(a) With respect to real property administered by the Arkansas Department of Transportation, an institution of higher education, the Arkansas Public Employees' Retirement System, and the Arkansas Teacher Retirement System:
(1) The department, an institution of higher education, the Arkansas Public Employees' Retirement System, and the Arkansas Teacher Retirement System shall each maintain inventory records of the real property it owns; and
(2) The Commissioner of State Lands may:
(A) Review, verify, and maintain inventory records of the real property; and
(B) In cooperation with each affected state agency, prepare reports and make recommendations concerning the best use of the real property.
(b) At the request of the Commissioner of State Lands:
(1) The department shall submit its real property inventory records that are not related to the roadways and bridges it maintains; and
(2) No more than semiannually, the real property inventory records of an institution of higher education, the Arkansas State Game and Fish Commission, the Arkansas Public Employees' Retirement System, and the Arkansas Teacher Retirement System may be submitted to the Commissioner of State Lands for information purposes only.
(c) The duties of the Commissioner of State Lands under this subchapter and § 22-5-301 et seq. do not apply to:
(1) Real property that is owned by the state but is managed by the United States Government;
(2) The real property composing the State Capitol complex;
(3) The real property composing the Arkansas Governor's Mansion;
(4) The real property composing the state veterans' cemetery system;
(5) Highway rights-of-way owned by the department;
(6) The real property composing the Old State House Museum;
(7) The real property owned by the Division of Emergency Management; and
(8) Real property that is managed by a state retirement system as a part of its trust assets.