South Dakota Administrative Rules
Title 4 - School And Public Lands
Article 4:01 - Leases
Chapter 4:01:08 - Land exchanges
Section 4:01:08:01 - Definitions

(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.