Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®)
Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals
requiring interior and exterior inspections with effective dates of April 1, 2022 or later on loans sold to Fannie Mae
Here are some items for appraisers to consider when using the
ANSI standard1:
• Measurements are taken to the nearest inch or tenth of a foot, and
the final square footage is reported to the nearest whole square foot.
• Staircases are included in the GLA of the floor from which they descend.
• Basement is any space that is partially or completely below grade.
• The GLA calculation does not include openings to the floor below,
e.g., two-story foyers.
• Finished areas must have a ceiling height of at least 7’. In a room
with a sloping ceiling, at least 50% of the finished square footage
of the room must have a ceiling height of at least 7’ and no portion
of the finished area that has a ceiling height of less than 5’ can be
included in the GLA.
• If a house has a finished area that does not have a ceiling height
of 7’ for 50% of the finished area, e.g., some cape cods, in
conformance with the ANSI Standard, the appraiser may put this
area on a separate line in the Sales Comparison Grid with the
appropriate market adjustment. The report will be ANSI-compliant
and also acknowledge the contributing value of the non-GLA
square footage.
read more at: https://singlefamily.fanniemae.com/media/30266/display
Green Real Estate Appraiser 