; and (2) on receipt of all right, title, and interest in and to the non-Federal land, convey to the State all right, title, and interest of the United States in and to the Federal land. (b) Valid Existing Rights The exchange authorized under subsection (a) shall be subject to valid existing rights. (c) Title approval Title to the Federal land and non-Federal land to be exchanged under this section shall be in a format acceptable to the Secretary and the State. (d) Appraisals (1) In general The value of the Federal land and the non-Federal land to be exchanged under this section shall be determined by appraisals conducted by one or more independent appraisers retained by the State, with the consent of the Secretary. (2) Applicable law The appraisals under paragraph (1) shall be conducted in accordance with nationally recognized appraisal standards, including, as appropriate, the Uniform Appraisal Standards for Federal Land Acquisitions. (3) Approval The appraisals conducted under paragraph (1) shall be submitted to the Secretary and the State for approval. (4) Reimbursement of State costs The Secretary shall reimburse the State in an amount equal to 50 percent of the costs incurred by the State in retaining independent appraisers under paragraph (1). (e) Equal value exchange (1) In general The value of the Federal land and non-Federal land to be exchanged under this section— (A) shall be equal; or (B) shall be made equal in accordance with paragraph (2). (2) Equalization (A) Surplus of Federal land If the value of the Federal land exceeds the value of the non-Federal land, the value of the Federal land and non-Federal land shall be equalized, as determined to be appropriate and acceptable by the Secretary and the State— (i) by reducing the acreage of the Federal land to be conveyed; (ii) by adding additional State land to the non-Federal land to be conveyed