04:01:08:01Definitions.

Terms used in this chapter mean: (1) "Appraisal or appraisal report," a written statement independently and impartially prepared by a qualified appraiser setting forth an opinion as to the market value as of a specific date, supported by the presentation and analysis of relevant market information; (2) "Approximate equal value," a comparative estimate of value of the lands involved in an exchange which have readily apparent and substantially similar elements of value, including location, size, use, and physical characteristics; (3) "Assembled land exchange," an exchange of state land for a package of multiple ownership parcels or nonstate land consolidated for purposes of one land exchange transaction; (4) Cash equalization," the difference in value between the lands being exchanged that is paid in cash; (5) "Commissioner," the commissioner of school and public lands; (6) "Outstanding interest," rights or interest in property held by an entity other than a party to an exchange.

Source: 26 SDR 99, effective February 3, 2000.