medium · National Real Estate Exam contracts
If a buyer agrees to an 'as-is' purchase but the contract also includes a 'right to inspect' with a 'right to cancel,' the 'as-is' clause generally means:
- The buyer has waived any right to sue for fraud even if a seller-concealed latent defect surfaces later
- The inspection results become legally binding on the seller and require repairs despite the 'as-is' language used
- The seller will not make repairs, but the buyer can still walk away if they don't like the inspection results.
- The 'as-is' clause is automatically void because it directly contradicts the buyer's separate right to inspect the property
Sign up free to see the explanation and track your rank →
More National Real Estate Exam contracts practice
- A broker's employment contract with a seller is officially called the:
- What is the current status of the contract?
- A buyer defaults on a purchase agreement, and the seller chooses to keep the earnest money
- A buyer makes a written offer to a seller. Two days later, before the seller has responded
- A contract for the sale of a property is signed. Before closing, the property is destroyed
- A contract for the sale of real estate that has been signed by both parties is valid, but
- A contract that is valid and binding but allows one party to avoid the agreement because o
- A contract that is valid and enforceable until it is canceled by a party who was a victim