Final answer:
The expense item not covered by replacement reserve funds is emergency services.
Step-by-step explanation:
The correct answer is d. emergency services. Replacement reserve funds are typically set aside to cover the cost of replacing or repairing major items or components of a property. These funds are commonly used for expenses such as replacing furniture, fixtures, and equipment (FF&E), carrying out building expansions, and conducting building repairs. However, emergency services are not typically covered by replacement reserve funds since they are unplanned and unexpected expenses that arise from unforeseen circumstances, such as natural disasters or accidents. Emergency services may include urgent repairs, cleanup, or restoration work in response to a crisis.