Condominium Project Questionnaire (Full), draft
SAMPLE - FICTIONAL COMMUNITY
Harborview Commons Condominium, Tampa, FL (84 units)
Draft prepared from association-provided data for the management company's review and signature. The management company is the preparer and signer of record. Informational only: no legal advice, no statutory interpretation. Every package is checked against the agency requirements before delivery.
The questionnaire body is completed exactly as it is on the clean example, from this building’s own documents. What follows is the review it received.
Review
FINDINGS 34 pass, 7 to resolve
The 7 items that came back
- Reserve allocation percentage. $42,336 / $604,800 = 7.0% is below the 10% (current) floor and no valid reserve-study alternative exists (study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale))
- Reserve study substitute. study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale)
- Delinquency, regular assessments. 14 of 84 units (16.7%) 60+ days past due on regular assessments; limit 15%
- Reserve denominator, checked again. $42,336 / ($604,800 - $60,480 excludable) = 7.8% on the pure denominator; the figures straddle the 10% (current) floor (stated-figure ratio 7.0%; pure-denominator ratio 7.8%; association's claimed percentage 10.0%): the ratio worked from the documents governs (B4-2.2-02 exclusion list); reconcile before answering
- Delinquency ledger normalizer. ledger 14 of 84 units (16.7%) minus 2 post-transfer stale entries = 12 of 84 units (14.3%) reconciled; the ledger figure and the reconciled figure straddle the 15% limit, so the answer flips on reconciliation; resolve the ledger before the questionnaire answer is usable
- Special assessment purpose consistency. (1) purpose 'Garage concrete spalling remediation per the 2026 structural engineer's report (fictional)' carries critical-repair language (structural, spalling, engineer) but the critical-repair flag says No; the lender pulls the minutes, the mismatch kills the loan and leaves a misrepresentation record - reconcile the purpose with the minutes/engineer report and attach the report rather than characterizing it
- Answer provenance. occupancy counts carry no source document: a guessed occupancy figure that later proves wrong is the classic misrepresentation trap; state the source (e.g. homestead-exemption match, mailing addresses) and as-of date, or answer that the association does not maintain occupancy records
Every check, all 60 of them, with its result and the rule it comes from
| Check | Result | What the review found | Rule |
|---|---|---|---|
| FIN-01-RESERVE-PCT Reserve allocation percentage |
FAIL | $42,336 / $604,800 = 7.0% is below the 10% (current) floor and no valid reserve-study alternative exists (study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale)) | B4-2.2 Full Review Process (08/05/2026) [verified]; 15% floor: LL-2026-03 (2026-03-18), applications on or after 2027-01-04 [verified; also Freddie Bulletin 2026-C and 5701.5 (01/04/27 version)] |
| FIN-02-RESERVE-STUDY Reserve study substitute |
FAIL | study completed 2022-11-15 is more than 3 years before the application date 2026-08-11 (stale) | B4-2.2 Full Review Process (08/05/2026) [verified]; highest-recommendation funding and baseline-funding ban, applications on or after 2026-08-03 [verified: LL-2026-03; Freddie 5701.5(d) (08/03/26 version)] |
| FIN-03-DELINQ-REGULAR Delinquency, regular assessments |
FAIL | 14 of 84 units (16.7%) 60+ days past due on regular assessments; limit 15% | B4-2.2 Full Review Process (08/05/2026) [verified] |
| FIN-04-DELINQ-SPECIAL Delinquency, special assessments |
PASS | 1 of 84 units (1.2%) 60+ days past due on special assessments; limit 15% | B4-2.2 Full Review Process (08/05/2026) [verified] |
| FIN-05-BUDGET-ADEQUACY Budget adequacy |
PASS | assessments established ($604,800 budgeted) with a named replacement-reserve line ($42,336); reserve floor graded in FIN-01; qualitative items to confirm: budget consistent with the nature of the project, line items appropriate to project type and status, adequate funding for insurance deductibles (no formula in the Guide) | B4-2.2-02 Full Review Eligibility Requirements (June 3, 2026 guide): budget 'is adequate (that is, it includes allocations for line items pertinent to the type of condo project)' [verified primary]; Freddie 5701.5(b) / 5701.6(c) [verified primary] |
