Code of Federal Regulations · Section
§ 162.551 — How Will Bia Determine Fair Market Rental For A Wsr Lease?
25 C.F.R. § 162.551
(a) We will use a market analysis, appraisal, or other appropriate valuation method to determine the fair market rental before we approve a WSR lease of individually owned Indian land or, at the request of the tribe, for tribal land.
(b) We will either:
(1) Prepare, or have prepared, a market analysis, appraisal, or other appropriate valuation method; or
(2) Use an approved market analysis, appraisal, or other appropriate valuation method from the Indian landowners or lessee.
(c) We will use or approve use of a market analysis, appraisal, or other appropriate valuation method only if it:
(1) Has been prepared in accordance with USPAP or a valuation method developed by the Secretary under 25 U.S.C. 2214; and
(2) Complies with Department policies regarding appraisals, including third-party appraisals.
(d) Indian landowners may use competitive bidding as a valuation method.
Authorizing Statute
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Departmental regulations5 U.S.C. § 301
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Records management by agency heads; general duties44 U.S.C. § 3101
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Duties of Commissioner25 U.S.C. § 2
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Lease of inherited allotments by superintendent25 U.S.C. § 380
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Establishing fair market value25 U.S.C. § 2214