New York State Real Estate Salesperson Licensing Exam

What term describes the total area of a property including shared spaces?

1. Usable square footage

2. Gross building area

3. Common area square footage

4. Exclusively usable space

The correct answer is: Gross building area

The term that describes the total area of a property, including shared spaces, is gross building area. This measurement encompasses all the floor area within the building's exterior walls, accounting for both usable and non-usable spaces. It includes common areas such as hallways, lobbies, stairs, and restrooms, which serve all tenants or occupants. Understanding this term is crucial for evaluating the overall capacity and layout of a property, particularly in commercial real estate where shared facilities are common. Other terms like usable square footage refer specifically to the areas available for tenant use, excluding shared spaces, while common area square footage focuses solely on the areas shared among tenants. Exclusively usable space refers to areas that can be specifically occupied by a tenant, leaving out any common or shared areas entirely. Thus, gross building area encompasses all aspects of the property, which is why it is the correct answer.