(a) The competency requirement prescribed under Section 1101.354(3) shall be established by an examination prepared or contracted for by the commission.
(b) The commission shall determine the time and place in the state for offering the examination.
(c) The examination must be of sufficient scope in the judgment of the commission to determine whether a person is competent to act as a broker or sales agent in a manner that will protect the public.
(d) The examination for a sales agent license must be less exacting and less stringent than the broker examination.
(e) The commission shall provide each applicant with study material and references on which the examination is based.
(f) An applicant must satisfy the examination requirement not later than one year after the date the license application is filed.