The Board may waive the examination under Regulation .04, of this chapter, for an applicant who: Files an application for a license on the form required by the Board; Is licensed in an equivalent class or category, or both, of license in a state with which the Board has made a reciprocal agreement as provided in §B, of this regulation; Provides adequate evidence that the applicant: Meets the experience requirements in COMAR 26.05.01.04, Passed an examination, in the licensing state or any other state, that is substantially similar to the Board's examination; Has paid the application fee and the licensure fee as specified in Regulation .10, of this chapter; and Has provided the Board, when applicable, with acceptable evidence that the bonding and liability insurance requirements have been satisfied. The Board may make a reciprocal agreement with any other state to waive the examination requirement for an applicant who is equivalently licensed in that state, provided that, under the agreement, the other state waives the examination requirement for licensees of this State to a similar extent, and applicants from the reciprocal state satisfy the requirements of §A of this regulation.