An applicant for licensure or certification in this state who is licensed or certified under the laws of any other state, territory, or district may obtain a license or certification in this state upon the terms and conditions determined by the division and the board, if, in the determination of the division and the board:

1. (1) the state, territory, or the District of Columbia is considered to have substantially equivalent licensing laws for real estate appraisers;
2. (2) the laws of that state, territory, or the District of Columbia accord substantially equal reciprocal rights to a person licensed or certified and in good standing in this state; and
3. (3) no formal charges alleging violation of state appraisal licensing or certification laws have been filed against the applicant by the applicant's state of domicile.