; transfers to Board and State (1) Option The Secretary shall provide to the permittee of a property the first option to purchase that property in accordance with paragraph (3) for fair market value, subject to the condition that the permittee shall pay to the Board any outstanding permit fees before the permittee may exercise the option to purchase. (2) Determination of fair market value (A) In general For purposes of this subsection, the fair market value of a property shall be determined by the Secretary— (i) using a local, third-party appraiser; (ii) in accordance with— (I) the Uniform Standards of Professional Appraisal Practice; and (II) the Uniform Appraisal Standards for Federal Land Acquisition; (iii) to the extent appropriate in accordance with the valuation policy of the Department of the Interior; and (iv) valuing the property as unimproved residential property, excluding all improvements. (B) Disputes Any dispute regarding the fair market value of a property shall be resolved in accordance with section 2201.4 of title 43, Code of Federal Regulations (or successor regulations). (3) Purchase (A) In general On an election by a permittee to exercise the option to purchase a property pursuant to paragraph (1), the Secretary shall convey to the permittee, for fair market value— (i) all right, title, and interest of the United States in and to the property, subject to valid existing rights and the operational requirements of the Jamestown Reservoir; and (ii) sole use, perpetual easements for— (I) vehicular access to the property; (II) access to, and use of, one or more docks for the property; (III) access to, and use of, all boathouses, ramps, retaining walls, and other improvements for which access is provided in the permit for use of the property as of the date of enactment of this Act