| FIN-06-RESERVE-DENOMINATOR Reserve denominator, checked again |
FAIL | $42,336 / ($604,800 - $60,480 excludable) = 7.8% on the pure denominator; the figures straddle the 10% (current) floor (stated-figure ratio 7.0%; pure-denominator ratio 7.8%; association's claimed percentage 10.0%): the ratio worked from the documents governs (B4-2.2-02 exclusion list); reconcile before answering | B4-2.2-02 Full Review Process (04/02/2025, June 3 2026 guide): reserve calculation and its exclusion list (incidental, pass-through utilities, reserve-allocated, special-assessment income) [verified primary]; Freddie 5701.5(b)5 [verified]; condo-approval.com 2025-11-18 |
| FIN-07-DELINQ-NORMALIZER Delinquency ledger normalizer |
FAIL | ledger 14 of 84 units (16.7%) minus 2 post-transfer stale entries = 12 of 84 units (14.3%) reconciled; the ledger figure and the reconciled figure straddle the 15% limit, so the answer flips on reconciliation; resolve the ledger before the questionnaire answer is usable | B4-2.2 Full Review Process (08/05/2026): 15% of units 60+ days past due [verified]; unit counts, never dollars; REO ledger drift [estimate], 60+ aging basis [verified threshold]; note: special assessments are tested separately (FIN-04), not blended into this count |
| OCC-01-OCCUPANCY Owner-occupancy concentration |
PASS | no occupancy concentration requirement for established projects (eliminated 2026-03-18 by LL-2026-03); counts reported for the form | LL-2026-03 (2026-03-18), 'Retirement of investor concentration limits', effective immediately [verified]; condotel red flag: B4-2.1-03 (08/05/2026) [verified] |
| OWN-01-SINGLE-ENTITY Single-entity ownership limit |
PASS | largest holder Investor A (fictional holding company): 3 of 84 units (3.6%), including 2 leased (leased and developer-retained units aggregate); within the limit 20.0% for a 21+ unit project | B4-2.1-03 Single-Entity Ownership (June 3, 2026 guide) [verified primary: limits, lease-arrangement inclusion, exclusions, purchase waiver; HOA owned-and-rented units count per the Non-Incidental Business Arrangements text]; Freddie 5701.3(j) diverges (25% at 21+ units) |
| OWN-02-REO-OWNER-OF-RECORD REO / lender-held owner-of-record |
PASS | no REO / lender-held / association-foreclosure holdings reported | B4-2.1-03 Single-Entity Ownership (June 3 2026 guide) [verified: the exclusion list has no REO/lender entry, so bank- and association-held units count like any owner]; owner-of-record and date-acquired identification [verified form instructions] |
| NEW-01-PRESALE New-project presale and completion |
PASS | not applicable: established project (84 of 84 units conveyed (100%), complete, no additional phasing, control turned over) | B4-2.2 additional requirements, new/newly converted projects (08/05/2026) [verified] |
| LEGAL-01-PHASING-MASTER Legal phasing and master association |
PASS | completion answered from Declaration of Condominium recorded 2004 (Hillsborough County OR Book 13xxx, fictional) and amendments through 2019; no phases reserved; no annexation rights reserved; not part of a master association | B4-2.1-01 established definition: no additional phasing/annexation [verified]; B4-2.2-03 phased-project guidance and the LL-2026-03 5-10-unit waiver master-association condition [verified rules; budget-blending failure mode estimate]; denominator conventions |
| LEGAL-02-ROFR Right of first refusal |
PASS | no right of first refusal in the project documents | B4-2.2-03 Limitations on Ability to Sell/Right of First Refusal (08/05/2026) [verified 2026-08-14]; risk framing B4-2.1-01 |
| CHAR-01-COMMERCIAL Commercial space share |
PASS | non-residential (commercial 4,200) = 4,200 sq ft of 88,200 total (4.8%); limit 35% | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-02-CONDOTEL Hotel/condotel operations |
PASS | no hotel-type operations reported | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-03-INELIGIBLE-TYPES Ineligible project types |
PASS | no ineligible project type reported | B4-2.1-03 (08/05/2026) [verified] |
| CHAR-04-PRIORITY-LIEN Priority lien exposure |
PASS | 6 months of regular assessments may prime the lien; limit 6 | B4-2.1-01 (08/05/2026) [verified] |
