIR HEATING SYSTEM - Also called hot air heating system. A heating system whereby air is heated in a furnace and moves through ducts to the areas to be heated. See also: Forced Air Furnace; Gravity Furnace.

WARRANT - To legally assure that title conveyed is good and possession will be undisturbed.

WARRANTY - legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold. Warranties as to real property have taken on a lesser role with the increase of the use of title insurance.

WARRANTY DEED - deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title.

WASTE - (1) destruction of property by one who holds possession rightfully, but either is not the owner or does not own the property free and clear. (2) A change made in property, even if the value is increased by the change. This is called ameliorating waste.

WASTELAND - Land that is not economically feasible for development. The land may have great environmental value, such as swampland that supports wildlife.

WASTELINE - line carrying waste from any kitchen or bathroom fixture except a toilet.

WASTING ASSETS - Assets which, by use or lapse of time, are consumed or reduced in book value, irrespective of market fluctuation. Includes oil, minerals, patent rights, franchises for a fixed term, etc. Also called "diminishing assets"; "wasting property".

WASTING PROPERTY - Also See: Wasting Assets.

WATER LEVEL - surface height of a body of water as measured by a point on the shore. See also: Water Mark.

WATER MARK - mark on the shore indicating the highest point to which a body of water will normally rise (high-water mark) and also the lowest point (low-water mark) to which it will recede.

WATER POWER - power created by the fall of a stream across one's land, the riparian owner being entitled to its utilization.

WATER REPELLANT - chemical compound, in liquid form, which penetrates wood or other materials and prevents absorption of moisture or water into said materials.

WATER RIGHTS - Any right to the use and/or control of water, whether for irrigation, hydro electric power, personal use, etc. (Also See: Riparian Rights).

WATER TABLE - (1) depth, measured from the surface, at which natural underground waters are found. (2) A ledge to aid the run-off of rainwater, built at or above the top of the foundation wall.

WATER-GAGE - sea wall to restrain water from overflowing.

WATER-HOLDING CAPACITY - amount of water a given type and amount of soil will absorb and hold under normal conditions. The capacity is expressed as a percentage of the soil's own weight when dry.

WATERFRONT - Property (improved or unimproved) fronting on a body of water. More loosely, a neighborhood near a large body of water which has a commercial port.

WATERPROOF - Capable of withstanding absorption of water; treating a material to give it this capability.

WATERSCAPE - aqueduct.

WATERSHED - area formed by natural barriers, such as a mountain range, which separate two river systems. The term may be used to describe the drainage area or the barrier.

WATT - unit of electrical power equal to the flow of one ampere caused by the pressure of one volt.

WATT-HOUR - basis used to determine electric bills. Example: A 100 watt light bulb means if the bulb burns for one hour, it will use 100 watts of electricity.

WCR - Also See: Women's Council Of Realtors.

WEAR AND TEAR - deterioration or loss in value caused by the normal and reasonable use of the property. In leases, the tenant is not usually responsible for "normal wear and tear".

WEATHERING - (1) Commonly, the deterioration of the exterior of a structure caused by exposure to weather. (2) A step in the refining of gasoline.

WEATHERSTRIPS - Strips of felt, metal, etc., installed between a door or window and its casing, to keep out wind, moisture, dust, or other elements of the weather.

WEEP HOLES - Small holes in a retaining wall or other wall where it may be necessary to drain off excess water to avoid pressure build-up.

WEIGHTED AVERAGE - method of determining an average by valuing each component based on its relative importance. Example: In a mortgage pool a loan with a $100,000 balance would be valued higher for purposes of averaging than a similar loan with a $10,000 balance.

WEIR - (1) dam used to divert water to a pond, mill, or similar use. (2) A device for measuring the flow of water past a given point.

WEIR BOX - box set in an irrigation ditch to measure to flow of water. The box (usually of wood or concrete) is open at both ends and contains a measuring device (weir).

WELL - hole or shaft, which is sunk (usually by drilling) into the ground to obtain water, oil, natural gas, etc.

WESTERN FRAMING - type of framing in which the studding for each floor rests on a separate sill rather than ground to roof as in balloon framing.

WET COLUMN - column containing plumbing lines.

WET PLASTER - Plaster mixed with water and spread wet over a lath. The plaster dries hard to form the surface of a wall, ceiling, etc.

WETLANDS - Lands which, in their normal condition, have wet or spongy soil, such as a marsh or bog.

WHARF - structure used for loading and unloading ships. May be constructed, as a dock or pier, or simply a piece of ground prepared for the same use.

WHAT-IF ANALYSIS - exploration of the possible future circumstances of a potential buyer or borrower. For example: If you were off work for six months, would you lose your home? Useful in determining if you are financially sound enough to face possible future financial reverses.

WIDOW'S QUARANTINE - Old English law. Forty days during which a widow could stay in her husband's house, rent free, after his death.

WIFE - woman who is legally married to a living man.

WILD INTEREST - interest of record which cannot be traced in the chain of title. Frequently occurs when an incorrect legal description appears on a document. An apparent wild interest may occur if a woman who changes her name through marriage after acquiring property, sells the property using her married name only.

WILD LAND - Land not being used for cultivation or construction. Land completely in its natural state.

WILL - written expression of the desire of a person as to the disposition of that person's property after death. Must follow certain procedures to be valid.

WINDBREAK - Any natural or artificial structure which shelters by breaking the force of the wind.

WINDOW - opening in a wall or roof of a building to provide light, air, view, etc., but containing glass to keep out the weather.

WINDOW SILL - bottom framing member of a window casing.

WING - portion of a building which projects from the main area of the structure as a bird's wing projects from its body.

WIRE GLASS - pane of glass embedded with wire to strengthen it and prevent flying glass.

