"The forfeited license of an individual real estate brokeror real estate salesperson may be restored upon compliance with the licensing renewal requirements provided by law; submission of a complete written application; payment of all applicable renewal fees, penalty fees, compliance resolution fund fees, and, if applicable, recovery fund assessments; satisfaction of the applicable requirements in sections 467-8 and 467-9; submission of written documentation demonstrating compliance with section 467-11.5; and for individual licensees, satisfaction of one of the following:

     (1) For a license forfeited for more than one year but less than four years, the successful completion of
     the commission-approved course or courses or passage of the commission-approved examination; or

     (2) For a license forfeited for more than four years but less than five years, the successful passage
     of the commission-approved examination. 

The license of any real estate broker other than a natural person that fails to apply for restoration of a forfeited license within one year from the date of forfeiture, shall be automatically terminated. Once a license has been terminated pursuant to this section, the entity may apply for a new license pursuant to and subject to all applicable laws and rules in effect at the time of application."