I am posting this topic to perhaps save someone out there some stress and worry.
I purchased a new ZWL Lionel transformer a few months ago which seemed to be working fine but when I did my track voltage testing the voltage would not go above 16.8 volts using 3 of my standard VOMS and DVOM meters. After some considerable thought and finally looking at the output voltage on an oscilloscope, I noticed that the ZWL outputs a triangle wave whose amplitude increases as you raise the voltage. As the voltage approaches maximum the waveform becomes more of a sawtooth or square wave. I figured this would account for an inaccurate reading since the standard RMS calculation is based on .707 of peak of a sine wave.
I was worried so I called Lionel and they said they use a TRUE RMS meter, which although having an electronics background I had never heard of. Anyhow I purchased a TRUE RMS meter for about 30 bucks and what do you know it outputs a little more then 18 volts just like it is supposed to.
So, the moral of the story is don't be fooled by your regular voltmeter when measuring the ZWL voltages. Use a TRUE RMS meter and you can then sleep at night again without worrying that you might have to send your expensive new transformer back.