What term refers to the total annual income produced by a property without accounting for expenses?

The term that refers to the total annual income produced by a property without accounting for expenses is gross rental income. This figure includes all income generated from the property, such as rents and any additional sources of income, without considering costs like maintenance, property management fees, or taxes. This measure is a crucial starting point for understanding the property's financial performance and is used by investors to evaluate the potential return on investment.

Effective gross income, which is mentioned as an answer choice, usually takes into account potential losses from vacancy and credit issues, thus providing a more realistic financial picture. Net operating income builds upon effective gross income by subtracting operating expenses, giving a clearer view of profit after costs. Operational revenue is a broader term that might encompass more than just real estate and isn't specifically tied to rental properties.

Understanding the differences between these terms is essential for accurately assessing real estate investments and managing finances in property ownership.