Before entering into any lease contract, the lands proposed to be leased shall be appraised by the department to determine the fair market value of the lands. The total amount of rent to be paid for the entire term under any lease contract shall not be in excess of the fair market value of the lands, as determined by the appraisal. The Department of General Services shall review and approve any appraisal conducted by the department pursuant to this section, unless review and approval is waived by the Department of General Services.