(a) All real property owned or leased by the state shall be accounted for by the state spending unit that owns, leases or is in the possession of the real property.
(b) Each state spending unit shall establish and maintain a record of each item of real property it owns and/or leases and annually furnish its records to the Real Estate Division.
(c) The accounting and reporting requirements of this section, except as to office space, do not apply to:
(1) The Division of Highways of the Department of Transportation;
(2) Public lands, rivers and streams acquired, managed or which title is vested in or transferred to the Division of Natural Resources of the Department of Commerce, pursuant to section seven, article one, chapter twenty of this code and section two, article five of said chapter;
(3) The Higher Education Policy Commission;
(4) The West Virginia Council for Community and Technical College Education;
(5) The institutional boards of governors in accordance with the provisions of subsection (v), section four, article five, chapter eighteen-b of this code; or
(6) The Adjutant General's Department and the West Virginia National Guard.
(d) With regard to public lands that may be by law specifically allocated to and used by any state agency, institution, division or department, such agency, institution, division or department shall provide an inventory of such public land(s) to the Public Land Corporation in accordance with the provisions of article eleven of this chapter.
(e) The records furnished to the Real Estate Division shall include the following information, if applicable:
(1) A description of each item of real property including:
(A) A reference to a book, page and/or image number from the county records in a particular county; or
(B) A legal description;
(2) The date of purchase and the purchase price of the real property;
(3) The date of lease and the rental costs of the real property;
(4) The name of the state spending unit holding title to the real property for the state;
(5) A description of the current uses of the real property and the projected future use of the real property; and
(6) A description of each building or other improvement located on the real property.
(f) If the description of real property required under this section is excessively voluminous, the Real Estate Division may direct the spending unit in possession of the real property to furnish the description only in summary form, as agreed to by the division and the spending unit.