| LIT-01-DISQUALIFYING Litigation disqualification screen |
PASS | all 1 pending matter(s) disclosed and classified within the B13 carve-outs | B4-2.1-03 (08/05/2026) [verified] |
| LIT-02-CLASSIFICATION Litigation carve-out classification |
PASS | (1) MINOR: HOA is plaintiff in an assessment-collection or foreclosure action (B13) | B4-2.1-03 (08/05/2026) [verified] |
| LIT-03-COMPLETENESS Litigation intake completeness |
PASS | all 1 matter(s) carry proceeding type and the carve-out facts (type, insurer-defending posture, limits vs demand where applicable) | B4-2.1-03 litigation carve-outs [verified]; Freddie 5701.3(i) expressly extends the screen to arbitration/mediation [verified]; bare yes/no wrong in both directions; JustAnswer mediation thread [self-reported] |
| COND-01-CRITICAL-REPAIRS Critical repairs / deferred maintenance |
PASS | no critical repairs or significant deferred maintenance reported, and unfunded 12-month repairs are $0 per unit (limit $10,000) | B4-2.1-03 (08/05/2026) [verified] |
| COND-02-EVACUATION Evacuation order |
PASS | no evacuation order | B4-2.1-03 (08/05/2026) [verified] |
| COND-03-SA-REMEDIATION Special assessment remediation |
PASS | no special assessment tied to an unremediated critical repair | B4-2.1-03 (08/05/2026) [verified] |
| COND-04-INSPECTION Inspection report screen |
PASS | inspection dated 2025-06-18 (within 3 years): no critical repairs needed, no evacuation orders, no outstanding regulatory actions | B4-2.1-03 (08/05/2026) [verified] |
| COND-05-SA-PURPOSE Special assessment purpose consistency |
FAIL | (1) purpose 'Garage concrete spalling remediation per the 2026 structural engineer's report (fictional)' carries critical-repair language (structural, spalling, engineer) but the critical-repair flag says No; the lender pulls the minutes, the mismatch kills the loan and leaves a misrepresentation record - reconcile the purpose with the minutes/engineer report and attach the report rather than characterizing it | B4-2.1-03 critical repairs / special assessments [verified]; Freddie 5701.3(n): purpose, approval date, original amount, amount remaining, expected payoff for every current and planned assessment [verified]; KSN Law 2024-2025; MEEB: attach the engineer report rather than characterizing it |
| INS-01-PROPERTY Master property coverage |
PASS | coverage $24,150,000 equals or exceeds 100% of estimated replacement cost $24,150,000 per insurer replacement-cost valuation dated 2026-03-15; Special form; replacement-cost loss settlement (roof may be non-RCV) | B7-3-03 (fetched 2026-08-11) [verified] |
| INS-02-DEDUCTIBLES Deductibles |
PASS | per-occurrence deductible $100,000 is 0.4% of coverage (limit 5%); per-unit deductible $25,000 (cap $50,000, applications on or after 2026-07-01); borrower HO-6 noted: must cover at least the greater of interior-restoration cost or the per-unit deductible (LL-2026-03) | B7-3-03 (fetched 2026-08-11) [cap verified]; $50,000 cap and the 2026-07-01 application-date trigger [verified: LL-2026-03 pp. 5-6]; pre-2026-07-01 standard: B7-3-03 (02/07/2024 version, June 3 2026 guide) [verified primary] |
| INS-03-ENDORSEMENTS Endorsements and boiler |
PASS | trustee recognition, subrogation waiver, and master-primary confirmed; building-ordinance coverage in place; boiler and machinery $2,000,000 meets the lesser of $2M or replacement cost | B7-3-03 (fetched 2026-08-11) [verified] |
| INS-04-FLOOD Flood coverage |
PASS | flood coverage $24,150,000 meets the B7-3-06 building floor: at least the lesser of 80% of replacement cost ($19,320,000) or the maximum NFIP coverage per unit; deductible (not an intake field) may not exceed the NFIP RCBAP maximum; verify on the evidence of insurance | B7-3-06 Requirements for Project Developments and Deductible Requirements (02/07/2024, June 3 2026 guide) [verified primary] |
| INS-05-LIABILITY Liability coverage |
PASS | liability coverage $1,000,000 meets the B7-4-01 minimum of $1,000,000 per single occurrence; confirm on the evidence of insurance: severability of interests / separation of insureds (or the specific endorsement), coverage of HOA-owned commercial spaces and common-element operations, HOA as named insured with premiums a common expense | B7-4-01 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03 |
