The electronic load method is to measure the output current and voltage, and use a set ratio of the two to set the output condition.
The classical (constant current) load only measures (and feeds back on) current. The classical (constant voltage) load (shunt regulator) only measures voltage.
By mixing the two together, the load characteristic lies somewhere between CV and CC -- a resistance.
The challenge then is to vary these proportions electronically. A friend has even created an audio amplifier with this, I believe using OTAs (LM13700) as variable gain amplifiers. (Audio power amps with certain output impedance characteristics, are desirable in the hi-fi crowd: most amps are CV (low Zo), suited to modern low efficiency drivers that need heavy damping; a modest Zo suits vintage speakers, or helps emulate the sound of a tube amplifier; and high Zo (CC) works with some specialty or custom driver types.)
You could also take the power DAC approach, which is simply to output a binary number to an array of MOSFETs, sinking an array of resistors, whose values are in binary sequence. (Or use an R-2R network, possibly?) The main annoyance of this method is really just getting a binary sequence of values, while choosing from E96 or whatever series values. Probably a few bits should be spanned by series/parallel combinations to keep the BOM items down (two and four resistors, in series or parallel, spans three bits (5 resistors total), or five bits (13 resistors total) -- not too shabby, but obviously it goes exponentially with span, so one or two levels seems justifiable).
Note that the bandwidth may not need to be very much, so that an MCU could sample current and voltage sequentially (at a paltry say 10kS/s or less) and stabilize their ratio in a control loop (PID or whatever).
I don't see that it's worth making assumptions on how the outside equipment works. If it tests with a voltage, current or resistance, the amount may vary from case to case, or even over time (supply voltage, resistance drift, etc.). The effect is to require a calibration step (to set up the default voltage and resistance the OE uses), but also to massively increase error sensitivity if the sense method is poorly matched (driving a CC sense with a CC load, or CV with CV). Both issues are easily avoided by performing one offset calibration at factory test (or designing it to a tight enough standard that this is not necessary -- likely, this is quite easy) and using a true-resistance (double feedback) method.
Tim