To require uniform appraisals of certain leaseholds of restricted Indian lands, and for other purposes.

Amends Federal law to direct the Bureau of Indian Affairs, not more than six months before rent for a residential leasehold of restricted Indian lands is established or raised, to contract with an independent appraiser (who holds a current general membership designation from the Appraisal Institute) to prepare a report on: (1) the estimated annual market rent of the leasehold; (2) the value of the leased fee and the leasehold interest; and (3) the equity position of the lease parties.

Authorizes the lessee, the lessor, or the Secretary of the Interior to elect to submit a dispute regarding a residential lease of restricted Indian lands to binding arbitration. Directs that the administrative costs of an arbitration shall be shared equally by the lessee and the lessor.

Directs the Secretary, prior to approving a residential lease or the assignment of a residential lease of restricted Indian lands, to ensure that all applicable State laws relating to disclosure on real estate transactions have been complied with, including disclosure of the nature and amount of any present or proposed assessments or taxes.