In one line: The seller will not repair or credit anything: what you inspect is what you get.
An as-is sale means the seller intends to make no repairs and give no repair credits: the buyer takes the property in its current condition. It signals anything from a tidy estate sale to a home the owner cannot afford to fix.
As-is does not waive disclosure. In Nevada, sellers still owe the standard Seller's Real Property Disclosure Form, and as-is does not protect a seller who conceals known defects. It also does not take away the buyer's inspection: you can inspect, you just negotiate price instead of repairs.
In listing copy, as-is is one of the phrases that usually means work to do and room to negotiate, which is why Kouzr's fixer-upper screen watches for it.
A worked example
A listing marked as-is at $340,000 where finished neighbours close at $420,000 is telling you the seller will not fix anything and has priced $80,000 of that into the ask. Whether $80,000 is enough is the inspection's job.
Questions people ask
Can I still inspect an as-is home?
Yes. As-is is about who pays for repairs, not whether you may look. Keep the inspection contingency; what changes is that the report becomes a price negotiation rather than a repair request.
Does as-is mean the seller can hide defects?
No. Nevada's seller disclosure form is still required, and known defects still have to be disclosed. As-is limits the seller's obligation to repair, not their obligation to tell.