Property Valuation
An Illinois appraiser uses the 'gross living area' (GLA) when describing a home's square footage. GLA typically includes:
AAll areas including unfinished basement and garage
BOnly above-grade (above-ground) finished, heated living areas✓ Correct
CTotal square footage of the lot, including outdoor patio areas
DAll areas measured from the exterior of the foundation walls
Explanation
Gross Living Area (GLA) for residential appraisals (as defined by Fannie Mae) includes only finished, heated, above-grade living areas. Unfinished basements, garages, and below-grade areas are not included in GLA (though they may be noted and adjusted for separately).
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Math Concepts
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