| INS-06-FIDELITY Fidelity/crime coverage |
PASS | fidelity/crime coverage $460,000 meets the B7-4-02 minimum of $151,200 (three months of assessments on all units ($604,800 x 3/12 = $151,200; financial controls adhered to)); policy covers the management agent's acts | B7-4-02 (12/14/2022, June 3 2026 guide) [verified primary]; LL-2026-03 B7-4-01 note: only waiver-of-review projects exempt post-2026-08-03 |
| INS-07-PERIL-DEDUCTIBLES Per-peril deductible schedule |
PASS | 2 layer(s) transcribed with peril, basis, application, and source: (1) all other perils: $100,000 = 0.4% of coverage; (2) named storm: $25,000 per unit | B7-3-03 Deductible Requirements [verified: 5% of coverage per occurrence, multiple deductibles combine (02/07/2024 version); $50,000 per-unit cap for applications on or after 2026-07-01 (LL-2026-03)]; transcription integrity: peril + basis + application, never a conversion worked out from another figure; exactly-5% base verification; calendar-year hurricane basis per MyFloridaCFO [self-reported] |
| INS-08-DEDUCTIBLE-BUYBACK Deductible buy-back disclosure |
PASS | no deductible buy-back layers reported; base deductibles govern (INS-02, INS-07) | B7-3-03 buy-back note (02/07/2024) [verified: acceptable 'provided the policy meets all other property insurance requirements in Chapter B7-3, including insurer rating requirements']; present master deductible, buy-back layer, and net effective; never only the net [self-reported: Merlin Law Group] |
| INS-09-CARRIER-ELIGIBILITY Carrier eligibility and FAIR-plan conditionality |
PASS | master carrier Meridian Bay Mutual Insurance Company (fictional): AM Best A- meets B7-3-01 | B7-3-01 (fetched 2026-08-11) [verified: rating test - any one of AM Best B, Demotech A, S&P BBB, KBRA BBB; FAIR/windstorm-pool policies accepted only 'if they are the only coverage that can be obtained at the time of the loan closing or policy renewal']; layered placements screen every participant [self-reported: CondoTek/MGIC 1/15/25] |
| INS-10-LOSS-SETTLEMENT Loss-settlement sweep |
PASS | replacement-cost settlement throughout, roof included; no ACV carve-outs to disclose | B7-3-03 with LL-2026-03 [verified: replacement-cost loss settlement required, roofs excepted - roofs must be insured but need not be RCV; ACV acceptable on personal property and certain non-building elements]; HO-6 gap logic: LL-2026-03 HO-6 rules [verified] and PennyMac 26-76 |
| INS-11-RCV-EVIDENCE Replacement-cost evidence and coinsurance |
PASS | evidence: insurer replacement-cost valuation dated 2026-03-15, dated 2026-03-15 (149 days before application); no coinsurance clause | B7-3-03 acceptable replacement-cost evidence list (guaranteed RC, extended RC, insurer RCV valuation, insurance risk appraisal, qualified statement) [verified: LL-2026-03]; agreed-amount/coinsurance reading and the 12-month FL binding practice: FSResidential 2026 [self-reported]; FL 36-month appraisal statute not fetched - age flags are warnings only; statutory interpretation is not statutes |
| PROV-01-PROVENANCE Answer provenance |
FAIL | occupancy counts carry no source document: a guessed occupancy figure that later proves wrong is the classic misrepresentation trap; state the source (e.g. homestead-exemption match, mailing addresses) and as-of date, or answer that the association does not maintain occupancy records | every material answer carries source document plus date; Eisenberg v. Phoenix Association Management (Mass. 2003) via MEEB [verified case, the one litigated loss]; CAMS 'DON'T GUESS' [self-reported] |
| PROC-01-CPM-STATUS CPM project status |
PASS | CPM status: Approved by Fannie Mae (checked 2026-08-10) | CPM FAQ (July 2026) Q9 and Q18 plus B4-2.1-02 [verified] |
| PROC-02-CPM-CERT CPM certification currency |
PASS | CPM status confirmed 2026-08-10; certification must remain unexpired and the project eligible as of the note date (lender-side, note date not yet known) | CPM FAQ (July 2026) Q9, unexpired certification in file [verified]; review age at note: one year established / 180 days new [verified primary: B4-2.1-01 Expiration for Project Reviews, June 3 2026 guide; Freddie 5701.2(a)(3)] |
| PROC-03-REGIME Review regime applicability |
