Who is a “reserve study professional” and does an association have to use such a person to conduct a reserve study or update under the new law?
A. Interestingly, the law does not require that a “reserve study professional” actually conduct the study or update. However, the report itself needs to include a statement on whether the study was conducted by a “reserve study professional.” There is no state licensing or regulation of the reserve study industry. Anyone can hold themselves out to be a “reserve study consultant.” Since there is no formal state designation, I believe a common sense and reasonable interpretation of “reserve study professional” controls; essentially, someone with a construction or building inspection background who has been performing condominium reserve studies for a reasonable amount of time. Incidentally, there is a national trade group for reserve study consultants that does require testing and a credentialing process (see the APRA website for more details and a listing of members). Feel free to contact Barker Martin, P.S. if you have further questions on this burgeoning law.
