I'm fairly new to the review queues (maybe a couple weeks now) and have had the opportunity to review a number of Low Quality posts and First Posts (Q or A). I was recently reading Should there be two first-post review queues? and the author pointed out that they skip many of the "first answers" because they are in areas that are unfamiliar. In the past, when reviewing answers, I've essentially looked for things that are bad: non-answers, jibberish/spam (and recommended deleting them), or if it was reasonably good, but needed help (i.e. formatting/grammar) just make an edit. There have been a few cases which were well outside my area of expertise which I gave an honest effort to read. If the answer looked plausible (i.e. not jibberish/spam that included math symbols) then I said "Looks ok". If I couldn't tell if it was jibberish/spam+math symbols, then I'd skip.
My question: When reviewing an answer (first post or low quality) is it the reviewers job/duty to do a "peer review" specifically for correctness of the solution? I.e. if the user made an apparently honest effort at a solution but the solution is wrong, should I recommend that it be deleted? or just comment and point out the error (recommending that the Answerer delete their own post--or fix it if possible). If this is the case (that I should read also for correctness) then I will likely skip 10-20% more reviews than I do presently.
EDIT: Follow-up question--please let me know if I should instead post this edit as a separate question. (This is sparked by Robert Soupe's answer.) If the answer is incorrect (and not likely fixable), I can certainly downvote the question and make a comment. But how does the review process terminate? Clicking "looks ok" feels like an endorsement of the answer (which I don't want to do if it is incorrect), but there is no option under "recommend delete" that has the flavor "this answer is wrong." If I click "skip" then I send it off to someone else to review (who may be stuck in the same puzzle I was in).