We have a person that has quit-claimed her deed to her condo to her sister while reserving life estate on said property. The question is regarding ownership - our bylaws are clear that only "owners" have the right to sit on the condo board, not tenants. Does executing and filing the deed void her rights as an owner?

Yes. Once she signed and filed the deed she sold the property and her sister is now the owner.

We have a person that has quit-claimed her deed to her condo to her sister while reserving life estate on said property. The question is regarding ownership - our bylaws are clear that only "owners" have the right to sit on the condo board, not tenants. Does executing and filing the deed void her rights as an owner?

The deed provides "... to [sister], her heirs and assigns, reserving to grantor a life estate... "?

I would interpret the term "owners" as used in the by-laws to mean persons whose title gives them presently the right to possession.

Think of it like this: if title to a condo. Is held by several people in common or jointly, each would be an owner. A life estate/remainder is another form of divided ownership such that, in a similar way, both would be owners.

So no, her right to sit on the board is not terminated.

The holder of a life estate is called a "life tenant". It's possible that the specific wording of the definition of an owner in the condo's by-laws might allow her to remain on the board but I doubt it.