Will apple replace my iphone if?

So i got a iphone 4s on craigslist. And they told me the led flash won't turn off. And it doesn't even when i power it off. But i looked on apple.com and entered serial number and it still has warranty till 2014. Will they replace the iphone 4s. Or do i have to have them transfer the warranty to me or does it not matter?

They may not replace it but they may fix it there and then, but if they do replace it, it won't be a new phone just a second hand phone but has new battery new screen and it works like a brand new phone

They will fix if it was never jailbroke and doesn't have water damage.
usually the flash stays on when it gets water damage.

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