Sec. 7. (a) A disposing agent who exchanges property must proceed under this section, except as permitted by section 8 or 18 of this chapter.
(b) An exchange may be made with a person who is:
(1) not a governmental entity; and
(2) eligible under section 16 of this chapter;
only after advertisement following as nearly as practical the procedure prescribed by section 4 of this chapter, with the property the disposing agent conveys to be partial or full payment for the property the disposing agent receives.