PASS | application dated 2026-08-11: Full Review regime applies; Limited Review and short-form 1077/477 are retired (D12) | LL-2026-03 (2026-03-18), mandatory for applications dated on or after 2026-08-03 [verified primary] |
| PROC-04-REGIME-ROUTER Application-date regime router |
PASS | application dated 2026-08-11 selects: per-unit deductible: $50,000 cap + HO-6 cure (on/after 2026-07-01); review regime: Full Review, Limited Review and short-form 1077/477 retired (on/after 2026-08-03); reserve study: highest-recommendation funding mandatory, baseline method banned (on/after 2026-08-03); reserve floor: 10% (before 2027-01-04); effective-immediately items in force since 2026-03-18: investor-concentration limit retired, inflation-guard retired, roof may settle ACV, waiver expanded to <=10-unit projects | LL-2026-03 (2026-03-18) effective-date table [verified: $50K per-unit deductible 2026-07-01; Limited Review retirement and reserve-study rules 2026-08-03; 15% reserve floor 2027-01-04; investor-concentration, inflation-guard, and roof-RCV relief effective immediately]; SEL-2026-07 conform (guide text 08/05/2026); answer to the vintage the application date selects |
| COOP-01-IRC-216 Section 216 cooperative housing corporation status |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-02-TITLE Corporation holds title to the property |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-03-SHARES Share structure |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-04-BLANKET-MORTGAGE Underlying / blanket mortgage |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-05-BALLOON Underlying mortgage balloon terms |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-06-PER-SHARE-DEBT Per-share project debt ratio |
N/A | co-op standard, not applied to a condominium file | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-07-PROPRIETARY-LEASE Proprietary lease term |
N/A | co-op standard, not applied to a condominium file | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-08-RECOGNITION Recognition agreement |
N/A | co-op standard, not applied to a condominium file | B4-2.3-03 Legal Requirements for Co-op Projects (11/06/2024) [verified primary, read 2026-08-13] |
| COOP-09-AUDITED-FINANCIALS Two years of audited financials |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-10-CASH-FLOW Corporate cash flow and reserve adequacy |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-11-SPONSOR-CASH-FLOW Sponsor-attributable negative cash flow |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-12-SOLD-CONVEYED Shares sold and conveyed to principal residences |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-13-SPONSOR-CONCENTRATION Single-entity share concentration |
N/A | co-op standard, not applied to a condominium file | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-14-TAX-ABATEMENT Corporate real estate tax abatements |
N/A | co-op standard, not applied to a condominium file | Form 1074 Request For Cooperative Project Information (footer 'July 96') [verified primary, read 2026-08-13]; optional by its own instructions: 'We do not require the use of this form' |
| COOP-15-FLIP-TAX Flip tax / stock transfer fee |
N/A | co-op standard, not applied to a condominium file | B4-2.3-04 Loan Eligibility for Co-op Share Loans (08/06/2025) [verified primary, read 2026-08-13] |
| COOP-16-LAND-LEASE Land ownership and ground lease |
N/A | co-op standard, not applied to a condominium file | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-17-TYPE-AND-PERS Co-op type and PERS routing |
N/A | co-op standard, not applied to a condominium file | B4-2.1-03 Ineligible Projects, co-op rows (08/05/2026) [verified primary, read 2026-08-13]; New York rent-regulated sponsor carve-out sits here since B4-2.3-05 was deleted by SEL-2025-06 (06 Aug 2025) |
| COOP-18-DELINQUENCY-BASIS Delinquency counting basis |
N/A | co-op standard, not applied to a condominium file | B4-2.3-02 Co-op Project Eligibility (05/06/2026) [verified primary, read 2026-08-13] |
| COOP-19-OCCUPANCY Occupancy grid |
N/A | co-op standard, not applied to a condominium file | Form 1074 Request For Cooperative Project Information (footer 'July 96') [verified primary, read 2026-08-13]; optional by its own instructions: 'We do not require the use of this form' |