Property Valuation
In New Jersey, a 'drive-by appraisal' or 'exterior-only appraisal' provides:
AThe most accurate value estimate
BA value estimate based on exterior observation and public records, with reduced reliability compared to a full interior inspection✓ Correct
CThe same reliability as a full interior appraisal
DA legally required minimum standard for all NJ refinances
Explanation
An exterior-only appraisal uses a curbside inspection of the exterior and relies on public records and MLS data for interior information. While less costly and faster, it provides lower confidence than a full interior inspection and is typically used for low-risk loans or limited appraisal situations.
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