WIRE LATH - coarse mesh upon which plaster is spread.

WIRE TRANSFER - transferring of funds electronically rather than by mail. There is no waiting for a check to clear and no interest accruing while the check is in the mail.

WITHOUT RECOURSE - finance term. A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower.

WITNESS - (1)To sign a deed, note, or other document, to attest to its authenticity, or to prove its execution. (2) The person attesting.

WOMEN'S COUNCIL OF REALTORS (WCR) - affiliate of the NATIONAL ASSOCIATION OF REALTORS, it offers the designation of Leadership Training Graduate (LTG) and the Referral and Relocation Certification.

WOOD FRAME CONSTRUCTION - Buildings in which the walls, roof, and floors are framed with wood, although metal, stucco, or other material may cover the framing.

WORK EQUITY - Also See: Sweat Equity.

WORKING CAPITAL - Cash, or assets which are readily convertible to cash, used to carry on a business.

WORKING DRAWING - Drawing used by workman in construction. Shows all structural detail such as electric, plumbing, partitions, etc.

WORKINGHOUSE - structure on top of a grain elevator which houses the mechanical operating equipment for the elevator.

WORTHIER TITLE - doctrine of common law which held that if one devised (left by will) the same interest as the devisee would inherit (no will), the title by inheritance would prevail, and the person would take as heir rather than devisee.

WRAP-AROUND MORTGAGE - second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate than if refinancing.

WRIT OF CERTIORARI - Also See: Certiorari.

WRIT OF EJECTMENT - Writ in an action for the recovery of real property, generally from a tenant.

WRIT OF EXECUTION - writ to carry out the judgment or decree of a court.

WROUGHT IRON - easily molded form of iron used for decorative railings, gates, furniture, etc. The term is loosely used to describe steel or aluminum used in the same manner.

WYE - joining of railway tracks, the branches coming to the main track from different angles so as to form the shape of the letter Y.

WYTHE - partition in a chimney which contains more than one flue, separating the flues.

Whatever your financing needs,
we will tailor a loan that's right for you.


Daily Oil & Gas and Wall Street Journal News

Sources Say Shell In Talks to Buy Endeavor
Posted on Monday December 17, 2018

Shell is in negotiations to buy Endeavor Energy Resources for about $8 billion, according to people familiar with the matter.

Canada to Invest C$1.6B in Oil and Gas Sector
Posted on Monday December 17, 2018

The Canadian government has pledged more than C$1.6 billion to the country's struggling oil and gas sector to support jobs and workers.

North America LNG Rebound to Continue in 2019
Posted on Monday December 17, 2018

North America should lead an expected record year for global LNG project sanctions in 2019, predicts Wood Mackenzie.

HR's Role in the Oil and Gas Digital Transformation
Posted on Monday December 17, 2018

A new survey by KPMG finds that some oil and gas HR executives are still a bit hesitant to transform their workforces to keep up with the industry's digital transformation.

Key UAE Contract Goes to Spanish Firm
Posted on Monday December 17, 2018

The Linear Alkyl Benzene plant will be the first derivative unit to be developed under a $45 billion Ruwais downstream investment program.

No Theft in Saipem Cyber Attack
Posted on Monday December 17, 2018

Saipem reveals there has been no theft or loss of data in connection with the cyber attack it suffered recently.

CNOOC in Cooperation Pact with Majors
Posted on Monday December 17, 2018

China National Offshore Oil Corporation signs strategic cooperation agreements with several oil and gas majors.

Strong Outlook for Offshore Service Market
Posted on Monday December 17, 2018

The outlook for offshore oilfield service contractors is strong, according to Rystad Energy.

Exxon Becomes Permian Drill Chief
Posted on Monday December 17, 2018

ExxonMobil has overtaken rivals to become the most active driller in the Permian Basin.

Oil Dives Lower
Posted on Monday December 17, 2018

Oil dived lower near $49 a barrel as investors sought more assurance that OPEC's output cuts will work in the face of surging U.S. supply.

Wall Street Journal
Commercial News

12/18/18 Commercial Real Estate

CBRE Global Investors Buys Stake in Three GGP Malls
One of the world?s largest real-estate asset managers has purchased a 49% stake in three malls in a deal that values them at more than $1 billion and shows that investors still have an appetite for top-tier retail property.

FAO Schwarz Is Returning to New York
A dominant presence in Midtown Manhattan for decades before its closure in 2015, the toy store is coming to life again with a new, 20,000-square-foot Rockefeller Center location.

Sportswear-Maker Puma to Open New York Flagship
Germany?s Puma has signed a lease deal to creating a marquee location on Fifth Avenue that will be the first of its kind for the company in North America.

Kushner Cos., Brookfield Near a Deal for Stake in 666 Fifth Ave.
The real estate arm of Brookfield Asset Management is in advanced talks with Kushner Cos. to buy roughly a 50% stake in 666 Fifth Ave. and invest hundreds of millions of dollars in the Manhattan office tower, which has been at the center of a controversy over possible conflicts of interest involving Jared Kushner, President Donald Trump?s son-in-law and adviser.

Sign of the Times: New Office Space Created in Retail's Tumult
Normandy Real Estate Partners? $133 million deal for the upper portion of ABC Carpet?s flagship store is an example of office space edging into territory that once was retail?s domain.

Want to Buy a Luxury Hotel in the U.S.? Try China's Insurance Regulator
When Chinese regulators seized control of Anbang Insurance, they took ownership of more than a dozen luxury U.S. hotels. Now, as the government looks to sell, it faces a problem: The buildings likely are worth less than what Anbang paid only a couple of years ago.

New York's Commercial Property Slump Shows Signs of Slowing
After a two-year plunge, brokers are optimistic that more deals will take place in 2018.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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