A check-list is designed to be actioned on the basis of Challenge / Response.
In my view it is psychologically quite wrong to be suggesting the response (i.e. condition to be checked) by reading it out with the challenge. It is a similar principle to the "prosecution leading the witness".
Therefore, for the example given, I believe ...
PM
"Speedbrake ..."
PF
"... Armed"
PM
"Landing Gear ..."
PF
"... Down"
PM
"Flaps ..."
PF
"... 15, Green Light"
... would be correct.
It is also, of course, more expeditious.
JD