Code of Federal Regulations Title 43. Public Lands:  Interior § 43.47.55 What are the minimum requirements for appraisals used in a land exchange?

(1) The parties to the exchange must arrange for appraisals

(i) The parties must arrange for appraisals within 90 days after executing the agreement to initiate the land exchange, unless the parties agree to another schedule.

(ii) The parties must give the appraiser the land exchange proposal, if any, and the agreement to initiate the land exchange, and any attachments and amendments.

(iii) The Chairman may request assistance from the Office of Valuation Services (OVS). OVS can provide valuation services to the Chairman, including appraisal, appraisal review, and appraisal advice on a reimbursable basis. OVS is also available for post-facto program review to ensure that appraisals conducted by the State are in conformance with the Uniform Standards of Professional Appraisal Practice and the Uniform Appraisal Standards for Federal Land Acquisitions as appropriate.

(2) The qualified appraiser must provide an appraisal report

The appraiser must:

(i) Meet the qualification requirements in paragraph (b) of this section;

(ii) Produce a report that meets the qualifications in paragraph (c) of this section; and

(iii) Complete the appraisal under the timeframe and terms negotiated with the parties in the exchange.

(3) The Secretary will review appraisal reports

The Secretary will evaluate the reports using:

(i) The Uniform Standards of Professional Appraisal Practice; and

(ii) The Uniform Appraisal Standards for Federal Land Acquisitions.