Fannie Mae Lender Full Review Condominium Questionnaire For Established Projects Page 4
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545. Does the Project have any non-incidental business operation owned or operated by the Homeowners’
Association?
YES
or
NO
46. Is the project a hotel or motel conversion?
YES
or
NO
47. Are the units in the project owned in either fee simple or leasehold?
YES
or
NO
48. Does the Homeowners’ Association (HOA) require automatic, non-severable membership for each
individual unit owner, and provide for mandatory dues/assessments?
YES
or
NO
49. Are all of the facilities related to the project owned by the unit owners or the HOA?
YES
or
NO
50. Has the developer retained any ownership interest in any of the facilities related to the Project?
Yes or
NO
51. Are the amenities and facilities, including parking and recreational facilities) subject to a lease between the
unit owners or Homeowners’ Association (HOA) and another party?
YES
or
NO
52. Does the Project contain one or more units with less than 400 sq. feet of space?
YES
or
NO
53. Do the units have separate metering?
YES
or
NO
If No, is it common and customary in the local market where the Project is located?
YES
or
NO
If the units do not have separate metering, does the project budget include adequate funding for utility
payments?
YES
or
NO
54. Do the unit owners in the project have the sole ownership interest in, and rights to the use of the project’s
facilities, common elements, and limited common elements?
YES
or
NO
55. Is the project managed by an independent management company?
YES
or
NO
If YES, what is the name of the company? ________________________________________________________
If the Project is managed by an independent professional management company, are the contract
terms between the HOA and the management company reasonable and equitable?
Yes or
NO
56. If the Project is managed by an independent professional management company, does the contract
between the HOA and the management company have a termination provision that requires a penalty
payment or advance notice of termination of more than 90 days?
YES
or
NO
57. Besides being divided by a public street, is the Project located on one contiguous parcel of land?
Yes or
NO
June 21, 2013
Page 4 of 5
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