(1) When a proposal for an exchange pursuant to 77-2-211 is made and the owners of the respective tracts involved seem agreeable to negotiate exchanges, the proposal must be referred to the department and the department shall thoroughly investigate all the lands involved in the proposal, estimate the value of all of the lands, and consider every factor in connection with the proposal that may affect the public interest.
(2) The estimated fair market value must be determined by a Montana-licensed and Montana-certified appraiser.