1. (a) Land or interests in land included in the preliminary exchange agreement must be appraised by a qualified land appraiser acceptable to each party to the proposed exchange.
2. (b) Each party to the proposed exchange shall pay the cost of appraising the land or interests in land each offers for exchange, unless otherwise agreed by all participating parties.
3. (c) All parties to the proposed exchange shall review each appraisal upon completion. If a party to the proposed exchange disputes another's appraisal, that party may obtain an appraisal at its own expense, to be completed within a period agreed to by the parties. If the parties do not agree to the values specified in either appraisal, a final appraisal must be obtained from an appraiser acceptable to the parties to the proposed exchange within a period agreed to by the parties, with the cost of the final appraisal shared equally by the parties. If a final appraisal is prepared under this section, it must be used in the final exchange agreement.
4. (d) For the purposes of this section, AS 38.05.840, and AS 38.50.020(b), a state appraisal is not completed until it is approved by the department. An appraisal completed by a party to an exchange is completed on the date the appraisal is approved by the other party.

(Eff. 10/21/84, Register 92; am 2/9/2001, Register 157)

Authority: AS 38.05.840, AS 38.50.010, AS 38.50.160