What is the difference between a standard appraisal and a field review?

• A. A standard appraisal provides the primary value; a field review is a secondary evaluation by a different appraiser to confirm or correct value.
• B. A standard appraisal is only for purchase, field review only for refinance.
• C. A field review provides the primary value; a standard appraisal confirms it.
• D. A standard appraisal uses automated valuation model; a field review is manual.

Answer: (A)

In mortgage lending, the standard appraisal is the initial, full valuation used to determine the property's market value for the loan. A field review, performed by a different appraiser, serves as an independent check on that value—reviewing the original report, sometimes inspecting the property again, and offering confirmation or adjustments as needed.

This makes the chosen answer the best because it accurately captures the roles: the standard appraisal provides the primary value, while the field review acts as a secondary evaluation to verify or correct that value, helping ensure accuracy and risk mitigation.

Why the other ideas don’t fit: a field review is not the primary value, and the standard appraisal is not restricted to purchases with field reviews only for refinances. While some field reviews may involve manual inspection and the use of various tools, the core difference is about being the initial valuation versus an independent verification.