Subject to subsection (c) of this section, the holder of a reciprocal license has the same rights and responsibilities as a person who holds a comparable standard license issued under this title. Subject to paragraph (2) of this subsection, a person that holds a reciprocal license issued by the Commission may renew the reciprocal license in accordance with the renewal procedures for the comparable or equivalent standard license under § 17-314 of this title. At the time of application for the renewal of a reciprocal license, the applicant shall provide proof that the applicant: continues to hold a current license in the state in which the applicant’s principal place of business is located; and is not the subject of a disciplinary action or a current investigation or proceeding alleging misconduct under a real estate licensing law of the state in which the applicant’s principal place of business is located. The holder of a reciprocal license is: not eligible to be a member of the Commission; exempt from the requirements of §§ 17-303, 17-304, 17-305, 17-315, 17-503, and 17-517 of this title; and exempt from having to pass an examination required for a comparable standard license.