§ 160-d. Powers of the board. 1. The board shall adopt rules and\nregulations in aid or furtherance of this article and shall have the\nfollowing powers and duties:\n a. To define, with respect to each category of state certified real\nestate appraisers, state licensed real estate appraisers, and state\nlicensed real estate appraiser assistants, the type of educational\nexperience, appraisal experience and equivalent experience that will\nmeet the statutory requirements of this article, provided, however, that\nin no event shall the experience, education and examination requirements\nadopted by the board be less than the minimum criteria established by\nthe Appraisal Subcommittee of the Federal Financial Institutions\nExamination Council or by the Appraiser Qualification Board of the\nAppraisal Foundation as referred to in title XI of the Financial\nInstitutions Reform, Recovery and Enforcement Act of 1989;\n b. To establish examination specifications consistent with the\nstandards of the Appraisal Qualifications Board of the Appraisal\nFoundation for state licensed real estate appraiser assistants, state\nlicensed real estate appraisers and each category of state certified\nreal estate appraisers, to provide or procure appropriate examination\nquestions and answers and to establish procedures for grading\nexaminations;\n c. To define, with respect to state licensed real estate appraiser\nassistants, state licensed real estate appraisers and each category of\nstate certified real estate appraisers, the continuing education\nrequirements for the renewal of a license or a certification that will\nmeet the statutory requirements provided in this article;\n d. To review the standards for the development and communication of\nreal estate appraisals provided in this article and to adopt regulations\nexplaining and interpreting such standards, provided, however, that such\nstandards must, at a minimum, conform to the uniform standards of\nprofessional appraisal as promulgated by the Appraisal Standards Board\nof the Appraisal Foundation; and\n e. To prescribe the scope of practice for state licensed real estate\nappraiser assistants, state licensed real estate appraisers and each\ncategory of state certified real estate appraisers, provided, however,\nthat in no event shall the scope of practice prescribed by the board be\nless than the scope of practice established by the Appraisal\nSubcommittee of the Federal Financial Institutions Examination Council\nor by the Appraiser Qualification Board of the Appraisal Foundation as\nreferred to in title XI of the Financial Institutions Reform, Recovery\nand Enforcement Act of 1989;\n f. To perform such other functions and duties as may be necessary in\ncarrying out the provisions of this article.\n 2. The board shall promulgate rules and regulations prescribing the\nform and content of each appraisal report. Such rules and regulations\nshall include but are not limited to the following requirements:\n a. Each appraisal report shall clearly and accurately disclose any\nextraordinary assumption or limited condition that directly affects an\nappraisal.\n b. Each written appraisal report shall comply with the following\nspecific reporting guidelines:\n (1) Identify and describe the real estate being appraised;\n (2) Identify the real property being appraised;\n (3) Define the opinion that is the purpose of the appraisal and\ndescribe the scope of the appraisal;\n (4) Set forth the effective date of the opinion and the date of the\nappraisal report;\n (5) Set forth the appraiser's opinion of the highest and best use of\nthe real estate being appraised when such an opinion is necessary and\nappropriate;\n (6) Set forth the appraisal procedure followed, the data considered\nand the reasoning that supports the analyses, opinions and conclusions;\n (7) Set forth all assumptions and limiting conditions that affect the\nanalyses, opinions and conclusions in the appraisal report; and\n
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