Glossary

W

WAINSCOTING – Wooden lining of an interior wall, usually in panels.

WALK-UP – A residential block of units with no lift generally limited to three storeys (unless on a very steep slope with entrance at mid level).

WATER CLOSET – A room equipped with toilet fixtures and facilities.

WATERFRONT PROPERTY – Any property that has frontage on an ocean, river or other watercourse.

WATER RIGHTS – A right to a definite or conditional flow of water, usually for use at stated times and in stated quantities for irrigation or for hydroelectric power development.

WEAR AND TEAR – The depreciation of an asset due to ordinary usage.

WEATHERBOARDING – External wall sheeting formed with overlapping or rebated boards.

WITHOUT RESERVE – An auction term signifying that the goods offered will be sold to the highest bidder, whatever that bid may be.