Hawaii Pre-Licensing National Practice Exam 2025 – Your Complete Prep Guide

An "as-is" property refers to a real estate transaction where the property is sold in its current state, without any repairs or improvements being made by the seller before the sale. This means that the buyer accepts the property with all its existing flaws, defects, or issues, and takes on the responsibility for any necessary repairs or renovations after the purchase. This approach to selling can appeal to buyers who are willing to undertake a fixer-upper project or negotiate the purchase price based on the condition of the property.

In contrast, properties that have been recently renovated or improved would typically be marketed as move-in ready, emphasizing their upgraded condition rather than their status as-is. Properties under foreclosure proceedings may indicate financial distress or legal complexities that are not necessarily related to their physical condition. Additionally, while a property offered at a discounted price due to defects suggests that the seller is acknowledging some issues, it does not inherently mean that the property is being sold "as-is," as there might still be some negotiation on repairs or price adjustments involved. Therefore, the definition of "as-is" accurately captures the essence of a property being sold without the seller's intervention for repairs or enhancements.