Property Valuation
A 'drive-by' appraisal (exterior-only inspection) is typically used for:
AInitial purchase loans requiring detailed interior inspection
BRefinance transactions where the lender has a prior interior appraisal and needs a lower-cost update✓ Correct
CAll FHA loans
DProperties with known interior defects
Explanation
Exterior-only (drive-by) appraisals are used for lower-risk transactions like refinances where an interior appraisal is not deemed necessary. They are less comprehensive and rely on public data and exterior observation.
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