What does the 'AS IS' provision in an Arizona residential purchase contract typically mean?
Correct Answer
D) The seller makes no warranties about the property's condition
Correct: D - The seller makes no warranties about the property's condition. An 'AS IS' provision means the seller makes no warranties or representations about the property's condition and will not be responsible for repairs or defects. Why not A: This option is incorrect because "The buyer cannot negotiate any repairs" does not match the rule tested by the question. The correct answer is "The seller makes no warranties about the property's condition". An 'AS IS' provision means the seller makes no warranties or representations about the property's condition and will not be responsible for repairs or defects. Why not B: This option is incorrect because "The buyer waives the right to any inspections" does not match the rule tested by the question. The correct answer is "The seller makes no warranties about the property's condition". An 'AS IS' provision means the seller makes no warranties or representations about the property's condition and will not be responsible for repairs or defects. Why not C: This option is incorrect because "The property must be delivered in perfect condition" does not match the rule tested by the question. The correct answer is "The seller makes no warranties about the property's condition". An 'AS IS' provision means the seller makes no warranties or representations about the property's condition and will not be responsible for repairs or defects.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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What is the purpose of the AAR Buyer's Inspection Notice and Seller's Response form?
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- → In a Goodyear transaction review, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. What is the best answer under current Arizona law or current Arizona form practice?
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- → In a licensing seminar in Peoria, a salesperson wonders whether all issues belong inside the core purchase contract body even when a specialized addendum exists. Which statement is most accurate under current Arizona rules?
- → In the AAR Residential Purchase Contract, what does the term 'Close of Escrow' specifically refer to?
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- → Under the current AAR Buyer Advisory, in a Glendale transaction review, a buyer assumes the Arizona Buyer Advisory is a guarantee that every due-diligence issue has already been verified by the broker. What is the most accurate response?
- → At Red Rock Desert Properties in Scottsdale, Under current Arizona rules, which statement best describes listing contract purpose?
- → In AAR standard purchase contracts, what does the 'As-Is' addendum specifically mean for the buyer?
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Previous Question
In a Scottsdale purchase contract, the buyer includes a provision stating 'Seller warrants that the property is not subject to any pending or threatened litigation.' After closing, the buyer discovers an ongoing boundary dispute with a neighbor. What is the buyer's best course of action?
Next Question
A buyer in Chandler includes a provision in their offer requiring the seller to provide a one-year home warranty covering HVAC, plumbing, and electrical systems. The seller counter-offers agreeing to the warranty but limiting coverage to six months. If the buyer accepts this counter-offer, what is the warranty term?