The Commission shall reinstate the certificate of a real estate appraiser who has failed to renew the certificate during the regular term of the certificate or the grace period, if the real estate appraiser:
(1) applies to the Commission for reinstatement within 2 years after the certificate expires;
(2) meets the requirements of § 16–511 of this subtitle; and
(3) in addition to the renewal fee required under § 16–511 of this subtitle, pays to the Commission a reinstatement fee set by the Commission.