On the traditional Fannie Mae Form 1004, assume the main and second levels are finished above grade and the finished basement is below grade. The levels measure 1,200, 800 and 600 square feet respectively. What above-grade gross living area is reported?
Correct Answer
A) 2,000 sq ft
Fannie Mae reports below-grade space separately from above-grade gross living area. Add the stated above-grade levels: 1,200 + 800 = 2,000 square feet. The 600-square-foot finished basement is documented separately; it is not added to above-grade GLA.
Why This Is the Correct Answer
The two above-grade finished levels total 1,200 + 800 = 2,000 square feet of gross living area. The 600-square-foot finished basement is reported separately, assuming it is below grade under the applicable measurement standard.
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