Federal Land Asset Inventory Reform Act of 2011 - Directs the Secretary of the Interior to develop a multipurpose cadastre (an inventory) of federal land to assist with federal land management, resource conservation, environmental protection, and use of such land. Authorizes the Secretary to enter into cost-sharing agreements with states to include any non-federal land in a state in such cadastre. Limits the federal share of any such agreement to 50% of the total cost to a state for including in the cadastre the non-federal land in the state.
Requires the Secretary to submit a report describing: (1) any existing land inventories or components of a cadastre, (2) the consolidation of any inventories or components, (3) the use of existing inventories or components of a cadastre, (4) the cost-savings that would be achieved, and (5) recommendations for legislation.