1.    Licenses and license renewals may be granted only to persons who bear a good reputation for honesty, truthfulness, and fair dealing and who are competent to transact the business of a real estate broker or a real estate salesperson in such manner as to safeguard the interest of the public, and whose real estate license has not been revoked in this or any other state within two years before the date of application. To determine the competency of applicants, the commission shall prescribe and hold examinations at designated times and places.

2.    In addition to the requirements established by subsection 1, an applicant for a broker’s or salesperson’s license must be at least eighteen years of age.

3.    Every applicant for a license as a real estate broker:

a.    Must have been actively engaged as a licensed real estate salesperson for a period of at least two years preceding the date of application; or

b.    Must have had experience as determined by the commission to be substantially equal to that which a licensed real estate salesperson would ordinarily receive during a period of two years.

4.    As a prerequisite for licensure, an applicant for a salesperson’s license shall furnish to the commission evidence the applicant has successfully completed at least ninety hours in courses of study approved by the commission. An applicant for a broker’s license must have successfully completed an additional sixty hours in courses of study approved by the commission. An applicant for a salesperson’s license may take the licensing examination before fulfillment of the prerequisite educational requirement; however, the commission may not issue a salesperson’s license to an applicant unless satisfactory evidence of completion of this prerequisite educational requirement is furnished to the commission. An applicant for a broker’s license must have satisfactorily fulfilled the educational requirement before taking the broker’s licensing examination.

5.    If the commission finds an applicant could not acquire employment as a licensed real estate salesperson because of conditions existing in the area where the salesperson resides, the experience requirements established in subdivisions a and b of subsection 3 may be waived by the commission. The educational requirements of subsection 4 may not be waived by the commission, but guidelines may be established by which applicants who have engaged in certain educational courses of study which are closely related to the real estate profession may be deemed to have satisfied this requirement.

6.    The commission may adopt reasonable rules and regulations pursuant to the provisions of chapter 28-32 relative to procedures for licensing, approval of coursework, and for the type of certification or proof of coursework completion that must be submitted.