Loughrin v. Superior Court (1993) 15 Cal.App.4th 1188, 1195; 

1. "Contrary to the apparent assumption of many people dealing in real estate (including some brokers), a sale "as is'" is not the equivalent of a waiver of potential claims for misrepresentation". 

2. "Sale of real property "as is" is not equivalent of waiver of potential claims of common-law misrepresentations. ' as is' sale simply means that purchaser accepts property in condition visible or observable by him."   

3. "[Stock or ] augmented 'as is' clause will  will not protect against claims of intentional misrepresentation, fraudulent concealment, or negligent concealment not related to failure to inspect". 

4. "While the waiver clause . can be construed as avoiding claims for negligent misrepresentation based upon defects seller should have known existed but did not because he did not because of a lack of inspection, there remains other possibilities of claims on negligence."

5. "Even such augmented "as is" clause, however, does not address the issues of 1) intentional misrepresentation 2) fraudulent concealment or even 3) negligent concealment not related to failure to inspect" 

6. From Katz v Department of RE - "An 'as is' provision, generally speaking means that the buyer takes the property in the condition visible to or observable by him. It does not in itself protect.. or absolve [seller ] from liability for passive concealment".