A master, master restricted, or limited licensee: May elect to renew a current license under a lower category, if the original license held by the licensee is forfeited; Who has renewed and received a license pursuant to §A(1) of this regulation, is required to requalify for the higher category of license previously held by taking and passing the appropriate examination administered by the Board in accordance with Business Regulation Article, §9A-304, Annotated Code of Maryland. The Board may waive the examination requirement in §A(2) of this regulation, for a licensee who: Renewed a license under §A(1) of this regulation; and Had obtained the higher category license previously held by taking and passing the appropriate examination administered by the Board in accordance with Business Regulation Article, §9A-304, Annotated Code of Maryland.