A buyer is purchasing an Arizona home and signs an 'AS-IS Addendum.' This means:
Why The buyer accepts the property in its current condition but retains the right to inspect and cancel based on inspection results Is Correct
Answer B: The buyer accepts the property in its current condition but retains the right to inspect and cancel based on inspection results
Exam Tip: Contracts
Contract questions frequently test the essential elements required for a valid contract. Remember: competent parties, mutual consent, lawful object, and sufficient consideration. Watch for void vs. voidable distinctions.
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Key Terms to Know
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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