(1) A salesperson who has been licensed for the preceding 12 months may apply to the board for a determination that the applicant possesses experience equivalent to that required for broker licensing.

(2) An applicant has received a determination by the board that the applicant's experience is equivalent to that required for broker licensing, but who fails the examination on two occasions, shall have the determination of equivalency withdrawn.

(3) Applications for determination of equivalent experience shall be made on forms approved by the board and accompanied by the required fee.