How will BIA determine fair market rental for a WSR lease?

§ 162.551 How will BIA determine fair market rental for a WSR lease? (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.