TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

What is the legal effect of the phrase 'sold as is, where is' in Tennessee auction terms?

It eliminates all warranties, both express and implied, meaning the buyer accepts the item in its current condition and location It guarantees the item is in perfect condition It requires the auctioneer to deliver the item to the buyer's location It means the buyer has 30 days to inspect and return the item

Correct Answer:

It eliminates all warranties, both express and implied, meaning the buyer accepts the item in its current condition and location

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