In this chapter, the following terms have the meanings indicated. Terms Defined. “Board of Public Works” means the Board established by Article XII of the Constitution of Maryland, consisting of the Governor, the Treasurer, and the Comptroller of Maryland. “Department” means the Department of Natural Resources. “Director” means the Director of the Land Acquisition and Planning unit of the Department of Natural Resources. This regulation applies to all real property acquisitions made under Natural Resources Article, §1-109, Annotated Code of Maryland. Before any real property is acquired from an owner, other than by gift, the Department shall obtain two independent appraisals of the property. A review appraiser in the Department: Shall review the two independent appraisals for form, fact, and conclusions; May, with the approval of the Director, obtain a third independent appraisal and review it for form, fact, and conclusions; and Shall recommend to the Department a value or range of values for the real property based on the reviewed appraisals. The Department shall approve a value or range of values that may be offered for the property after consideration of the review appraiser’s recommendation. The Department shall offer to purchase the real property from the owner at a price: Equal to the value or within the range of values that the Department approved under §D of this regulation; and Mutually acceptable to both the Department and the owner. The actual consideration to be paid for any real property is subject to final approval by the Board of Public Works. Natural Resources Article, §1-109, Annotated Code of Maryland Effective date: April 1, 2013 (40:6 Md. R. 472)