Pine Springs Land Exchange Act - Directs the Secretary of Agriculture to convey to Lubbock Christian University by quitclaim deed all right of the United States to specified Federal lands in the Lincoln National Forest, New Mexico, in exchange for the conveyance of certain non-Federal land owned by the University.
Requires that: (1) title to the non-Federal land conform with the title approval standards of the Attorney General applicable to Federal land acquisitions and be otherwise acceptable to the Secretary; and (2) the costs of implementing the exchange be shared equally by the Secretary and the University.
Sets forth provisions regarding: (1) the correction of minor errors in the map and legal descriptions; (2) equalization of values; (3) revocation and withdrawal of Federal land; and (4) administration of land acquired by the United States.