The examination shall test the applicant's knowledge of the following required subjects, to wit:

(a) A practical and working knowledge of the real estate business, including fundamentals of real estate, real estate finance, real estate brokerage, real estate appraising, real property law and mechanics of closing.

(b) The provisions of the North Carolina Real Estate Licensing Act.

(c) The Rules and Regulations of the Board.

RULE 5

Applications for examination must be in proper form and filed (received-not postmarked) in the Board office on or before the filing date established by the Board for a scheduled examination. Once the application has been filed and processed, the application fee will not be refunded. If the applicant does not appear at the initial examination for which he has been scheduled or fails to pass such examination, he will be re-scheduled for the examination held 2 months later. If he again does not appear or fails to pass this examination, he will be required to file a complete new application and fee, if he wishes to continue