(1) An application for the property management examination must:

(a) be on forms approved by the board and accompanied by the required fees; and

(b) be legible, accurate and fully completed.

(2) All applications for examination shall remain valid for a period not to exceed 12 months from the date of application. Failure to take the examination within that time will terminate the application. Thereafter the applicant must begin the application process over.

(3) Approval of an application for examination shall not constitute approval of an application for license.