The executive director shall grant licensure to any applicant who:
I. Shall have attained the age of 18 years by the date the office receives the application;
II. Submits professional references or recommendations that comply with other standards specified by rule, certifying that the applicant is trustworthy and competent to auction real, personal, and mixed property in such a manner as to safeguard the interests of the public. Each such recommendation shall set forth the writer's name, address, and occupation, the extent of the writer's acquaintanceship with the applicant, the writer's familiarity with the applicant's past business experience and dealings, and any additional knowledge of the applicant's background upon which the writer bases the recommendation;
III. Pays the initial licensure fee;
IV. [Repealed.]
V. [Repealed.]
VI. Meets the eligibility standards established by the board through rulemaking;
VII. Pays the examination fee if the examination is one developed or administered by the board; and
VIII. Passes an examination administered by another entity and approved by the board through rulemaking.