Key takeaways
Reserve studies are most often prepared by a CAI Reserve Specialist (RS), an APRA Professional Reserve Analyst (PRA), or a licensed engineer or architect. Several states set minimum qualifications: Nevada requires a registered Reserve Study Specialist, Maryland and New Jersey require a credentialed or licensed preparer, and Florida's SIRS has its own rules. Elsewhere, a credentialed preparer is best practice.
- The Community Associations Institute awards the Reserve Specialist (RS) designation; the Association of Professional Reserve Analysts awards the Professional Reserve Analyst (PRA) designation.
- Nevada requires a Reserve Study Specialist registered with the Nevada Real Estate Division who carries at least $1,000,000 in liability insurance or bond.
- Maryland accepts a licensed architect or engineer, or a CAI RS or APRA PRA; New Jersey accepts a CAI RS or a New Jersey-licensed engineer or architect.
- California, Hawaii and Utah set no specific credential for a standard reserve study, though California's balcony inspections require a licensed architect or structural engineer.
Written for: HOA & condo board members, Community association managers
A reserve study is only as reliable as the person who prepared it. Remaining-life estimates, replacement costs and the funding plan all depend on judgment, and boards rely on that judgment to set dues for decades. So it's worth knowing what the common credentials mean and when the law requires one.
The three credentials you'll see most
Reserve Specialist (RS), Community Associations Institute
The RS designation is awarded by the Community Associations Institute (CAI) to individuals who meet its experience, education and ethics requirements, including a track record of completed reserve studies. Holders follow CAI's National Reserve Study Standards and must maintain the designation.
Professional Reserve Analyst (PRA), Association of Professional Reserve Analysts
The PRA is awarded by the Association of Professional Reserve Analysts (APRA). It likewise requires demonstrated experience preparing reserve studies, adherence to a code of ethics and ongoing education.
Licensed engineer or architect
A professional engineer (PE) or licensed architect brings formal training in building systems and structure. That matters most for high-rises, older buildings and anything structural: façades, balconies, parking garages, load-bearing elements. Some states require a licensed professional for specific inspections even when they don't for the reserve study itself.
The strongest teams combine both: credentialed reserve analysts for the financial model, with engineering and building-systems expertise behind the physical assessment.
Where state law sets the bar
| State | Who may prepare the study |
|---|---|
| Nevada | A Reserve Study Specialist registered with the Nevada Real Estate Division, carrying at least $1,000,000 in professional liability insurance or a surety bond |
| Maryland | A licensed architect or professional engineer, or a CAI RS or APRA PRA |
| New Jersey | Performed or overseen by a CAI RS, or an engineer or architect licensed in New Jersey; a board or manager cannot prepare it in-house |
| Florida | SIRS: performed or verified by a licensed engineer or architect, a CAI RS or an APRA PRA; HB 913 requires written disclosure if the preparer intends to bid on the repair work |
| Tennessee | A third party, such as a Reserve Specialist credentialed through CAI or a similarly recognized national organization |
| Delaware | Independent engineering, architectural or construction contractors, or other qualified persons |
| Washington | An independent "reserve study professional" qualified by knowledge, skill and experience |
| California | No specific credential for the reserve study; balcony and elevated-element inspections (SB 326) require a licensed architect or structural engineer |
| Hawaii | No specific credential, but the budget disclosure must identify the preparer's qualifications and any conflicts of interest |
| Utah | No specific credential |
Every state's full rules are in our state guides. General information, not legal advice.
Note the lender angle, too: Fannie Mae accepts a reserve study in place of its reserve percentage test only if an independent third party with reserve study expertise prepared it.
Questions to ask any provider
- Who will sign the study, and what credential do they hold? Make sure it's the person doing the work, not just someone at headquarters.
- Who visits the site, and what's their background? For high-rises, ask about mechanical, electrical, plumbing and structural expertise.
- Is the preparer independent? Ask about any relationship with contractors who might bid the work.
- Does the study meet my state's requirements? Ask them to name the statute.
- What happens after delivery? Can the plan be updated as costs and projects change?
For a fuller checklist, see How to Choose a Reserve Study Company.
How SmartProperty staffs a study
SmartProperty brings 30+ years of industry experience, with Certified Reserve Analysts and a national network of Property Assessors who specialize in architectural engineering and life-cycle analysis. Assessment teams include subject-matter experts in mechanical, electrical, plumbing, architectural and structural systems. Every study is scoped to the credential and content rules of the state where your property sits.
Request a proposal and we'll tell you exactly who will be on your study.
