[Code of Federal Regulations]
[Title 43, Volume 2]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR2200.0-5]

[Page 61-62]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR
 
PART 2200_EXCHANGES: GENERAL PROCEDURES--Table of Contents
 
                     Subpart 2200_Exchanges_General
 
Sec. 2200.0-5  Definitions.

    As used in this part:
    (a) Adjustment to relative values means compensation for exchange-
related costs, or other responsibilities or requirements assumed by one 
party, which ordinarily would be borne by the other party. These 
adjustments do not alter the agreed upon value of the lands involved in 
an exchange.
    (b) Agreement to initiate means a written, nonbinding statement of 
present intent to initiate and pursue an exchange, which is signed by 
the parties and which may be amended by the written consent of the 
parties or terminated at any time upon written notice by any party.
    (c) Appraisal or Appraisal report means a written statement 
independently and impartially prepared by a qualified appraiser setting 
forth an opinion as to the market value of the lands or interests in 
lands as of a specific date(s), supported by the presentation and 
analysis of relevant market information.
    (d) Approximately equal value determination means a decision that 
the lands involved in an exchange have readily apparent and 
substantially similar elements of value, such as location, size, use, 
physical characteristics, and other amenities.
    (e) Arbitration means a process to resolve a disagreement among the 
parties as to appraised value, performed by an arbitrator appointed by 
the Secretary from a list recommended by the American Arbitration 
Association.
    (f) Assembled land exchange means the consolidation of multiple 
parcels of Federal and/or non-Federal lands for purposes of one or more 
exchange transactions over a period of time.
    (g) Authorized officer means any employee of the Bureau of Land 
Management who has been delegated the authority and responsibility to 
make decisions and perform the duties described in this part.
    (h) Bargaining means a process, other than arbitration, by which 
parties attempt to resolve a dispute concerning the appraised value of 
the lands involved in an exchange.
    (i) Federal lands means any lands or interests in lands, such as 
mineral or timber interests, that are owned by the

[[Page 62]]

United States and administered by the Secretary of the Interior through 
the Director of the Bureau of Land Management, without regard to how the 
United States acquired ownership, except: (1) Lands located on the Outer 
Continental Shelf; and (2) lands held for the benefit of Indians, Aleuts 
and Eskimos.
    (j) Hazardous substances means those substances designated under 
Environmental Protection Agency regulations at 40 CFR part 302.
    (k) Highest and best use means the most probable legal use of a 
property, based on market evidence as of the date of valuation, 
expressed in an appraiser's supported opinion.
    (l) Lands means any land and/or interests in land.
    (m) Ledger account means an accounting mechanism that tracks the 
differential in dollar value of lands conveyed throughout a series of 
transactions. A ledger reports each transaction by date, value of 
Federal land, value of non-Federal land, the difference between these 
values upon completion of each transaction, and a cumulative balance and 
differential.
    (n) Market value means the most probable price in cash, or terms 
equivalent to cash, that lands or interests in lands should bring in a 
competitive and open market under all conditions requisite to a fair 
sale, where the buyer and seller each acts prudently and knowledgeably, 
and the price is not affected by undue influence.
    (o) Mineral laws means the mining laws, mineral leasing laws, and 
the Geothermal Steam Act, but not the Materials Sales Act, administered 
by the Secretary of the Interior through the Bureau of Land Management.
    (p) Outstanding interests means rights or interests in property held 
by an entity other than a party to an exchange.
    (q) Party means the United States or any person, State or local 
government who enters into an agreement to initiate an exchange.
    (r) Person means any individual, corporation, or other legal entity 
legally capable to hold title to and convey land. An individual must be 
a citizen of the United States and a corporation must be subject to the 
laws of the United States or of the State where the land is located or 
the corporation is incorporated.
    (s) Public land laws means that body of general land laws 
administered by the Secretary of the Interior through the Bureau of Land 
Management, excepting, however, the mineral laws.
    (t) Reserved interest means an interest in real property retained by 
a party from a conveyance of the title to that property.
    (u) Resource values means any of the various commodity values (e.g., 
timber or minerals) or non-commodity values (e.g., wildlife habitat or 
scenic vistas), indigenous to particular land areas, surface and 
subsurface.
    (v) Secretary means the Secretary of the Interior or the individual 
to whom the authority and responsibilities of that official, as to 
matters considered in this part, have been delegated.
    (w) Segregation means the removal for a limited period, subject to 
valid existing rights, of a specified area of the Federal lands from 
appropriation under the public land laws and mineral laws, pursuant to 
the authority of the Secretary of the Interior to allow for the orderly 
administration of the Federal lands.
    (x) Statement of value means a written report prepared by a 
qualified appraiser that states the appraiser's conclusion(s) of value.