Waaaay off. I'd try and explain, but without diagrams it's kinda tricky. They're very simple mechanisms and are easy to pick since only one part of the key actually interacts with the bolt. Warding can be very complex and intricate though, so I imagine it's not always an easy task. Your warded master is a very simple lock to pick, since only the tip of the key actually does anything.
It can be picked with an L-shaped wire or a filed down key. To find out how, check out
this fantastic guide written by Illusion. For warded locks like you'd see on old doors, see
this link. Really interesting stuff, definately a worthwhile read.