To provide for an exchange of certain private property in Colorado and certain Federal property in Utah.

Requires the Secretary of the Interior to convey specified Federal land in Utah to the owners of specified land in Colorado if the owners of the Colorado land convey their land to the United States. Directs that if the values of the lands to be exchanged are not equal, they shall be equalized either through a payment of money or, upon agreement, by a decrease in the amount of land conveyed. Prescribes that the values of the lands being exchanged shall be determined by a mutually agreed upon appraiser or appraisers following standards set forth in Federal appraisal standards publications, with the cost of such appraisals to be equally shared between the parties.

Requires that as a condition of the conveyance, the recipients of the Utah land must obtain a conservation easement to protect the land's cultural and natural resources.