P.R. Laws tit. 20, § 2307
The Board shall have the following duties and faculties:
(a) It shall authorize the practice of professional real estate appraiser by granting the corresponding licenses of professional real estate appraiser and shall also grant the certifications pursuant to Title XI of Public Law No. 101-73, Financial Institutions Reform, Recovery and Enforcement Act of 1989.
(b) It shall adopt regulations pursuant to the provisions of Act No. 112 of June 30, 1957, as amended, which shall contain the provisions needed to comply with its duties and the rules of procedure that it deems convenient for handling its affairs.
(c) It shall keep a minute book of all its proceedings, it shall enter upon adequate books its resolutions and actions, and it shall adopt an official seal to authenticate its documents.
(d) It shall keep a professional register which shall contain a true and exact list of the licenses and certifications granted and include any information determined by the Board through regulations.
(e) It shall adopt, promulgate and modify from time to time a professional code of ethics and implement the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation.
(f) It may take oaths, hear testimonies and receive evidence with regard to matters of its jurisdiction.
(g) It may issue summonses requiring the appearance of witnesses and the production of data and reports the Board may deem necessary. If a summons issued by the Board is not duly complied with, it may appear before any part of the Court of First Instance of Puerto Rico and request that the court issue a subpoena.
(h) It shall submit to the Governor of Puerto Rico, through the Secretary of State, an annual report of its work, indicating the number of licenses or certifications denied, issued, suspended, revoked, renewed, and the renewals denied, respectively.
(i) It shall remit to the Appraisal Subcommittee of the Federal Financial Institution Examination Council a list of the professional real estate appraisers who have been issued a license or certification and who have met the requirements in effect, as provided by the Appraisal Qualifications Board of the Appraisal Foundation.
History —July 31, 1974, No. 277, Part 2, p. 326, § 7; Aug. 14, 1991, No. 62, § 4; Dec. 26, 1997, No. 194, § 4.